Mirzan says San Miguel stake is just business

KUALA LUMPUR, Sept 13 – Mirzan Mahathir has defended his investment group’s stake in Philippines conglomerate San Miguel Corp (SMC), saying the company was well on the way to diversifying substantially from its brewery business.

In a letter to The Malaysian Insider yesterday, Mirzan said San Miguel Corp had decided to shift its attention to the infrastructure, public utility and energy requirements of the Philippines, from its core brewery business.

“Since Kirin Holdings of Japan acquired a significant direct ownership stake in the brewery division, this will result in a dramatic change in SMC’s revenue mix, with beverages expected to contribute less than 15% of total sales by next year,” he said in the letter.

The Malaysian Insider had reported this week that Mirzan, the eldest son of Tun Dr Mahathir Mohamad, was recently appointed to the board of San Miguel Corp, the biggest food and beverage conglomerate in the Philippines and the owner of San Miguel Brewery Inc.- + selanjutnya

Mirzan says San Miguel stake is just business