San Miguel to build 8 local, 2 international breweries

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Metro Manila (CNN Philippines, July 19) — San Miguel Corporation (SMC) is investing a billion dollars to expand its brewery business.

In a disclosure to the Philippine Stock Exchange, SMC Chief Finance Officer Fernando Constantino confirmed the company's plans to build ten more breweries.

"We confirm that the statements of Mr. Ramon S. Ang and Mr. Ferdinand K. Constantino, President and Chief Operating officer and Chief Finance Officer of San Miguel Corporation, respectively, relating to the contemplated investment by SMC of up to U.S.$1B in the next two years to build 10 additional breweries," Constantino said in the disclosure.

Eight of the breweries will be in the country, while two will be established abroad, possibly in the U.S. or Vietnam, with each having an an annual capacity of one or two million hectoliters (26 to 52 gallons), he added in the disclosure.

Each brewery would cost around $100 million in investment, he added.

San Miguel produces alcoholic beverages such as San Miguel beer and its variants, Red Horse Extra Strong Beer and Gold Eagle Beer. It also produces non-alcoholic beverages like Magnolia Fruit Drinks.

SMC stocks traded flat today at 0.07 percent increase, and closed at ₱137 apiece.