Ginebra San Miguel Inc. (GSM) is acquiring its parent company San Miguel Corporation's non-alchoholic beverage business for a yet undisclosed amount.In a disclosure to the Philippine Stock Exchange (PSE) yesterday, the firm said the plans to acquire the assets of SMC's non-alcoholic beverage business was approved by the GSM board of directors in a special meeting.
San Miguel Beverages, Inc. (SMBI) is SMC's non-alcoholic beverage business, and producer of brands such as Magnolia HealthTea, Magnolia Juice Drinks and Magnolia Pure Water. The sale involves the transfer of assets of SMBI to GSMI.
"The acquisition would create for GSMI a total beverage company, further extending the company's operations beyond the mature liquor and spirits market and into faster-growing areas of the non-alcoholic beverage business," GSM and SMC chief finance officer Ferdinand Constantino said.
SMC had earlier secured the approval of its shareholders for a corporate restructuring program that will allow the firm's major subsidiaries, including San Miguel Beverages to pursue a public …