Conglomerate creates separate firm to focus on packaging

Conglomerate San Miguel Corp. (SMC) is moving to consolidate its packaging businesses under subsidiary San Miguel Yamamura Packaging Corp. (SMYPC), building up this unit as a stand-alone business complementing other traditional businesses.

In a disclosure to the Philippine Stock Exchange on Thursday, Sept. 12, SMC said its board had approved a resolution to merge San Miguel Yamamura Packaging Corp. (SMYPC) and San Miguel Yamamura Asia Corp. (SMYAC), with SMYPC as the surviving entity.

SMC will also buy an additional 5 percent stake in SMYAC, raising its interest to 65 percent.

“With the merger, all the packaging business of the corporation together with its joint venture partner, Nihon Yamamura Glass Co. Ltd. will be consolidated in SMYPC,” the disclosure said./TSB