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San Miguel Brewery gets approval for non-alcoholic beverages

19 Mar

BY RCBC SECURITIES

San Miguel Brewery, Inc., the beer unit of San Miguel Corp. (SMC), said it secured approval from the SEC to diversify into non-alcoholic beverages, noting that the non-alcoholic beverage category had a greater share of the entire beverage industry and was growing faster than the alcohol category.

The new venture includes manufacturing, importing, selling or dealing in water and water-based beverages and non-alcoholic beverages.

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Meanwhile, the board of Ginebra San Miguel (GSMI), SMC’s liquor unit, had already authorized the sale and transfer of certain nonalcoholic beverage assets of the company, consisting of property, plant and equipment as of end-2014 and inventories as of March 31. 2015.

GSMI’s non-alcoholic portfolio includes fruit drink, tea mixes, and bottled water under the Magnolia brand.

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Posted by on March 19, 2015 in Corporate News, SMC, Stock Market

 

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