MANILA - San Miguel Food and Beverage Inc said Thursday it has allotted some P30 billion in capital expenditures to grow the capacity of its food division.
The fund will be used for the construction of new company-owned feedmills, poultry processing plants, a processed meats cannery, a butter/margarine/cheese plant and company-owned warehouses, SMFB said in a disclosure to the stock exchange.
The information was first revealed by SMFB president and CEO Ramon Ang during the company's annual stockholders' meeting on June 2.
SMFB earlier posted a P9.68 billion net income in the first quarter of 2021 which Ang said was a testament to the firm's resilience during the COVID-19 pandemic.
San Miguel Food and Beverage is a subsidiary of San Miguel Corp.