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E-Malt.com Newsletter 19b
May 09 - May 12, 2013
Quote of the Week
"You are never too old to set another goal or to dream a new dream."
C. S. Lewis
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Currency Rates
Base Currency: US Dollar
on May 10, 2013 |
Base Currency: Canadian Dollar
on May 10, 2013 |
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1 USD = 0.7616 EUR
1 USD = 0.6441 GBP
1 USD = 1.0032 CAD
1 USD = 0.9808 AUD
1 USD = 99.1545 JPY
1 USD = 2.0093 BRL
1 USD = 31.1674 RUB
1 USD = 6.1856 CNY
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1 CAD = 0.9970 USD
1 CAD = 0.6422 GBP
1 CAD = 0.7593 EUR
1 CAD = 0.9778 AUD
1 CAD = 98.8540 JPY
1 CAD = 2.0032 BRL
1 CAD = 31.0729 RUB
1 CAD = 6.1669 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA, CO: Sanitas Brewing Co. to open in Boulder by summer
...Click here
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USA, IL: Goose Island Brewing Co. develops under Anheuser-Busch InBev ownership
...Click here
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USA, NC: Triangle Brewing Co. to move to a new location and increase production capacity
...Click here
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USA: Barley expected to hold its ground in Montana this year
...Click here
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USA & Sweden: The Fort Collins Brewery’s beers to be distributed in Sweden
...Click here
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USA, CO: Wynkoop Brewing and the Cheeky Monk Belgian Beer Café to release a collaborative beer
...Click here
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USA, MI: Arbor Brewing Co doubles production and plans India expansion
...Click here
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USA, PA: Collaborative beer Manneken-Penn debuts at Philly Beer Week
...Click here
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Canada, BC: Tree Brewing releases Mellow Moon Pineapple Hefeweizen
...Click here
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USA, MN: Indeed Brewing Company launches Shenanigans Summer Ale
...Click here
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USA, VA: Port City Brewing Company brings back Downright Pilsner
...Click here
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World: Beer sales statistics positive in China, Brazil, USA last year
...Click here
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EU: Brewers and maltsters slow down covering their needs for the new season
...Click here
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Turkey: Anadolu Efes reports decline in beer volumes in Q1 2013
...Click here
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Brazil: Ambev to build new giant brewery in Minas Gerais by 2018
...Click here
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World: Total grain and barley production forecast to rise in 2013/14
...Click here
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EU: Feed barley market activity low, trade in old crop malting barley reported at variable prices
...Click here
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Vietnam: AB InBev’s planned entry expected to heat competition on the Vietnamese beer market
...Click here
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The Philippines: San Miguel Corp. Q1 net profit down by half
...Click here
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Myanmar: Beer industry set to grow rapidly with four new brewery licenses offered by the government
...Click here
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UK: SABMiller shares slip on sales concerns in key market
...Click here
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The Philippines: San Miguel Brewery’s delisting on May, 15 approved by the Philippine Stock Exchange
...Click here
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Graph of the Week
Table of the Week
German Hops Acreage and Production 2006-2012s
Prices Evolution
Barley Prices
Canadian Malting and Feed Barley Prices
US Malting and Feed Barley Prices
French Malting and Feed Barley Prices
Theoretical Malt Prices
Canadian Malt Prices
US Malt Prices
Theoretical EU Malt Prices
Average Seafreight Rates by Destination
Port of Origin: Antwerp, Belgium
Scientific Digest
Contributions of Hop Hard Resins to Beer Quality
ABSTRACT
The brewing value of hops (Humulus lupulus) is primarily attributed to the flavor- and bitter-active compounds found in the resins. These resins are synthesized and accumulated in the lupulin glands of the female hop cones. Early work on the fractionation of hop resins, based on the solubility of resins in various organic solvents, classified them into soft resins and hard resins. The hard resin is mainly composed by oxidation products insoluble in hexane. Hitherto, research has primarily focused on studying the impact on beer properties of the major hop bitter acids (alpha- and beta-acids) present in the soft resin. Therefore, little information is available on the functionality of the hard resin and for years it has been considered of no brewing value. Further the exact role of the hard resins in the brewing process is not well understood. For these reasons, a detailed study of the hard resins contributions to beer quality was performed. Brewing trials were conducted in which hop pellets were replaced with resin rich extracts. Thereby it was possible to establish the brewing potential of the hop hard resin. There is evidence to suggest that further degradation products were formed upon vigorous boiling of the hard resin. It is believed that upon extended storage periods these ultimate oxidation products are also formed. From the analytical data it was established that the hard resins positively contribute to the foam stabilizing properties. Furthermore, in the different sensory evaluations of the fresh beers, the hard resins proved to impact all analyzed attributes. With increasing hard resin concentrations, higher bitter intensities were recorded. The perceived bitterness of the hard resin beers suggested that the hard resins have a high bittering potential. Finally, at high hard resin concentrations a pleasant bitterness was produced and the overall flavor stability of the beers was high.
