by FoodBizDaily.com staff writer Bangkok
December 01 2009 - San Miguel Corp. chairman Eduardo Cojuangco could give up control of food and beverage company San Miguel Corp. to a group led by business ally Roberto Ongpin after more than 10 years of stewardship.
Some analyst expected that Cojuangco might stay for one or two years before handing over the reins to the new investors – - the Ongpin Group that control both Top Frontier and Q-Tech Alliance Holdings.
Top Frontier acquired 28 percent stank in San Miguel last week while Q-Tech acquired 20 percent of San Miguel from Kirin Holding of Japan early this year.
Ongpin was in talks for a possible consolidation of Top Frontier’s San Miguel holdings with those of Q-Tech Alliance Holdings Inc.
Subject to the outcome of these discussions with the shareholders of both companies, a tender offer will be undertaken in accordance with law at a price of P75 per share.
Cojuangco was elected chairman of San Miguel in 1998, 12 years after he lost the same position after the government of President Corazon Aquino, his cousin, sequestered his shares.
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San Miguel Corporation
Address: No. 40 San Miguel Avenue Mandaluyong City Manila, 1550 Philippines
Telephone: +63-632-6323000
Fax: +63-632-6323099
About San Miguel Corporation
San Miguel Corporation (SMC) is a Philippines-based food, beverage and packaging company in Southeast Asia. The Company’s product portfolio includes beer, hard liquor, non-carbonated non-alcoholic beverages, processed and packaged food products, meat, poultry, dairy products, and a number of packaging products. It owns a range of beverage brands and products that extends from beer to hard liquor, bottled water, powdered juice and juice drinks. The Company’s food operations includes the production and marketing of fresh, pork and beef, milk, butter, cheese, margarine, ice cream, flour, pancake mix, snack foods, coffee, cooking oil, coconut oil, and animal and aquatic feeds. The Company is also engaged in the management and development of real estate properties. On December 16, 2008, it formed Brewery Properties, Inc. and Iconic Beverages, Inc. In April 2009, the Company sold its 100% interest in Iconic Beverages, Inc. to San Miguel Brewery Inc.