San Miguel to buy into Boracay airport

Posted at 04/12/10 1:31 PM

MANILA, Philippines - Philippine conglomerate San Miguel Corp. said on Monday it had signed a deal with a group of local businessmen to buy a majority stake in an airport project near the country's leading beach resort.

San Miguel said the deal enabled it to "acquire, initially, a majority interest in Caticlan International Airport Development Corp," which has the right to build and operate the airport nearest to Boracay island, a popular tourist destination.

It did not give the value of the deal.

The nearly 120-year old brewer has been aggressively diversifying into heavy industry, including power, mining, oil refining and telecommunications.

Last month, it said it was looking to invest in another airport terminal and bullet train to fuel faster profit growth in the future.

The company also said it was in talks to acquire more coal mines to support its coal power projects.

San Miguel's A-shares, open exclusively to Filipinos, gained 0.7% in light trade on Monday while its B-shares, open to all, were flat, lagging a 1% rise in the main index.