Read more
Source: Barth Innovations
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These Days in Business History
May 9
1785 British inventor Joseph Bramah patents beer-pump handle
1886 At the soda fountain of Jacob's Pharmacy in Atlanta, Dr. John S. Pemberton sells the first glass of Coca-Cola, his new "tonic" beverage.
May 10
1837 As New York banks suspend payment of loans in specie (gold coins), the Panic of 1837 begins - setting off the deepest economic depression the United States will suffer until 1929
1950 The Digital Age takes a huge leap forward. At the National Physical Laboratory in the British village of Teddington, Alan Turing's Pilot Model Advanced Computing Engine (ACE), one of the world's earliest general-purpose electronic computers, runs its first program
May 11
1861 In a move of symbolic support for the Union, the New York Stock Exchange bans all trading in Confederate stocks and bonds. (However, members are still free to short-sell any Union securities they choose.)
1907 Bank of San Francisco incorporated
1928 General Electric opens 1st TV-station (Schenectady, New York)
May 12
1916 Einstein's Theory of General Relativity presented
1949 1st Polaroid camera sold $89.95 in New York City
1975 Israel signs an agreement with European Economic Market
Agenda
May 2013:
16-01 June: The Czech Beer Festival 2013 (Prague, the Czech Republic)
22-25: Pivo (Beer) 2013 (Sochi, Russia)
23-25: Copenhagen Beer Festival 2013 (Copenhagen, Denmark)
24-26: The Annual International Beer Festival Latviabeerfest 2013 (Riga, Latvia)
26-30: European Brewery Convention 2013 (Luxembourg)
29-02 June: Mondial de la Biere (Montreal, Canada)
June 2013:
25-27: Brasil Brau 2013 (Sao Paulo, Brazil)
28: III Field Day of Malting, Kvass and Beer Brewing Industry in Russia (Oboyan, Russia)
July 2013:
17-19: China BevTek 2013 (Shanghai, PR China)
August 2013:
06-09: 4th Iberoamerican VLB Symposium 2013 (Buenos Aires, Argentina)
September 2013:
10-12: V Anniversary International Scientific and Practical Conference "Equipment Facilities and Raw Material Base for Malting, Kvass and Beer Brewing Production" (Moscow, Russia)
16-20: Drinktec 2013 (Munich, Germany)
21-06 October: Oktoberfest (Munich, Germany)
26-28: Stockholm Beer and Whisky Festival 2012 (Stockholm, Sweden)
October 2013:
03-05: Stockholm Beer and Whisky Festival 2012 (Stockholm, Sweden)
30-01 November: The Latin American Barley Congress(Bahia Blanca, Argentina)
More events are available on site www.e-malt.com
News Articles
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USA: North Dakota barley plantings late this year
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A year ago, on April 21, 2012, the National Ag Statistics Services reported North Dakota barley growers had already planted 27 percent of their
...More info on site
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USA, CO: Sanitas Brewing Co. to open in Boulder by summer
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The founders of Sanitas Brewing Company announced that they have signed a lease on a 15,000 sq. ft. warehouse space in central Boulder, beerpulse.com reported on May, 2.
The new building will feature a large contemporary tap room and a 3-season beer garden. The production area will showcase both traditional and innovative brewing techniques. Large windows exposing the production area to the tap room and frequent brewery tours will strengthen the connection between visitors and their beers.
One of the more interesting features of the brewery will be Boulder’s first coolship, a large shallow brewing vessel exposed to outside air, allowing the young beer, known as wort, to cool and attract naturally occurring yeast to start wild fermentation. This wort will then be racked into oak barrels for the completion of fermentation and aging.
“We ordered a brand new brewhouse from the Northeast which is scheduled to arrive in about a month. We are excited to move through construction and start brewing,” says co-founder Michael Memsic. “The coolship will help us create distinctive brews that capture the essence of our community. This traditional element of brewing gives our beers unique flavors that cannot be replicated outside of Sanitas.”
Sanitas Brewing Company is scheduled
...More info on site
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USA, IL: Goose Island Brewing Co. develops under Anheuser-Busch InBev ownership
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Goose Island Brewing Co. employees admit things have changed in the two years since the company was purchased by Anheuser-Busch InBev NV, just not in the way they feared, Chicago Business reported on May, 6.
“Anheuser-Busch is letting us do our own thing,” says Andrew Goeler, 56, who took over as Goose Island's CEO on Jan. 1, replacing founder John Hall. “I'm not getting directives.”
And there are benefits to being aligned with the world's largest brewer. A hop farm in Idaho is sown with varieties for Goose Island brewing. There are more sponsorship dollars for events like the Pitchfork Festival. Staff has grown, as have some wages. And there's a more stringent safety protocol.
