San Miguel: capital increase for glass bottle unit

Philippine food and beverage major San Miguel Corp. has gained approval from the Securities and Exchange Commission to increase the capital of its glass bottle manufacturing operation by PHP 1.2 billi…

Philippine food and beverage major San Miguel Corp. has gained approval from the Securities and Exchange Commission to increase the capital of its glass bottle manufacturing operation by PHP 1.2 billion. Following an en banc meeting in the first week of April 2006, the commission allowed San Miguel Yamamura Asia Corp. to increase its capital stock to PHP 1.7 billion from PHP 500 million in order to finance the further expansion of the plant in Imus, Cavite. Out of the PHP 1.2 billion total increase, PHP 720 million in additional capital came from San Miguel, while the remaining PHP 480 million came from the firm“s Japanese partner, Nihon Yamamura Glass Company, Limited. San Miguel said earlier that the upgrade of its Imus glass plant is aimed at keeping up with the expected rise in demand as the company exports glass to Australia, North America, and some countries in Asia. San Miguel has four glass plants and one glass molding plant in the Philippines, a glass plant in Vietnam and another in China. In the first week of April 2006, San Miguel reported a 4% rise in its net income to PHP 988 million for the first two months of the year.