Author Topic: San Miguel Corporation Selling Shares to Japanese Brewery Company  (Read 523 times)

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By Doris Dumlao
PDI

San Miguel Corp. raised on Thursday P19.3 billion from the sale of an initial 14-percent stake in flagship subsidiary San Miguel Brewery Inc. to Japan's second-largest brewery Kirin Holdings Co. Ltd.

San Miguel disclosed to the Philippine Stock Exchange it has sold 2.185 billion shares to Kirin at P8.841 per share. This represented the first tranche of a 43.23 percent block in SMB -- equivalent to about 6.66 billion shares -- that parent San Miguel had committed to sell to the Japanese brewer at the same price per share.

Kirin also bought 778.84 million shares from the public as part of a required tender offering at the same price per share. The payment of the rest of the shares to be bought from San Miguel is expected to be completed not later than May 29.

San Miguel will generate a total of P58.9 billion when it has unloaded a total of 43.23 percent of its stake in San Miguel Brewery to Kirin. At the end of the transaction, Kirin will have a total of 48.3 percent interest in SMB, including the shares bought from minority shareholders.

On the other hand, San Miguel itself will retain control of 51 percent of SMB, thus remaining as the single biggest voting block in the brewery, which produces and markets San Miguel Pale Pilsen, Red Horse, San Mig Light and five other affiliated brands.

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