Philippine food and beverage group San Miguel Corporation (SMC) has ventured into the infrastructure sphere, buying an interest in a toll road.
SMC has acquired a 35 percent stake in Private Infrastructure Development Corporation, a consortium of construction companies behind the Tarlac-Pangasinan-La Union Expressway project in the Philippines. The value of the transaction has not been disclosed.
The purchase is still subject to the agreement of SMC’s shareholders. SMC will ultimately have the option to increase its stake in the toll road to over 50 percent.
The investment marks SMC’s first foray into the infrastructure field. The company said in a statement to the Philippine Stock Exchange that the investment is part of its strategy to diversify from its core food, beverage and packaging portfolio.
San Miguel Corporation was originally established as a brewery. Its flagship product is San Miguel Beer.