MANILA, Philippines – The liquor unit of diversifying conglomerate San Miguel Corp. acquired a bottling firm to form synergies with its operation and support its expansion program.
In a disclosure to the stock exchange on Friday, January 27, Ginebra San Miguel Inc. (GSM) said it purchased 100% of the total outstanding shares of East Pacific Star Bottlers Phils. Inc. for P200 million.
East Pacific Star is a company engaged in the manufacture and bottling of alcoholic and non-alcoholic beverage.
“The acquisition will forge synergies with the company’s on-going operations and provide additional capacity for the contemplated expansion plans of the company,” GSM said.
GSMI’s flagship product is Ginebra San Miguel. Its other products include G.S.M. Blue, Gran Matador Brandy Solera and Magnolia Fruit Drink, among others.
In the first 9 months, GSMI posted a net loss of P840.7 million compared to a net income of P747.75 million in the previous year on lower sales because of the highly competitive market situation resulting in weaker demand for its liquor products. – Rappler.com