San Miguel to team up with Thai life

San Miguel to team up with Thai life

MANILA: San Miguel Corp., the largest Philippine food and beverage company, said it agreed to partner Thai Life Group in a venture to make liquor in Thailand.

San Miguel said its unit Ginebra San Miguel Corp. will buy a 40 percent stake in C.N.T. Wine and Liquor Co., a unit of the Thai insurer that owns a license to build and operate a distillery in Amphur Thamuang, Kanchanaburi province, 130 kilometers north-west of Bangkok.

The plant will be completed in 2006, San Miguel said in an e- mailed statement.

Thai Life, which is also involved in property development, will own 50 percent of C.N.T Wine with minority investors holding the remaining 10 percent, San Miguel President Ramon Ang said. -- Bloomberg