Under the agreement announced on December 14, San Miguel will issue new shares worth nearly 28 billion pesos in spring 2002. Kirin will purchase those shares, which will correspond to an ownership stake of about 15%. The managements of Kirin and San Miguel have agreed that Kirin will participate actively in steering the Philippine brewer.

Globalization. And diversification
Kirin's investment in San Miguel creates a powerhouse in the Southeast Asian market for beer. It also gives Kirin a share of San Miguel's footholds in food products and in agribusiness and packaging.
    Globalization is part of Kirin's larger strategy for broadening its foundation for lasting growth. The company also is broadening that foundation through diversified business in nonalcoholic beverages, pharmaceuticals (see NEWS & PRODUCTS), and other products.