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PHILIPPINES: San Miguel Asian expansion clarified

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San Miguel Corp today told the stock exchange that it is investigating opportunities in Indonesia. No further details were released.

San Miguel issued the disclosure following a newspaper report in which the company's chairman, Eduardo Cojuangco, was quoted as saying the group is in talks with two or three firms in Indonesia. Cojuangco said in the report that the company is still considering whether to form a new company or buy some existing Indonesian companies.

Earlier this year, San Miguel stated that it intends to increase sales by expanding its presence in Asia. It has already completed acquisitions in Vietnam and Taiwan, and has pegged $500 million for the expansion plans.


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