Kirin mulls raising San Miguel Brewery stake

ABS-CBN News

Posted at Feb 20 2009 04:05 PM | Updated as of Feb 21 2009 08:33 AM

Japan's second-largest brewer, Kirin Holdings, said Friday it would consider positively any request for additional ownership in San Miguel Brewery.

Kirin corporate officer Hirotake Kobayashi made the remarks at a news conference.

Kirin issued a statement earlier on Friday that it would buy a stake of up to 49 percent in the top Philippine brewer to accelerate its growth in Asia and Oceania.

Kirin had struck a deal to acquire 43.25 percent of San Miguel Brewery from its parent, San Miguel Corp., for about $1.2 billion (112 billion yen). It said it would buy the rest of the targeted stake through a tender offer.

At the same time, the Japanese brewer said it will sell its entire 19.9 percent stake in San Miguel Corp. to a Manila-based investment management firm, Q-Tech Alliance Holdings Inc., for about P39.6 billion (about $800 million).

San Miguel Corp. has recently sold off several units to amass a cash pile for new businesses with high growth potential such as utilities and mineral resources.

The local conglomerate earlier bought a 27 percent interest in power distributor Manila Electric Co. and signed an option agreement for a majority stake in oil refiner Petron Corp. - With a report from Reuters