San Miguel president Ramon Ang confirmed that the buyer was a unit of San Miguel, and that the purchase would be done in partnership with Japanese trading giant Toyota Tsusho Corp.
For over a year, the conglomerate had been in talks to acquire Mariveles Grain Corp. (MGC), which would set the company on track to become a distribution and logistics powerhouse.
San Miguel also wanted to take over MGC to expand the 500,000-ton annual capacity of its feed mill located near the grains terminal.
MGC holds a permit from the Philippine Ports Authority to operate the Mariveles Grain Terminal until February 2033. The terminal offers unloading, conveying, storage, outloading, weighing, bagging and sampling services. It handles bulk cargo of commodities like wheat, soybean meal, corn and soybeans.
The terminal can accommodate vessels of up to 70,000 deadweight tons, discharge cargo of up to 10,000 metric tons a day, and store 180,000 tonnes of soybean meal and grain.
It was earlier announced that San Miguel and Toyota would form a new company to acquire MGC—60% of which would be controlled by the diversifying conglomerate.
Apart from its traditional food and beverage businesses, San Miguel’s investment portfolio now includes interests in banking, energy, power, telecommunications, infrastructure and mining.