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San Miguel says in food project with HK's Kuok group

Wed Jul 2, 2008 10:32pm EDT

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MANILA, July 3 (Reuters) - San Miguel Corp (SMCB.PS), Southeast Asia's biggest food and drinks group, will spend up to $1 billion in a joint venture with Hong Kong's Kuok group in the agriculture sector, its chairman said on Thursday. Eduardo Cojuangco said the project, in collaboration with the Philippine government, entailed the development of 1.0 million hectares of land and that the two companies were willing to spend up to $1,000 per hectare. (Reporting by Rosemarie Francisco)



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