Kirin Holdings Co. has announced its interest in raising its stake in San Miguel Brewery Inc.
According to the Japan Times, the company, which holds about 48% of the Philippine beer maker, would weigh boosting its stake if offered. San Miguel Corp. currently owns 51% of the San Miguel Brewery.
Commenting on the potential move, Ramon Ang, the head of San Miguel said, that he had received several bids of as much as $6 billion for its 51% stake in the brewery unit, and that Kirin had not offered to buy the remaining stake.
The Japan Times went on to say that the Japanese company’s show of interest comes amid a profit forecast behind analyst estimates as sales expanded at a slower pace. The newspaper further added that Kirin’s net income is likely fall 43% to ¥49 billion ($480 million) this year.
Source: The Japan Times