SMC Confirms Plans To Cut Food

Diversified Philippine conglomerate San Miguel Corporation (SMC) has confirmed that it will shrink the contribution of its food business by half, diverting freed up funds towards its ongoing push into heavy industries. SMC's divestment of a stake in beer arm San Miguel Brewery (to Japan's Kirin) was followed by the announcement of plans to offload stakes in its Ginebra liquor division and its food unit. However, the company's precise intentions became unclear when it expressed an interest in acquiring the Asian operations of US food company Dole earlier this

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