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November 30, 2007 |
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SAN MIGUEL: Chairman Keeps 20% Ownership, Sandiganbayan Says The Sandiganbayan has ruled in favor of Eduardo Cojuangco Jr. in a case involving Mr. Cojuangco's 20%-ownership in San Miguel Corp. which the Presidential Commission on Good Government alleged were ill-gotten wealth, the Philippine Daily Inquirer reports. According to the Sandiganbayan's Associate Justice Diosdado Peralta, the PCGG failed to present evidence that Mr. Cojuangco used coconut levy funds to purchase 16,276,879 shares in SMC. The funds were imposed by the late President Ferdinand Marcos in the 1970s and 1980s on coconut farmers and assigned under Cojuangco as administrator, the Inquirer recounts. In the course of the case, the Inquirer says, the PCGG cited three Marcos decrees to show that Mr. Cojuangco's shares belonged to the public and should be returned to the government like they did in order to recover San Miguel shares held by six member companies of the Coconut Industry Investment Fund. However, the Sandiganbayan rejected this argument, saying that the decrees referred only to the CIIF block of shares. They will appeal the ruling to the Supreme Court, the PCGG told the Inquirer. Headquartered in Manila, Philippines, San Miguel Corporation -- http://www.sanmiguel.com.ph/ -- through its subsidiaries, operates food, beverage and packaging businesses. The company's products include beer, wine and spirits, soft drinks, mineral water, chicken and pork products. San Miguel markets its products both in the domestic and overseas markets. The company also manufactures glass, metal, plastic, paper and composites packaging products. The TCR-AP reported on November 12, 2007, that Moody's affirmed the Ba2 local currency corporate family rating of San Miguel Corporation. This follows the company's announcement that it is to sell the Tasmanian brewer, J Boag & Son Pty Ltd, for AU$325 million and the Australia-based dairy and beverage producer, National Foods Ltd, for AU$2.8 billion. The rating outlook remains stable. The TCR-AP reported on November 14, 2007, that Standard & Poor's Ratings Services affirmed its 'BB' long-term foreign currency corporate credit rating on San Miguel Corp. The outlook remains negative. The affirmation comes after San Miguel announced the sale of its Australian dairy and juice subsidiary National Foods Ltd. to the Japanese brewer Kirin Holdings Co. Ltd. (AA-/Watch Neg/--), for AU$2.8 billion. |
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