On September 3, the Philippine food and beverage company San Miguel Corp announced that it had sold its 49 per cent stake in juice firm Sugarland Beverages Corp to unit La Tondena Distillers Inc (LTDI) for PHP1.56bn (Euro33.9m), Reuters reports.
Sugarland is the Philippine's main powdered juice maker. It was jointly acquired last year by San Miguel and La Tondena in a deal valued at PHP2.9bn (Euro63.02m). Sugarland will now be wholly owned by La Tondena.
"The sale is in connection with the restructuring of LTDI and its water and juice subsidiaries prior to LTDI's sale of its water and juice businesses to Coca Cola Bottlers Philippines Inc and The Coca Cola Co.," San Miguel said in a disclosure to the stock exchange.
Coca Cola claimed that it would pay a total of $141m (Euro156.7m) net of tax for La Tondena's and San Miguel's water and juice businesses.
The deal includes La Tondena's trademarks in its three water brands, three powder juice brands and two ready-to-drink juice brands. San Miguel's carbonated orange drink and its ready-to-drink juice brands are also part of the sale.
Coca-Cola's Philippine subsidiary will also acquire the production lines and facilities of La Tondena's water and juice businesses.