Philippines-based beverage and food conglomerate, San Miguel Corporation has acquired the packaging business of Malaysia’s Guolene Packaging Industries Berhad for US$35m dollars in a bid to broaden its business focus. The acquisition "is consistent with San Miguel’s strategy to become one of the major food, beverage and packaging firms in the Asia-Pacific region," and "demonstrates San Miguel’s confidence in the Malaysian economy and its pro-business policies," the company said in a statement.

Following its latest acquisition (the company recently bought Australia’s Berri), San Miguel’s packaging division will become a regional manufacturer of flexible packaging, allowing the group to penetrate high-value and high-tech industries such as electronics and logistics, the company added.

San Miguel president and chief operating officer, Ramon Ang said in the statement that the company would "provide Guolene with the resources and opportunities it needs to grow while sustaining its existing markets." He added that Guolene’s products would be sold in the Philippines and throughout the region.

The company’s subsidiary San Miguel Pure Foods meanwhile announced a Philippine coffee joint venture with Singapore’s Super Coffeemix Manufacturing Ltd in which it would have 70 per cent ownership. The joint venture will be named San Miguel Super Coffeemix Co Inc and will have an authorized capital of US$8.9m.

"The investment of San Miguel Pure Foods in the joint venture company will be funded through internal resources and is not expected to have any material impact on the consolidated net tangible assets and earnings per share of the company for the current financial year," San Miguel Pure Foods told the Manila stock exchange.

San Miguel, one of the largest private companies in the Philippines, has interests in beer, liquor, soft drinks, juices, dairy products, ice cream, processed meat and packaging.

The company has been expanding into the Asia-Pacific in recent years, targeting markets in Australia, China, Indonesia, Taiwan, Thailand, Vietnam and Singapore.