Japan's Kirin Holdings Co. Ltd. will own 48.3 percent of San Miguel Brewery Inc. (SMB) after it acquires additional shares held by public investors in the beer firm through a mandatory tender offer which will close by the end of this month.

In a report submitted to the Philippine Stock Exchange, Kirin said it will purchase 778.85 million shares or 5.05 percent of SMB from the public for P8.841 per share or a total of P6.89 billion. The shares were tendered from the start of the offer period last month until the deadline last April 17.

Kirin had to initiate the tender offer following its acquisition of San Miguel Corp.'s (SMC) 43.25 percent interest in SMB in February.

Under the Securities Regulation Code, a company has to make a tender offer if it acquires at least 35 percent of a publicly listed entity.

Kirin said the tender offer shares and the first tranche of the shares acquired from SMC will be crossed on the stock exchange on April 30.

After the transaction, SMC's stake in SMB will be diluted to 51 percent, which is still majority.  

Kirin, apart from acquiring 43.25 percent of SMB, is also in negotiations with SMC for the purchase of shares in its overseas beer business.

SMC and the Japanese firm have been strategic partners since 2002.

Kirin earlier owned 20 percent of SMC until it sold the stake to Q-Tech Alliance Holdings Inc. to raise money to fund its acquisition of SMB. The move was in line with its goal to become a leading regional player.