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San Miguel considers investing in Internet business

Philippine food-and-beverage conglomerate San Miguel Corp., one of the largest companies in the Philippines, said it is considering a possible investment in the Internet business of the family of tyco…

Philippine food-and-beverage conglomerate San Miguel Corp., one of the largest companies in the Philippines, said it is considering a possible investment in the Internet business of the family of tycoon Lucio Tan. “The company is still in the process of evaluating an offer to join Catering Exchange Inc. and SourcePilipinas.Com as client or investor. No agreement has been reached,” San Miguel said in a disclosure to the stock exchange. Manila-based San Miguel issued the statement after Wednesday“s Philippine Daily Inquirer quoted Lucio Tan Jr. as saying the food and beverage group is interested in joining Catering Exchange and SourcePilipinas, not only as a client, but as an active investor. The Tan family, through its information technology investment arm, Unifize Group, controls Catering Exchange, an online electronic business exchange focusing on the catering industry. The family also owns 50% of SourcePilipinas, which focuses on electronic commerce. Catering Exchange complements the airline business of the Tan family. The elder Tan is chairman of Philippine Airlines Inc. and also has a majority stake in Air Philippines Inc., a fast-growing domestic carrier.

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