20 April, 2007

Philippines: Asia Brewery considered to be taken public

Philippine billionaire Lucio Tan plans to list Asia Brewery Inc., the country's second largest beer producer, to raise funds for expansion and is looking at a possible IPO next year, Reuters reported April 19.

Tan, the Philippines' third-richest man with a net worth of $2.3 billion according to Forbes magazine, declined to tell reporters on Thursday how much would be raised in a listing.

Asia Brewery has about 10 percent of the local beer market, a source from the Tan group of companies told Reuters. Its biggest rival is Southeast Asia's largest food and drinks group, San Miguel Corp. , which dominates Philippine beer sales.

Tan, who made his fortune on cigarettes and beer in the 1970s and 1980s during the dictatorship of Ferdinand Marcos, set up Asia Brewery in 1982.

The firm has two breweries in the Philippines, with a combined annual capacity of 6 million hectolitres of beer, and several units in China.

Other firms that are majority-owned by Tan include Philippine National Bank , Allied Banking Corp. , holding firm MacroAsia Corp. , Philippine Airlines and the unlisted Fortune Tobacco.

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