MANILA, Philippines - Food and beverage giant San Miguel Corp. expects to complete this month its purchase of the Mariveles Grains Terminal (MGT) in a deal valued at P1.6 billion.
San Miguel president and COO Ramon S. Ang told reporters that the company is partnering with Toyota Tsusho Corp. to acquire the grains and commodities terminal from Asian Terminals, which is owned by P & O Ports of Australia.
Toyota Tsusho is one of the biggest trading groups in the world whose range of products include metals, machinery and electronics, automotive components, energy and chemicals, foodstuff and consumer products.
Ang earlier said a 60-40 joint venture company will be formed in favor of San Miguel to acquire and operate the MGT.
He said the purchase will allow San Miguel to expand the 500,000 ton annual capacity of its feed mill located near the grains terminal. A biscuit factory may be set up as the MGT is a major gateway for bulk grains handling such as flour, soy bean and corn.
The acquisition is also seen as a move for SMC to become a leader in distribution and logistics in the region
The MGT, which is considered the country’s most modern grain handling facility, has four unloaders or port equipment that can discharge wheat at an average rate of 10,000 metric tons a day. The unloaders can also discharge at least 10,000 MT of soya bean meal a day.
In another development, Ang said the group is ready to make a tender offer for shares of Liberty Telecom Holdings Inc. should it acquire majority control of the listed firm.
Ang said the company is also interested in joining the privatization of other government-owned power assets, which include the Calaca plant.