San Miguel to Foray into Rail Sector

6 April 2010 (Last Updated April 6th, 2010 18:30)

San Miguel Corp will acquire a majority stake in the Metro Rail Transit Phase 7 (MRT-7) project in the Philippines as part of its diversification plans. The Philippines-based beverage maker has signed a memorandum of understanding with businessman Salvador Zamora who has a 63% stake in

San Miguel Corp will acquire a majority stake in the Metro Rail Transit Phase 7 (MRT-7) project in the Philippines as part of its diversification plans.

The Philippines-based beverage maker has signed a memorandum of understanding with businessman Salvador Zamora who has a 63% stake in Universal LRT Corp, which owns the MRT-7 project.

The proposed rail project will run from Quezon City to San Jose in the Bulacan province.

The exact size of the stake and the cost of the agreement were not disclosed, according to Reuters.

San Miguel built its first brewery in 1890 and has since moved into electricity distribution, mining, oil refining and telecommunications.