MANILA - San Miguel Corp, one of the Philippines' largest companies, said yesterday it was studying proposals to list its businesses in Australia.

"The company confirms that it has received proposals for possible listing of its Australian businesses," the company told the Philippine Stock Exchange in a disclosure statement.

"The company is currently studying the proposals and has not made any decision yet," it added. No other details were given.

The Australian Financial Review has reported San Miguel is studying a possible 1.3 billion Australian-dollar (US$959.4 million) public float of 49 percent of the merged National Foods-Berri dairy and fruit juice business combined with some Asian dairy assets.

The daily on its online edition said Morgan Stanley is advising the Philippine company on the plan.

The Australian assets were acquired amid a debt-fuelled acquisition binge launched by San Miguel to bulk up its global profile.*AFP

back to top