SMFB increases number of board directors to 15

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the amendments in the Articles of Incorporation of San Miguel Food and Beverage Inc. (SMFB), which will increase the number of its directors to 15 from nine.

“With the expanded primary purpose, the amendment will allow the company to increase its board membership to include directors competent in the beverage businesses of SMC, in order for the board to have a collective working knowledge, experience or expertise that is relevant to the food and beverage industry in which the company belongs,” SMBF said.

The expanded board will oversee the company’s operations.

“With an appropriate mix of competence and expertise, the board will be better equipped to fulfill its roles and responsibilities and respond to the needs of the organization based on the evolving business environment and strategic direction of the company,” SMFB said.

From January to September 2018, the listed food and beverage company of SMC grew its net income by 17 percent to P22.9 billion.

Consolidated sales grew 15 percent to P206.6 billion with revenue growth accelerating across San Miguel Brewery Inc., Ginebra San Miguel Inc. and the food group.

Consolidated income from operations rose 17 percent to P34 billion.

The company completed its consolidation last year.

SMFB president and chief executive officer Ramon Ang said the consolidation paves the way for the creation of a stronger consumer platform as the company further expands its product offerings, reinforces its presence and drives scale through synergies.

Last year, SMFB completed its P39 billion follow-on offering, proceeds of which would be used to expand capacity.