San Miguel Corporation to Diversify Into “New Engines of Growth”
The move will cost an estimated US$780 million, or 10 percent, of the Philippines’ second-largest listed company’s assets.
05/09/07 San Miguel Corporation (SMC), South-east Asia’s largest food and drinks manufacturer announced plans to diversify into “new engines of growth” that includes mining, power, infrastructure and property.
Chairman and CEO Eduardo Cojuangco Jr said:“We want to be in industries that have scale and will grow and we are determined to build leadership positions in key areas where important trends are driving future growth, not just for San Miguel but for the Philippines too.” Speaking at the annual stockholders meeting held at the Valle Verde Country Club, he also addressed concerns about the company’s diversification plans.
The move will cost an estimated US$780 million, or 10 percent, of the Philippines’ second-largest listed company’s assets.
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