San Miguel to sell US$830.6m of Philippines beer assets
Posted: 28 January 2009 1342 hrs
MANILA: San Miguel Corp. said Wednesday it is spinning off US$830.6-million worth of brewing assets as it pursues a radical shift into new lines of business.
The board of San Miguel Corp, one of the Philippines' largest companies, approved the sale of its domestic beer brands, related intellectual property rights, and real estate used in the brewing business, it said.
Its San Miguel Brewery Inc. unit bought the brands for 32 billion pesos (US$680.8 million) and land worth 6.8 billion pesos, the listed companies said in separate statements.
Part of the real estate was sold to San Miguel Brewery's pension fund for 239 million pesos, it added.
San Miguel Corp. last year acquired a 27 per cent stake in power distributor Manila Electric Co. as well as a controlling stake in local oil refiner Petron Corp.
It has also announced plans to bid for the government's power generating assets as well as explore an alliance with Indonesia's PT Bumi Resources, which owns the world's largest thermal coal exporter, Kaltim Prima Coal.
San Miguel Corp. plans to sell portions of its packaging business this year.
Earlier this month San Miguel Corp. and Japan's Kirin Holdings Co. Ltd. announced they had signed an agreement to negotiate the sale of up to 43.25 per cent of San Miguel Brewery to Kirin by February.
The deal would leave San Miguel Corp. - Southeast Asia's largest food and beverage group -- with a 51 per cent stake.
Kirin separately holds a 20 per cent stake in San Miguel Corp.
Posted: 28 January 2009 1342 hrs
MANILA: San Miguel Corp. said Wednesday it is spinning off US$830.6-million worth of brewing assets as it pursues a radical shift into new lines of business.
The board of San Miguel Corp, one of the Philippines' largest companies, approved the sale of its domestic beer brands, related intellectual property rights, and real estate used in the brewing business, it said.
Its San Miguel Brewery Inc. unit bought the brands for 32 billion pesos (US$680.8 million) and land worth 6.8 billion pesos, the listed companies said in separate statements.
Part of the real estate was sold to San Miguel Brewery's pension fund for 239 million pesos, it added.
San Miguel Corp. last year acquired a 27 per cent stake in power distributor Manila Electric Co. as well as a controlling stake in local oil refiner Petron Corp.
It has also announced plans to bid for the government's power generating assets as well as explore an alliance with Indonesia's PT Bumi Resources, which owns the world's largest thermal coal exporter, Kaltim Prima Coal.
San Miguel Corp. plans to sell portions of its packaging business this year.
Earlier this month San Miguel Corp. and Japan's Kirin Holdings Co. Ltd. announced they had signed an agreement to negotiate the sale of up to 43.25 per cent of San Miguel Brewery to Kirin by February.
The deal would leave San Miguel Corp. - Southeast Asia's largest food and beverage group -- with a 51 per cent stake.
Kirin separately holds a 20 per cent stake in San Miguel Corp.
