* Says in talks with Kirin on San Miguel Brewery share sale
* Plans to put up breweries in Laos, Cambodia
* To open 4 additional bottling plants in Philippines
(Recasts, adds comments after stockholders' meeting)
MANILA, May 31 Philippine conglomerate San
Miguel Corp said on Tuesday it was talking to Japanese
partner Kirin Holdings about a secondary share offer
for their San Miguel Brewery unit this year to increase
its public float.
San Miguel Brewery is the Philippines' most valuable listed
firm. San Miguel Corp owns 51 percent and Kirin owns 48.4
percent, leaving a free float of 0.6 percent, according to stock
The Philippine Stock Exchange has ordered listed firms to
increase public ownership to 10 percent.
"We will do it just to comply with the PSE requirement," San
Miguel president Ramon Ang told reporters before the brewer's
annual shareholders' meeting. He said the share offer was
planned for this year, but did not indicate a size.
Speaking after the meeting, Ang said San Miguel was in talks
with Kirin about the share sale plan.
"There is a possibility that we will put together our
shares," he said.
Ang also said San Miguel Brewery was planning to build
breweries in Laos and Cambodia, each with a capacity of about
500,000 hectolitres, as it seeks new markets.
San Miguel Brewery, which makes nine out of every 10 beers
sold in the Philippines, also plans to put up four bottling
plants in its home market at a cost about $100 million, as it
seeks to expand bottling capacity by around 30 percent.
The additional plants, each with a capacity of 30 million
cases a year, will help reduce logistics cost, Ang said.
Earlier this month, he said San Miguel Corp was considering
selling stakes in its power and food subsidiaries as it seeks to
raise more funds to invest in new ventures, and to meet the
minimum public float requirement. [ID:nL3E7GD1K0]
The conglomerate recently sold $900 million worth of shares
and bonds, partly to lift its public float.[ID:nSGE744008]
San Miguel has dominated the local food and beverage
industry for decades, but recently has added power, mining,
telecommunications, oil refining and infrastructure to its
stable of businesses.
(Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)