Business

MANILA — San Miguel Corp. sustained its 2006 pace of growth in the first quarter of 2007. With the sale of stake in Coca Cola Bottlers Philippines, Inc. (CCBPI) to The Coca Cola Company, San Miguel Corporation?s consolidated net income in the first quarter of 2007 amounted to P4.33 billion, double that of the same period last year.
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MANILA — The Board of Directors of San Miguel Corporation today authorized the listing of San Miguel?s Domestic Beer Operations and SMC?s domestic and regional packaging business.

The Board of Directors authorized the spin-off of San Miguel?s domestic beer business, preparatory to the division?s subsequent initial public offering and listing in the Philippine stock market. San Miguel also sought board approval for its beer business to enter into a strategic partnership with Kirin Brewery Company, Ltd.
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MANILA — The Board of Directors of San Miguel Corporation approved today the increase in its authorized capitalization from the current 4.5 billion to 7.5 billion shares, equivalent to P37.5 billion at par value, to fund the group?s acquisitions and expansion into other businesses as well as pay down debts and finance possible share buy-back.
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