San Miguel eyes investment in RI

San Miguel eyes investment in RI

Dow Jones, Manila

San Miguel Corp., the Philippines' largest food and beverage
conglomerate, on Friday said it is studying investment
opportunities in Indonesia as part of its expansion program.

The company didn't provide details, saying it will make the
appropriate disclosure after a more definite agreement is
reached.

San Miguel issued the disclosure to the stock exchange to
clarify a report in the Philippine Star Friday that cited the
company's chairman Eduardo Cojuangco as saying the food and drink
group is in talks with two to three firms in Indonesia as part of
its planned expansion program in that country within the year.

Cojuangco said in the report that San Miguel is still studying
whether it will form a new company or buy existing Indonesia-
based companies.

Earlier this month, San Miguel completed the US$35.5-million
acquisition of a Vietnam-based pig farming and feed milling
concern.

San Miguel also signed an agreement in October to purchase the
wholly-owned unit of Taiwan Tea Corp., TTCV Investment (BVI) Co.

The purchase effectively gave San Miguel ownership of TTC
(Vietnam) Co., which is engaged in pig farming and feed milling
in Vietnam.

TTCV Investment is San Miguel's first acquisition of a food
business in Vietnam.

Earlier this year, San Miguel announced plans to boost sales
by expanding its presence in Asia through various means,
including the acquisition of existing companies in Thailand,
Indonesia, Malaysia, Cambodia, Australia, China, and Vietnam.

San Miguel has earmarked $500 million for the expansion.