MANILA -- Inflation has not hurt San Miguel Corp, its president, Ramon S. Ang said Monday, as he revealed plans to double the company's brewing capacity over 3 years.
San Miguel, which raised P39 billion from the sale of new shares, will add 20 million hectoliters to its current capacity of 22 million hectoliters, Ang told reporters.
"Not affected and San Miguel Group. Baka sa iba, medyo. Maganda production namin. Honestly, tingnan mo beer -- pag may celebration inom 2 beer, pag malungkot 3 pa nga e so, pag broken-hearted ka mas marami inom. Beer natin napakamura," he said.
(San Miguel Group is not affected. Other, maybe slightly. Our production is good. Honestly, look at beer -- if there's a celebration, drink 2 bottles of beer, 3 if you're sad, if you're broken-hearted you drink more. Our beer is very cheap.)
In an earlier interview, Ang said San Miguel would spend up to $1 billion on additional facilities, eyeing California in the US and Vietnam as potential sites for breweries.
Profits at Ginebra are expected to "almost double" in 2018, Ang said.
Stocks like San Miguel Food and Beverage are an entry point for investors who want to bet on the consumption-driven economy, Limlingan said.
"It's pretty brave of them to list and go ahead in spite of the market conditions," Regina Capital head of sales Luis Limlingan told ANC.
Ang said he expected San Miguel Food and Beverage shares to rise, after pricing its follow-on offer at P85, the low end of the range.
"When market improves later on, in the next few years. We intend to offer more shares to the public," he said.
"In a bad market, only a good company can go out and do it," he said.
San Miguel is looking at potential acquisitions, Ang said, refusing to elaborate.