Diversified conglomerate San Miguel Corp. (SMC) has completed the sale of its 43.25-percent stake in beer unit San Miguel Brewery Inc. (SMB) to Japanese brewing giant Kirin Holdings Co. Ltd., the company announced Friday.

In a disclosure to the Philippine Stock Exchange, SMC said it has sold 4.48 billion shares in SMB to Kirin at P8.841 a piece.

The sale left SMC with a 51-percent majority stake in SMB, which produces and markets San Miguel Pale Pilsen, Red Horse, San Mig Light and other affiliated brands.

In February, Kirin signed a share purchase agreement with SMC to buy the latter's 43.25-percent SMB stake for P58.9 billion.

Together with a 5.05-percent stake it bought via a mandatory tender offer to public investors, the Japanese firm now owns 48.3 percent of SMB.

In a related development, Kirin also completed the sale of its entire 19.9-percent interest (628 million shares) in SMC to Philippine investment holding firm Q-Tech Alliance Holdings Inc. for P63 per share or a total of P39.6 billion.

Proceeds from the sale will help fund Kirin's purchase of SMB shares, SMC said in another disclosure.

Among Q-Tech's stockholders are businessman Roberto Ongpin, Petron Corp. President Eric Recto, and a unit of Qatar Telecom, SMC's joint venture partner in its foray into broadband technology.

Earlier, SMC said it will buy a 49-percent stake in Liberty Telecommunications. The company said it will "pursue the acquisition on the balance of investment in coordination with its joint venture partner Qatar Telecom QSC."

Aside from this, SMC has also made investments in Manila Electric Co., the country's largest power retailer.