San Miguel unit to be renamed

San Miguel Packaging Specialists, Inc. has filed an application to amend its articles of incorporation and bylaws, San Miguel associate legal counsel Jhoanna Jasmine M. Javier-Elacio said in a letter to the Securities and Exchange Commission (SEC). Ms. Javier-Elacio said San Miguel Packaging would change its corporate name to San Miguel Yamamura Packaging Corp. San Miguel Packaging’s parent company sold a 35% stake in the packaging unit to long-time joint-venture partner Nihon Yamamura Glass, a leading Japanese manufacturer of glass and plastics packaging, last month after it reached an agreement in April 2007. The stake costs P4.339 billion for the domestic packaging business and $23.453 million for a share in the international operations under San Miguel Packaging International, Ltd. The agreement would allow Nihon Yamamura Glass to participate in other packaging formats already being produced by San Miguel such as metal, metal closure, carton, plastics and composites. Ms. Javier-Elacio said San Miguel has sought confirmation of the valuation of the 10,000 shares of stock of the Japanese company in SMC Yamamura Fuso Molds Corp., which Nihon Yamamura Glass assigned in favor of San Miguel Packaging Specialists in exchange for 19,659 common shares of San Miguel Packaging Specialists to be issued out of its unissued authorized capital stock. The SEC has approved the increase in authorized capital stock of San Miguel Packaging Specialists to P11 billion from P10 billion to accommodate parent firm San Miguel’s transfer of assets. - RAMR/BusinessWorld