$500-M FOR SAN MIGUEL EXPANSION TO ASIA, AUSTRALIAMakati City, May 6, 2003 -- San Miguel Corp. is budgeting P26 billion ($500 million) to put up food manufacturing complexes in Thailand, Malaysia, Vietnam, Taiwan, China, Indonesia and Australia.
SMC chairman Eduardo Cojuangco told San Miguel stockholders at their annual meeting yesterday these countries represent the future for the conglomerate which has grown too big for the local market.
Cojuangco said the conglomerate is no longer interested in buying a local company, lest San Miguel be accused of monopolistic practices.
The manufacturing complexes will be wholly-owned by San Miguel. They will be involved in beverage, food processing and packaging, Ramon Ang, San Miguel president, said. Ang added the company expects an annual sales revenue contribution of $300 million from each of these companies.
"At this point, our international operations contribute only about 15 percent of total revenues of SMC. After our expansion, we expect the contribution to go up to 60-70 percent," said Ang.
Elected to the San Miguel board were Estelito P. Mendoza, Manuel M. Cojuangco, Inigo Zobel, Winston P. Garcia, Corazon S. de la Paz, Leo S. Alvez, Pacifico M. Fajardo, Hector L. Hofilena, Menardo R. Jimenez, Juan B. Santos, Naomichi Asano, Shikegi Ota and Henry Sy. (Malaya)
Reported by: Sol Jose Vanzi
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