San Miguel Executes Deal To Buy 40% Stake In SEA Refinery

21st Jun 2010 03:12

MANILA (Dow Jones)--San Miguel Corp. (SMCB.PH), the Philippine food and beverage conglomerate diversifying into heavy industries, said Monday it finalized a deal to buy a 40% stake in SEA Refinery Corp. The PHP16 million ($350,530) deal is part of San Miguel's plan to acquire a majority stake in Petron Corp. (PCOR.PH). SEA Refinery is a unit of the U.K.'s Ashmore Group PLC (ASHM.LN), which holds 50.1% of Petron, the country's largest oil refinery by sales and capacity. Under the deal, signed on June 15, San Miguel will buy 16 million common shares of SEA Refinery, representing 40% of the company's total outstanding capital stock. In December 2008, San Miguel secured the option to acquire the entire shareholdings of SEA Refinery. San Miguel plans to buy the remaining 60% of SEA Refinery by Dec. 23 this year. -By Rhea Sandique-Carlos, Dow Jones Newswires; 632-848-5051; [email protected] (END) Dow Jones Newswires June 20, 2010 22:12 ET (02:12 GMT)