Radio San Miguel

Signing of agreement seen next month
by Doris Dumlao

Beverage and food conglomerate San Miguel Corp. disclosed last Monday, Jan. 19 that it was negotiating sale of 43.25 percent of domestic beer unit San Miguel Brewery Inc. (SMB) to Japan’s second-biggest brewery, Kirin Holdings Co. Ltd., which currently owns about 20 percent of San Miguel.
At SMB’s current market capitalization, San Miguel could raise at least P54.2 billion from the sale, which it could use for its diversification ventures into mining, power and infrastructure.
In a disclosure to the Philippine Stock Exchange, San Miguel spokesperson Ferdinand Constantino said the company had signed a memorandum of understanding to enter into exclusive negotiations with Kirin on Kirin’s potential investment in SMB.
The sale will cut San Miguel.’s stake in SMB from about 94 percent to 50.75 percent. About six percent represents the SMB public float.
SMB has a market capitalization of about P135.5 billion based on its closing price Monday of P8.80 a share. Its share price rose 3.5 percent ahead of the announcement of the talks with Kirin in the afternoon.
Analysts said Kirin’s possible entry into SMB did not come as a surprise.
Jose Mari Lacson, head of research at stockbrokerage Campos, Lanuza & Co., noted that San Miguel had earlier announced that it was bringing in a foreign strategic partner into SMB.
Kirin bought into San Miguel early this decade, long before San Miguel decided to embark on businesses outside of beverage and food. San Miguel spun off SMB in 2007.
Lacson said Kirin’s entry plan was likely in line with its drive to expand further as a regional player. In 2007 it bought San Miguel’s Australian dairy and juice manufacturer National Foods for $2.6 billion.
If Kirin succeeds in a buy-in, it may have to make a tender offer to SMB minority shareholders, said Joseph Roxas, president of Eagle Equities Inc.
Under local securities regulations, a company buying at least 35 percent of a listed company must offer the same deal to minority shareholders.
A question among some analysts is whether Kirin would keep its stake in San Miguel. In the past, a key San Miguel stockholder, the retail tycoon Henry Sy, unloaded his stake in San Miguel and invested in SMB.

Conductor Vladimir Lande is the Principal Guest Conductor of the St. Petersburg Symphony Orchestra (Russia). He is a guest conductor of the National Gallery Orchestra in Washington D.C., Music Director of the COMSIC Symphony Orchestra, the Washington Soloists Chamber Orchestra in Washington D.C., the Maryland Conservatory Orchestra, and Johns Hopkins Chamber Orchestra. He regularly appears as Conductor with the famous Donetsk Ballet Company in Europe and the United States. For the past seven seasons, Vladimir has been Principal Guest Conductor of the Bachanalia Festival Orchestra, New York. Lande performed with his group, the Poulenc Trio during the San Miguel Music Festival in 2008.

“I’m also very happy about the low price of this student musician program, which is offering so much in this small and safe city,” said Vladimir. The program provides 16 nights lodging, two meals a day, four private coachings with in-residence instructors, four private chamber music ensemble coachings, ten orchestra coashings, plus Master Classes with festival performers including the Endellion String Quartet from London, the Miro, Calder and Haven String Quartets and Vladimir Lande’s Poulenc Trio, among others. Students also attend professional concerts during the festival. Mr. Lande will invite and direct a group of advanced music
students and graduate musicians to join him and world-renowned instructors from acclaimed U.S. schools
of music in San Miguel. Sands reports that U.S. music students will enjoy mixing with many top music students
from the university of Mexico (UNAM) and other music academies in Mexico. As San Miguel de Allende is
consistently listed in Travel & Leisure and Conde Nast Magazines as a highly rated vacation destination, friends and families may also want to attend all or part of the festival. Special rates will be offered by the San Miguel Hotel Association to these special guests.

San Miguel de Allende’s 32nd Chamber Music Festival is Pleased to Announce Vladimir Lande as Director of the U.S. Advanced Music Student Program in August 2010 San Miguel de Allende, Mexico

According to some of the finest music groups performing today, such as the Ying, the Miami and Turtle Island Quartets, this UNESCO World Heritage town is an ideal setting for students to stretch and perfect their musical capabilities – not to mention, have fun. Located in central Mexico, San Miguel de Allende looks and feels more like an ancient Spanish hill-town with its cobblestone streets, 18th century colonial architecture,lively town square, and beautiful churches and theaters all adding to the creative atmosphere for the student program. “I have taken many students to Europe to participate in music festivals there,” said Vladimir Lande. “When I saw what San Miguel de Allende has to offer, I immediately realized it was a great opportunity for U.S. advanced music students to participate in an internationally respected music festival. From the wonderful learning environment to the appreciative audiences, it is an exceptional cultural center.”

“The Board of the San Miguel Music Festival is pleased to appoint Mr. Lande as Director of the U.S. Advanced Student Music Program for 2010. He brings a wealth of experience in working with students and leading student musicians and graduate musicians in music festival programs in the U.S. and Europe,” said Camilla Sands, Director of the San Miguel Music Festival.