San Miguel folds non-alcoholic brands under Ginebra
By Judith Balea, abs-cbnNEWS.com | 10/07/2008 6:29 PM
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Ginebra San Miguel Inc., the liquor arm of food and beverage giant San Miguel Corp., said Tuesday its board has approved a plan to acquire the assets of the group's non-alcoholic beverage firm.
Ferdinand Constantino, Ginebra's chief information officer, told the Philippine Stock Exchange that the company intends to buy San Miguel Beverages Inc.'s tea, juice and pure water products under the "Magnolia" brand.
He said the purchase will make Ginebra a full beverage company, further extending the company's operations beyond the mature liquor and spirits market into the "faster-growing" non-alcoholic beverage business.
The official did not disclose financial details on the acquisition.
For the first half of this year, Ginebra posted a net income of P243 million, up 5 percent year-on-year, owing to a 16-percent growth in the sales volume of its gin and brandy group.
Its parent, San Miguel, nearly tripled its profits for the period to P19.7 billion mainly on strong local and international beer sales.
