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San Miguel Food sets P30-billion capex to fund new feedmills, warehouses

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ABS-CBN News

<p>MANILA - San Miguel Food and Beverage Inc said Thursday it has allotted some P30 billion in capital expenditures to grow the capacity of its food division.</p><p>The fund will be used for the construction of new company-owned feedmills, poultry processing plants, a processed meats cannery, a butter/margarine/cheese plant and company-owned warehouses, SMFB said in a disclosure to the stock exchange. </p><p>The information was first revealed by SMFB president and CEO Ramon Ang during the company&#x27;s annual stockholders&#x27; meeting on June 2.</p><p>SMFB earlier posted a P9.68 billion net income in the first quarter of 2021 which Ang said was a testament to the firm&#x27;s resilience during the COVID-19 pandemic. </p><p>San Miguel Food and Beverage is a subsidiary of San Miguel Corp.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/05/21/san-miguel-food-beverage-q1-net-income-p968-b-q1">San Miguel Food and Beverage posts P9.68-B net income in Q1, up 66 percent</a></li>	<li><a href="https://news.abs-cbn.com/business/02/23/21/san-miguel-to-vaccinate-all-employees-vs-covid-19-for-free">San Miguel to vaccinate all employees vs COVID-19 for free</a></li>	<li><a href="https://news.abs-cbn.com/business/03/11/21/san-miguel-food-and-beverage-net-income-hits-p224-billion-in-2020">San Miguel Food and Beverage net income hits P22.4 billion in 2020</a></li></ul><div><br/><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1617464" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>San Miguel Food and Beverage Inc said Thursday it has allotted some P30 billion in capital expenditures to grow the capacity of its food division, especially feedmills. <br /> </p>

San Miguel Food and Beverage Inc said Thursday it has allotted some P30 billion in capital expenditures to grow the capacity of its food division, especially feedmills.