Philippines San Miguel sells brewery assets

Special Report:Global Financial Crisis

MANILA, Jan. 28 (Chinese media) -- Southeast Asian beverage giant San Miguel Corp. is selling its local beer brands as well as its related assets to its subsidiary, San Miguel Brewery, Inc. (SMB), the company said Wednesday.

In a disclosure to the Philippine Stock Exchange (PSE), San Miguel said its directors approved the sale of the company's beer brands, its intellectual property rights and the brewery know-how to SMB for 32 billion pesos (681 million U.S. dollars).

San Miguel said it is also selling the lands used in its beer operations to SMB for 6.8 billion pesos (145 million U.S. dollars).

The rest of the properties used in beer-making will be sold to the SMB retirement plan for 239 million pesos (5 million U.S. dollars).

SMB confirmed the transaction in a separate filing at the PSE.

"The board of directors has approved the company's purchase of San Miguel Corp.'s domestic beer brands and its related intellectual property rights and know-how," SMB corporate information officer Ferdinand K. Constantino said.

The sale on San Miguel's side and the purchase on SMB's side are still subject to regulatory approval.