San Miguel sells its beer brands to subsidiary

MANILA, Philippines - San Miguel Corp. (SMC) has sold its beer brands, intellectual property rights, and a real estate lot to its brewery unit as it fortifies its war chest to acquire assets in high-growth industries. San Miguel Brewery Inc., an SMC subsidiary, has acquired all these mentioned assets for a total of P38.8 billion, San Miguel Corp. said in a disclosure to the Philippine Stock Exchange (PSE). The brand was bought for P32 billion and the property – which is used for its brewery activities – for P6.8 billion, the corporation said. Part of the property was bought by SMB retirement plan for P239 million. Earlier, San Miguel announced that it was negotiating with Japanese brewer Kirin Holdings for the sale of some of its stake in its beer unit. - GMANews.TV