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San Miguel buys 49% of Indonesian brewer.

San Miguel Corp., the Phillipines-based beverage and food conglomerate, announced the purchase of a 49-percent stake in Indonesian brewer PT Delta Djakarta.

The transaction was completed despite efforts by a group of competing Indonesians to stop the deal.

The $35-million sale by completed last week, five months after the original agreement was reached.

The purchase of 49 percent of Delta Djakarta was less than San Miguel's original target of a 58.8 percent stake, as agreed upon last September. However, due to rules dealing with foreign equity, San Miguel had to scale back its plans.
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Title Annotation:PT Delta Djakarta
Publication:Modern Brewery Age
Date:Feb 8, 1993
Words:95
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