Philippines: Foreign investors are expected to bid for the 41 % stake in blue-chip food and beverage giant San Miguel Corp. to be sold by the government, Philippines Trade Secretary Cesar Purisima said. Officials earlier said the shares were worth approximately 90 billion pesos (1.6 billion dollars), Agence France-Presses commented on February 11.

Arroyo last weekend ordered Purisima to put the shares on the auction block, with the proceeds to be used to help boost the agriculture sector.

While there was "no specific timeline" for the sale, Purisima said this would be the first item on his agenda when he takes over the post of finance secretary next week from Juanita Amatong, who has resigned. He said he was working with the justice department "on tying up some of the legal ends that need to be done, including working with the courts to make sure that there are no other stumbling blocks to the sale of these shares."

He was referring to the disputed ownership of the shares of publicly listed San Miguel, which has been in the courts for years. "We are cutting out loose legal ends. I expect foreign parties to come in," said Purisima. "This is a security that is well traded. A company that is well established and well known internationally, an excellent brand under good management," he said.

The sale would be good for the stock exchange and the country because it "will generate a substantial amount of dollars" that go to the international reserves, among others, Purisima said.

The 41 percent block includes a 27 percent stake held by the Presidential Commission on Good Government (PCGG) and other shares held by state-run pension funds.

The PCGG is an agency tasked to recover illegally acquired wealth by the late deposed dictator Ferdinand Marcos and his cronies after his downfall in 1986.

The shares were bought by illegally using levies imposed by Marcos on coconut farmers during his term, the Supreme Court ruled last year.

Apart from the 41 %, the government is also contesting ownership of another 20 % held by San Miguel chairman and chief executive Eduardo Cojuangco, who had earlier won Supreme Court approval to be able to use the voting rights of the contested stock.

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