San Miguel Reports Strong Results As It Prepares To Offload CCBP

According to press reports, San Miguel's sale of its stake in Philippines-based Coca-Cola bottling company Coca-Cola Bottlers Philippines (CCBP), is expected to finally go through early next year. Currently, local industry giant San Miguel Corp owns 65% of CCBP, with Coca-Cola holding the minority interest. However, following a disappointing performance in 2005 - which saw sales volumes slump by 8% and operating profit fall by 63% - it was reported that Coca-Cola was seeking to extract itself from its licensing arrangement. However, it eventually came to light that Coca-Cola is actually targeting ownership of at least a majority stake

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