“We've gone well over a year without a lost-time injury,” says Brett Porter, 49, Goose Island's brewmaster. “Before Anheuser-Busch picked us up, we had four in one year.”
When Belgium's Anheuser-Busch InBev swallowed Goose Island for $38.8 million in 2011, it provided a relief valve for an overwhelmed brewing facility.
Moving production for three of Goose Island's most popular beers out of Chicago, a decision that enthusiasts worried was the beginning of the end for the craft brand, solved a long-standing problem of pent-up demand. Top sellers are now
...More info on site
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USA, NC: Triangle Brewing Co. to move to a new location and increase production capacity
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The owners of Triangle Brewing Co., a production brewery in Durham that makes beer to sell in grocery stores, restaurants and at other venues, are planning to move the brewery to a location where they could open a taproom, The Herald Sun reported on May, 6.
Rick Tufts, 39, and Andy Miller, 40, launched the brewery in 2007. The two lease 10,000 square feet of former warehouse space on Pearl Street for the brewery, Tufts said, and plan to buy a 22,000-square foot-building.
They have the building under contract, Tufts said, and are looking to close on the purchase this month. They plan to buy new equipment to increase their production capacity by four times. Tufts said they’d be able to brew up to 8,000 barrels a year.
They plan to decommission their Pearl Street operation and to sell most of their equipment. They hope to be brewing beer in the new location by the fall, and to have the taproom open about a month later.
“It gives us the opportunity to grow and double in size, and it’s going to allow us to have a taproom, and to continue to excel at what we do, which is making beer,” Tufts said of the
...More info on site
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USA, MO: Boulevard Brewing continues expansion
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Boulevard Brewing Co. is continually trying to keep ahead of its growth, kansascity.com reported on May, 2.
That includes putting up a glass walkway to connect a new building to the headquarters, taking the roof off an older building and adding more space upward instead of outward.
Now Kansas City’s hometown brewery has bought a 55,000-square-foot building about a block from its headquarters, and will make it part of the brewery’s “campus”.
Boulevard will move packaging and some Smokestack Series production to the building.
It has more than 1,000 used whiskey barrels that it uses to age some Smokestack beers — anywhere from three months to five years. Currently the barrels are scattered at various Boulevard facilities, but they will be consolidated in the Summit building in temperature-controlled areas.
Office space also is at a premium, so Boulevard’s marketing department could take over the Summit building’s office space.
It’s all about “keeping up with the rapidly growing business,” said Jeff Krum, chief financial officer. “There is very little room in our existing brewery, and this gives us room to grow.”
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USA: Barley expected to hold its ground in Montana this year
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Barley, long on the decline in the Upper Midwest, is expected to hold its ground, literally, this year. Commodity group leaders say that reflects barley’s continued, albeit reduced, importance, Grand Forks Herald reported on May, 7.
“It’s a crop that still fits for a lot of people,” says Ryan McCormick, a Kremlin, Mont., farmer and president of the Montana Grain Growers Association.
Farmers in his state, which traditionally ranks second in barley acreage behind North Dakota, will plant 1 million acres of the crop, up from 900,000 acres in 2012, according to an estimate by the National Agricultural Statistics Service, an arm of the U.S. Department of Agriculture.
Barley prices are attractive enough in Montana to draw interest, McCormick says. He notes that the number of craft breweries in Montana is growing, generating more interest in the crop.
Montana now has 32 breweries, ranking the state second per capita behind Vermont, according to the Montana Office of Tourism.
McCormick also says that Montana barley acreage, though projected to be higher this year than in 2012, has fallen sharply since the 1990s.
If USDA is right, Montana farmers will plant more acres of barley this year than their counterparts in North Dakota, something that rarely happens.
North Dakota
...More info on site
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USA & Sweden: The Fort Collins Brewery’s beers to be distributed in Sweden
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FCB (The Fort Collins Brewery), maker of Chocolate Stout, Red Banshee, and Rocky Mountain IPA, is embracing the growing international appreciation for American craft beer by opening distribution in Sweden, beerpulse.com reported on May, 2.
In late April, a container was filled with cases of FCB’s Rocky Mountain IPA and Red Banshee and sent on its way to Europe, where it will land in early June. The beer will hit shelves in mid June, and Swedish beer lovers will have the opportunity to taste this Colorado craft brew.
“Exporting was not part of our strategic vision,” says FCB’s marketing director, Charles Stanley, “but we were approached by Galatea Distributing’s US liaison who made us aware of the growing demand for US craft beer in Sweden.”
