Philippine food-to-power conglomerate San Miguel Corp said it is willing to sell its 51 percent in flagship firm San Miguel Brewery to Japan's Kirin Holdings, although no offer has been received.
A sale would help San Miguel, which makes nine of every 10 beers sold in the Philippines, raise more money for its aggressive push into heavy industry including power, infrastructure, telecommunications and mining.
Kirin has said it wants to raise its 48 percent stake in San Miguel Brewery, which has a market value of $3.1 billion, to as much as 100 percent to help fuel its overseas expansion in the face of Japan's shrinking beer market.
Beer making has been one of San Miguel's core businesses since it was established in 1890. The company told the stock exchange on Monday it had not yet received any offer for the brewery stake.
Shares of San Miguel barely reacted. At 0340 GMT, its A shares, which only Filipinos can buy, were up 0.7 percent at 74 pesos and its B shares, open to all, were steady at 74 pesos.
San Miguel Brewery shares were flat at 9.20 pesos.
Kirin paid San Miguel nearly 66 billion pesos ($1.4 billion) for its 48 percent stake in San Miguel Brewery last year.
In the statement, San Miguel also reiterated Chairman Eduardo Cojuangco Jr's comments last week the company was open to selling its entire 27 percent stake in Manila Electric Co (Meralco).
(Reporting by Manolo Serapio Jr, Editing by John Mair)