Philippine conglomerate San Miguel Corp. is looking to sell an additional 14% stake in its packaging business for about USD 100 million.
San Miguel President Ramon Ang said the company is in talks wi…
Philippine conglomerate San Miguel Corp. is looking to sell an additional 14% stake in its packaging business for about USD 100 million. San Miguel President Ramon Ang said the company is in talks with its Japanese partner, Nihon Yamamura Glass Co. Ltd., which wants to increase its 35% stake in the packaging units, San Miguel Packaging Specialists Inc., and San Miguel Packaging International Ltd. The sale is expected to be completed within the year. Yamamura acquired a 35% stake in San Miguel“s packaging business in 2007. The two companies are also joint venture partners in San Miguel Yamamura Asia Corp., the country“s largest glass plant, in San Miguel Yamamura Fuso Molds Corp., and a glass plant in Vietnam. Mr. Ang said the planned sale is in line with San Miguel“s move to sell up to 49% of its interests in its core businesses like packaging, food and beer, as it gears up for other big acquisitions in high-growth sectors. “We are after greater flexibility”, he said.