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Kirin Brewery Company, Limited (President Koichiro Aramaki) decided today to acquire
shares of San Miguel Corporation (Chairman and Chief of Executive Officer Eduardo
Cojuangco, Jr.). Kirin will subscribe to around 15% of San Miguel's newly issued
shares that scheduled to be issued in Spring 2002 with around 27.9 billion peso
(around 68 billion yen*). At the same time, Kirin made a shareholders' agreement
with Mr. Cojuangco and will be involved in San Miguel's management. This will
enable Kirin to create global operation base, having a strong franchise in Asia/
Oceania region, together with a joint venture in China and Lion Nathan, which
acquired its shares in April 1998. *currency rate as of Dec. 13, 2001 1peso =
2.43 yen
San Miguel has around 90% of beer market share in the Philippines and operates
in various countries in Asia like China, Vietnam and Indonesia. Its annual sales
volume, together with Kirin and Lion Nathan will be in scale of 5 million kl.
This alliance will be in dominating position in the Asia/ Oceania beer market.
With this acquisition, Kirin will add a very strong brand in highly developing
South-east Asia. In both production and merchandising basis, Kirin will aim for
cooperative relationship in China-Southeast Asia- Oceania, together with Lion
Nathan.
San Miguel is also an integrated drink and food industry with soft drinks, spirits
and wines and food as well. We will also seek synergetic cooperation in the same
business field as Kirin group has.
Our target of overseas beer business is to enhance profitable business, focusing
mainly in Asia/ Oceania. With this alliance with San Miguel, we will concrete
our position as dominant group in this area and global leading alliance in the
long term.
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