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San Miguel Corp has confirmed it remains in talks with its joint-venture partner Kirin Holdings over ownership of the San Miguel brewery unit, but did not comment on reports it may delist the division's shares.
//i4.aroq.com/1/sanmig2.jpgIn a statement to the Phillipine Stock Exchange (PSE) today (25 July), San Miguel Corp, said it is "still discussing and exploring various options to address the minimum public ownership requirement of the exchange" for the beer division. San Miguel Corp is under pressure to comply with PSE rules that means publicly-listed companies must have a minimum public float of 10%.
It was reported locally yesterday (24 July) that the company may delist the shares, as Kirin has declined to cut its stake in the brewery by 10% to 38%. San Miguel Corp owns 51% of the unit.
“Kirin does not want to scale down its shares, so we might as well delist. If the PSE tells us to delist, then we will delist,” SMB chairman Ramon Ang was reported as saying.
In its filing to the PSE today, San Miguel said it will make an announcement "as soon as a decision has been reached on the matter".
Sectors: Beer & cider, Mergers & acquisitions
Companies: San Miguel Corporation, Kirin Brewery Co.
