San Miguel plans to raise $800 million selling units

Published: 14/05/2009 05:00

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San Miguel Corp., the largest Philippine cooking and drinks company, may raise US$800 million to expand and repay debt by selling breweries in China and Vietnam and shares in a packaging business.

The overseas beer unit may be sold this year and an initial public offering for the packaging arm will be held by 2010, President Ramon Ang said in Manila late Wednesday.

Chairman Eduardo Cojuangco has been selling assets to raise funds to finance expansion into faster-growing industries such as energy and mining. Disposals announced this year will add 97.7 billion pesos ($2 billion) to the $4 billion amassed from offloading businesses including Australia’s National Foods Ltd. and the Philippine bottler of Coca-Cola.

The international beer business will be sold to unit San Miguel Brewery Inc. for between $600 million and $700 million, Ang told reporters Wednesday. San Miguel’s international beer venture is composed of six breweries in China, Indonesia, Thailand and Vietnam.

Source: Bloomberg

Provide by Vietnam Travel

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