San Miguel to enter electronics manufacturing business

Listed conglomerate San Miguel Corp. (SMC) on Thursday confirmed plans to enter the electronics manufacturing business, in efforts to diversify its investment portfolio further.

"[W]e advise that San Miguel Corporation is contemplating to invest in the next-generation technology businesses, such as the production of micro-chips, smartphones, home appliances and electric cars, as part of the continuing diversification of its investment portfolio," SMC said in a filing to the local stock exchange.

To recall, SMC was originally founded in 1890 as a single-product brewery in the Philippines.

It has since expanded its operations from a beverage, food, and packaging business into fuel and oil, energy, infrastructure, and banking industries.

Among its subsidiaries are San Miguel Brewery Inc., Ginebra San Miguel Inc., San Miguel Pure Foods Company Inc., SMC Global Power Holdings Corp., SEA Refinery Corp., San Miguel Holdings Corp., and San Miguel Properties Inc.

In May, SMC president and COO Ramon S. Ang said the company will offer to construct a $2-billion spillway project with the aim to help solve the flooding in Metro Manila.

He also said the company plans to put up a brewery in Los Angeles, California, in a bid to increase the company's production capacity.

Aside from this, Asian Carmakers Corp. (ACC), the official importer and distributor of BMW in the country, said Ang is in talks to buy a majority stake in the company.

According to Ang, he will most likely enter the company through SMC.

SMC posted a P13.8-billion net income in the first three months of the year, supported by growth across its core businesses. — BM, GMA News