MANILA, March 19 (Reuters) - Philippine conglomerate San Miguel Corp is not selling its controlling stake in liquor manufacturer Ginebra San Miguel Inc, the group’s president said on Wednesday, after both stocks surged amid market talk about a Ginebra sale.
“Not selling,” San Miguel President Ramon Ang told Reuters via a mobile phone text message when asked about the rumours of a Ginebra stake sale.
San Miguel rose as much as 4.3 percent in early Wednesday trade, bringing its gain since March 13 to more than 30 percent. Ginebra was up as much as 17.4 percent in early deals.
Manila’s benchmark index was flat at around 0200 GMT.
Ang also said San Miguel and its retirement fund were not buying shares back from the market.
Reporting by Rosemarie Francisco, Enrico dela Cruz, Siegfrid Alegado; Editing by Paul Tait