San Miguel plans US$34bil investments, targets Saigon Beer stake

Bottles of beer move along a production line at a factory of Saigon Beer Corporation (Sabeco) in Hanoi, Vietnam. - Reuters Filepic

MANILA: San Miguel Corp plans to invest US$34bil in an oil refinery, an integrated steel complex and an ocean-tide power plant as the Philippines’ largest company by sales expands amid forecasts for robust economic growth in the country, according to its president.

The company, which sells nine of every 10 beers in the Philippines, is also “evaluating and may bid” for Saigon Beer Alcohol Beverage Corp, president Ramon Ang told reporters on March 31.