SMC intends to hold on to its beer unit

Conglomerate San Miguel Corp. has no plans of selling its controlling interest in beer giant San Miguel Brewery, but it could rethink this stance if it gets an “outrageous” offer.

SMC president Ramon S. Ang told reporters Friday after the stockholders’ meeting of San Miguel Pure Foods Co. that the beer business was doing “very well.”

Asked whether SMC was willing to cede majority control to Japanese partner Kirin Holdings Inc., Ang said the beer business was not for sale. This could change only if Kirin would present a “ridiculous” price.

Asked if he was worried about the potential backlash if SMC were to sell a crown jewel like SMB to a foreign company, Ang said many big businesses were now effectively controlled by foreign institutions.

He said SMB’s enterprise valuation was currently at $6 billion. Ang said he had no idea what a “ridiculous” price would be.

SMB is currently 51-percent owned by SMC with the remaining 49 percent held by the Japanese beer giant, which has been buying assets across the region. Doris Dumlao-Abadilla