San Miguel Corp. enters sale and purchase agreement with ExxonMobil

Philippine-based San Miguel Corp. (SMC) announced that it had entered into a sale and purchase agreement with ExxonMobil International Holdings Inc. Under the agreement, SMC will acquire 175,500,000 ordinary shares of MYR0.5 (US$0.16) each, or a 65% stake in Esso Malaysia Bhd. (EMB). The acquisition amounted to US$195,123,934. SMC is the largest publicly listed food, beverage and packaging company in Southeast Asia. (March 23, 2012)