San Miguel Food and Beverage, Inc. (SMFB) on Friday said its processed meats business in Indonesia will stop operations by the end of this month, as it focuses on expanding in its home country.
In a disclosure to the stock exchange, the company said it is “rationalizing” its processed meats business in Indonesia, which is operating under its joint venture PT San Miguel Foods Indonesia (PT SMFI), as it “streamlines its businesses to focus on expansion in the Philippines.”
“PT SMFI will cease operations effective October 31, 2021,” the company said.
PT SMFI is a Halal-certified processed meats manufacturer of Farmhouse and Vida sausages, burgers, meatballs, cold cuts, and food service products in Indonesia, according to the website of SMFB’s food division San Miguel Foods.
PT SMFI is majority-owned by SMFB which holds 75%, while Jakarta-based retail store operator PT Hero Intiputra holds the remaining shares.
SMFB, which is a subsidiary of San Miguel Corp., is engaged in the food, beer and gin businesses.
Shares of SMFB in the local bourse shed 0.07% or five centavos to finish at P75.95 apiece on Friday. — Angelica Y. Yang