The Philippine government has listed five nominees to the board of directors of San Miguel Corp., the country“s largest food and beverage group, said a presidential legal adviser. From the five nomin…
The Philippine government has listed five nominees to the board of directors of San Miguel Corp., the country“s largest food and beverage group, said a presidential legal adviser. From the five nominees, the government will choose a replacement for San Miguel Chairman Eduardo Cojuangco. Those being considered for the top San Miguel post are Renato Valencia, former administrator of state pension fund Social Security System; banker Octavio Espiritu, who used to head Far East Bank & Trust Co; former presidential security group commander Leo Alvez; Hector Hofillena and Francis Fuentebella. Also, the San Miguel unit, La Tondena Distillers Inc, said net income fell 8% in the year ended January 2000 from a year earlier. “Higher interest expenses pulled down net income by 8% from Ps 120 million to Ps 111 million,” it said in a statement. Consolidated sales jumped 18% to Ps 1.3 billion from Ps 1.1 billion last year and operating income rose 15% to Ps 266 million from Ps 231 million. La Tondena had said it will spend around Ps 1 billion this year to expand its juice and liquor plants.