SAN MIGUEL Corp. (SMC) is consolidating its packaging businesses under San Miguel Yamamura Packaging Corp. (SMYPC).
In a disclosure to the stock exchange on Thursday, the diversified conglomerate said its board of directors approved the merger of SMYPC and San Miguel Yamamura Asia Corp. (SMYAC).
The company will also acquire 5% of SMYAC during the transaction.
“With the merger, all the packaging business of the corporation together with its joint venture partner, Nihon Yamamura Glass Company, Ltd. will be consolidated in SMYPC,” the company said.
The packaging business generated revenues of P17.84 billion in the first half, two percent higher year on year. It attributed the increase to improved sales from glass, plastics, metal, flexibles, and from its Malaysian operations.
With this, operating income rose three percent to P1.697 billion.
Aside from packaging, SMC’s core interests are in food and beverage, fuel and oil, infrastructure, and power.
Overall, SMC’s net income attributable to the parent rose four percent to P13.23 billion in the first half of 2019, after gross revenues went up two percent to P509.495 billion in the same period.
Shares in SMC climbed 1.51% or P2.60 to close at P175 each at the stock exchange on Thursday. – Arra B. Francia
