MANILA - The LT Group Inc said Wednesday it approved the transition between its beer unit Asia Brewery and AB Heineken Philippines Inc from a joint venture to a new partnership structure that will produce and distribute Heineken products in the country.
Under the new partnership deal, Heineken will establish a sales and marketing office based in Manila and will engage Asia Brewery to brew and distribute its beers in the country, LT Group told the stock exchange.
The process is expected to be completed by end of the year, it said.
"The immediate priority for Asia Brewery and Heineken is to ensure a smooth transition for the employees of AB HEINEKEN Philippines and continuity for its customers and suppliers," the statement said.
The two companies disclosed the establishment of their joint venture in 2016.
Heineken and Tiger beers are among the brands under the popular global beermaker.