SAN Miguel Corp. (SMC) has completed the sale of its 35-percent stake in the packaging business to Japan’s Nihon Yamamura Glass (NYG).

“We confirm that SMC has completed the sale of its interest in San Miguel’s packaging businesses represented by its domestic and regional operations for a total consideration of P4.34 billion for the domestic packaging businesses and $23.45 million for the international packaging businesses,” it said in a disclosure to the stock exchange Thursday.

The two companies reached an agreement in April 2007 in which NYG would gain a minority interest as a strategic equity partner in SMC’s domestic and international businesses.

NYG’s equity infusion bought them 35-percent in San Miguel Packaging Specialists Inc. and San Miguel Packaging International Ltd. The expanded partnership brings together the strength of the two companies in the manufacture and marketing of innovative packaging solutions and products for regional customers.

NYG, a leading Japanese maker of glass and plastics packaging, is a long-time joint venture partner of SMC, also known as San Mig, in the country.

The companies own and operate the country’s largest glass plant, San Miguel Yamamura Asia Corp. and San Miguel Yamamura Fuso Molds Corp., as well as a glass plant in Vietnam.

SMC earlier disclosed plans of selling a portion of the shares of the packaging business to the public via an IPO.

SAN Miguel Corp. (SMC) has completed the sale of its 35-percent stake in the packaging business to Japan’s Nihon Yamamura Glass (NYG).

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