(Adds more detail)
MANILA Jan 9 Southeast Asian food and drinks
giant San Miguel SMCB.PS(SMC.PS) said on Wednesday its
Philippine beer unit had estimated revenue growth of nearly 8
percent in 2007 due to a growing local economy.
The Manila-headquartered group expects to raise up to 25
billion pesos ($616 million) from listing its flagship domestic
beer group in the first half of this year.
"In 2007, unaudited volumes rose nearly 8 percent with
estimated revenue growing at almost the same pace year on year,"
San Miguel Brewery said in a statement.
In 2006, San Miguel Brewery's revenues fell 1 percent as
consumption suffered from a higher sales tax.
Last year, the unit gained from improving demand and
congressional elections, which saw free beer distributed at some
San Miguel Brewery dominates the local market for beer with
an estimated share of 93 percent.
Top Japanese brewer Kirin Holdings (2503.T), which holds 20
percent of San Miguel, is widely expected to take up a
substantial portion of the IPO.
San Miguel's A shares, which are restricted to local
investors, rose 0.83 percent on Wednesday and its B stock, open
to all, climbed 1.67 percent in a general market .PSI down
($1 = 40.56 pesos)
(Reporting by Carmel Crimmins; Editing by Ben Tan/Rory