Philippine brewer San Miguel Corp said today it had acquired the packaging business of Malaysia's Guolene Packaging Industries Berhad for 35 million dollars (RM133 million) in a bid to broaden its business focus.

The move "is consistent with San Miguel's strategy to become one of the major food, beverage and packaging firms in the Asia-Pacific region," the company said in a statement.

After the acquisition, 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.

Confidence in M'sian economy

San Miguel president Ramon Ang said in the statement that the acquisition "demonstrates San Miguel's confidence in the Malaysian economy and its pro-business policies."

The group would "provide Guolene with the resources and opportunities it needs to grow while sustaining its existing markets," he said, adding that Guolene's products would be sold in the Philippines and the region.

San Miguel, one of the largest private companies in the Philippines, already 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.