MANILA – Conglomerate San Miguel Corporation has transferred its non-alcoholic brands under Ginebra San Miguel Inc. to its sister company San Miguel Brewery Inc. in a sale valued at close to P400 million.
In a disclosure, San Miguel Corp said the sale includes finished goods and inventories like containers, packaging materials, goods in process and raw materials, amounting to P214.97 million.
After adding the price of properties, plants and equipment and SMB purchased, this total has jumped to a purchase price of P397.89 million, exclusive of VAT.
Ginebra San Miguel was formerly La Tondeña, Inc. before it was snapped up by San Miguel Corp in 1987. Hard liquor brands Ginebra, Antonov, Gran Matador, Don Enrique Mixkila, Vino Kulafu and Tondeña Manila Rum accounts for the bulk of its portfolio.
It forayed into non-alcoholic beverages back in 2008 when it bought San Miguel Beverages Inc. Under its non-alcoholic line are beverages from the Magnolia brand, Fruit Drink and Big M. Ginebra San Miguel also owns Healthy Condiments Inc, a manufacturer of vinegar and sauces.
