The Philippines, Manila: The government plans to increase its stake in San Miguel Corp to avoid ownership dilution following Kirin Brewery Ltd's purchase of an additional 4.12% stake in the food and beverage firm, the Philippine Star newspaper reported on January 14, quoting Presidential Commission on Good Government (PCGG) chairperson Haydee Yorac. "We'll exercise our option to buy (additional shares) in proportion to our holdings," Yorac was quoted as saying.

The government, through the PCGG, has a 27% equity in San Miguel. It is also contesting another 20% of shares held by San Miguel chairman Eduardo Cojuangco, the report said. Yorac said the government will buy unsubscribed and yet-to-be issued San Miguel shares, but could not say how much. "We have asked our directors to make a report. The moment they declare (the price), we'll buy in order to protect our holdings," Yorac said. She said the government will not contest Kirin's increased shareholdings.

A separate report from the same newspaper said Kirin's acquisition of an additional stake in San Miguel is expected to further tighten the control of Cojuangco in the company, and would make it more difficult for the government to ease out the company's chairman. Kirin's ownership in San Miguel has been increased to 19.67%, entitling the Japanese firm to an additional board seat on top of the current two. Cojuangco's group directly holds 3 seats on the board, while San Miguel management has another 3 board seats. Together with Kirin's, the private sector makes up majority of the company's 15-member board. The government holds the rest. (1 usd = 55.67 pesos)

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