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San Miguel Brewery Inc. (SMBI) disclosed it has spent more than a
third of its proceeds from the primary offer of its shares to the
public mainly on systems maintenance and operations improvement.
The total disbursements of the company amounted
to P217.7 million, or 35 percent of the proceeds from the public
offer worth P615 million, the company reported to the Philippine
Stock Exchange.
San Miguel said it spent P165.90 million on
replacement and maintenance of the SMBI, P28.40 million on
operations improvement and close to P1 million on expansion and
diversification activities.
The company’s capital expenditure as of last
month stood at P197 million, which was spent on equipment repairs
and completing major projects such as the replacement of electronic
bottle inspectors, Schenk Automation System, can seamers, mash
filters and line monitoring systems.
Operations improvement systems include the
acquisition of bottle-coating machines and conversion of the
bottling high-speed line to multiproduct line.
-- Katrina Mennen A. Valdez
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