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July 25, 2008

Philippines: San Miguel may sell part of major units

Philippine food and drinks giant San Miguel said Thursday it may sell part of its major businesses in a corporate restructuring but would retain a 51 percent share in all of the units, reported Reuters.

"The restructuring may require the divestment of part of our interest in our major subsidiaries through either an IPO or follow-on offering and strategic partnerships with existing partners and other industry leaders," Chairman Eduardo Cojuangco told a shareholders' meeting.

Meanwhile, a senior official of Japanese brewer Kirin said the company would be interested in buying a stake in the beer business of Philippines' San Miguel.

Asked if Kirin would be interested in buying shares in San Miguel Brewery, Yoshinori Isozaki, who represents Kirin on the board of San Miguel Brewery's parent group, said: "If there is an opportunity." Kirin already owns 20 percent of San Miguel.

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