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Kirin Holdings Co., Japan’s biggest beverage maker, plans to take a 43 percent stake in San Miguel Corp.’s Philippine beer unit as it seeks to counter slowing sales at home.
Kirin will pay 58.9 billion pesos ($1.22 billion), partly funded by the sale of its holding in the parent of the Manila- based beermaker, the Japanese brewer said in statements to Tokyo’s stock exchange. The price represents an 8.8 percent discount on San Miguel Brewery Inc.’s closing price yesterday.
The deal gives Tokyo-based Kirin direct ownership in the Philippines’ biggest brewer, which was spun off last May as San Miguel Corp. diversified into energy and mining. The purchase will help Kirin President Kazuyasu Kato meet his goal of doubling the proportion of overseas sales by 2015.
“We view the investment in San Miguel Brewery as positive since it entails the core alcohol business with high profitability and growth potential,” Naomi Takagi, an analyst at JPMorgan Chase & Co., said in a report before the announcement. “Ultimately, Kirin would like to make San Miguel Brewery a subsidiary with additional investments.”
San Miguel Brewery shares fell 7.2 percent, the most since the company’s initial public offering in May, to close at 9 pesos in Manila before the announcement. Kirin declined 0.8 percent to 930 yen in Tokyo.
Tender Offer
The sale reduces San Miguel Corp.’s stake in the brewing unit to 51 percent from 94 percent. Kirin said it will offer to purchase more stock from San Miguel Brewery investors at 8.841 pesos a share, the same price paid to San Miguel Corp., to take a 49 percent stake.
Separately, Kirin said today it will sell its 19.9 percent stake in parent San Miguel Corp. for 39.61 billion pesos to Manila-based investment company Q-Tech Alliance Holdings. Q- Tech’s investors include Mirzan Mahathir, chairman of Crescent Capital Bhd and eldest son of former Malaysian Prime Minister Mahathir Mohamad, according to Eric Recto, Petron Corp.’s president and one of the company’s incorporators.
Baca lagi berita penuh di Bloomberg.
Kirin Holdings Co., Japan’s biggest beverage maker, plans to take a 43 percent stake in San Miguel Corp.’s Philippine beer unit as it seeks to counter slowing sales at home.
Kirin will pay 58.9 billion pesos ($1.22 billion), partly funded by the sale of its holding in the parent of the Manila- based beermaker, the Japanese brewer said in statements to Tokyo’s stock exchange. The price represents an 8.8 percent discount on San Miguel Brewery Inc.’s closing price yesterday.
The deal gives Tokyo-based Kirin direct ownership in the Philippines’ biggest brewer, which was spun off last May as San Miguel Corp. diversified into energy and mining. The purchase will help Kirin President Kazuyasu Kato meet his goal of doubling the proportion of overseas sales by 2015.
“We view the investment in San Miguel Brewery as positive since it entails the core alcohol business with high profitability and growth potential,” Naomi Takagi, an analyst at JPMorgan Chase & Co., said in a report before the announcement. “Ultimately, Kirin would like to make San Miguel Brewery a subsidiary with additional investments.”
San Miguel Brewery shares fell 7.2 percent, the most since the company’s initial public offering in May, to close at 9 pesos in Manila before the announcement. Kirin declined 0.8 percent to 930 yen in Tokyo.
Tender Offer
The sale reduces San Miguel Corp.’s stake in the brewing unit to 51 percent from 94 percent. Kirin said it will offer to purchase more stock from San Miguel Brewery investors at 8.841 pesos a share, the same price paid to San Miguel Corp., to take a 49 percent stake.
Separately, Kirin said today it will sell its 19.9 percent stake in parent San Miguel Corp. for 39.61 billion pesos to Manila-based investment company Q-Tech Alliance Holdings. Q- Tech’s investors include Mirzan Mahathir, chairman of Crescent Capital Bhd and eldest son of former Malaysian Prime Minister Mahathir Mohamad, according to Eric Recto, Petron Corp.’s president and one of the company’s incorporators.
Baca lagi berita penuh di Bloomberg.