Despite this demand, FCB was cautious, and it took its time with the decision. “This is entirely new ground for us,” says Doug Smith, FCB’s Operations Manager. “Freshness of the beer was a big concern, of course. The beer takes a long time to get to the shelves compared to distributing in the US, but after talking through the details with Galatea, we were convinced that transit time would be kept to a minimum and our beer
...More info on site
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USA, CO: Wynkoop Brewing and the Cheeky Monk Belgian Beer Café to release a collaborative beer
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The owners of the Cheeky Monk Belgian Beer Café are still planning to open their own brewery in August or September, but in the meantime, James and Tina Pachorek and their staff teamed up with Wynkoop Brewing last week to make a Belgian-inspired saison, westword.com reported on May, 2.
"I have been friends with Marty Jones over at the Wynkoop for ten years, so when he called me and said they had some lag time in the tanks and did we want to brew something, I gathered up the troops," says James Pachorek.
After talking over styles and ingredients, Pachorek says he decided to go for a dark saison, but one with roasty flavors that would give it an almost porter-like feel.
"I wanted to craft something really fun, a nice silky dark saison," he says.
Jones says he and Wynkoop head brewer Andy Brown did some experiments, testing different yeast strains in the brewery's B3K lager before finding one they liked. "This is the first time we've done a collaboration that involved yeast like that," he adds.
Although Pachorek has been running the Cheeky Monk since 2007, he hasn't done a lot of collaborations with local brewers, but he said this one felt
...More info on site
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USA, MI: Arbor Brewing Co doubles production and plans India expansion
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Arbor Brewing Co spent much of 2012 setting the stage for some significant growth both at home and abroad. This is the year the Ann Arbor/Ypsilanti-based craft brewery begins to reap some of those gains, concentratemedia.com reported on May, 8.
The Ann Arbor-based company completed a $1 mln eco-friendly expansion to its sister brewery, Corner Brewery in Ypsilanti, last year. That gave the firm the room to double its capacity. Last year it sold 3,500 barrels of beer and is on pace to sell 5,000 barrels this year. Next year's target is 7,000 barrels.
Helping drive that growing demand is sales of its new award-winning IPA (Buzz Saw American IPA) and its takeoff of its strawberry blonde beer, Bollywood Blonde. Arbor Brewing Co is also doing a quarterly release of its Imperial Series, which includes a double IPA and an imperial pilsner. The brewery is also increasing production of its four-packs of barrel-aged sour beers.
"Some of our brands are really starting to take off," says Rene Greff, who co-founded Arbor Brewing Co with her husband, Matt Greff, in 1995.
Arbor Brewing Co's new India franchise is also gaining traction. The firm recently decided to open a franchise in Bangalore to fill the void
...More info on site
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USA, PA: Collaborative beer Manneken-Penn debuts at Philly Beer Week
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During the sixth-annual Philly Beer Week (PBW) 2013, May 31 through June 9, beer drinkers will be able to enjoy a number of collaborative beers, brewed in cooperation by top local and international brewers, to debut during PBW, beerpulse.com reported on May, 2.
One such special beer, brewed in Brussels, Belgium during PBW’s annual “Win a Trip to Belgium” event for local beer lovers, is Manneken-Penn, a Belgo-American Dubbel. This past winter, raffle winner Matt Hohorst, along with head brewer Chris Wilson of Weyerbacher and Tom Peters of Monks Café travelled abroad to brew with Yvan De Baets at Brasserie de la Senne. Manneken-Penn will be available for the first time on Friday, May 31, at Opening Tap.
“Collaboration beers are a huge part of what makes PBW special: brewers coming together and pushing each other to do ever more outrageous and delicious things,” says PBW Executive Director Don Russell.
Manneken-Penn is a 7.5% Belgo-American Dubbel whose name and label art were inspired by Philadelphia’s famed William Penn statue above City Hall, and Brussels’ landmark Manneken Pis sculpture. Manneken-Penn is imported for PBW by Shelton Brothers and will be available both on draft and in 11.2 oz bottles.
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Canada, BC: Tree Brewing releases Mellow Moon Pineapple Hefeweizen
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Tree Brewing announced on May, 2 the release of a new seasonal brand.
Mellow Moon Pineapple Hefeweizen is a 5% abv wheat ale that will be available through the spring and summer in six packs of 330 ml bottles.
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USA, MN: Indeed Brewing Company launches Shenanigans Summer Ale
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Indeed Brewing Company announced on May, 2 the release of Shenanigans Summer Ale, a seasonal honey wheat beer brewed with regionally produced honey.
“Shenanigans is Indeed’s tribute to summer, perfect for days spent sipping pints on the patio,” co-founder Nathan Berndt said. “We really wanted a thirst-quenching beer for those long and hot summer days in Minnesota.”
Shenanigans will be available from May–September on-draft and in liquor stores throughout the Twin Cities metro. A draft release event is planned for May, 11 at Sea Salt Eatery in Minneapolis. In addition, the brewery will roll-out 6-packs and 12-packs of 12 oz. Shenanigans Summer Ale cans beginning May, 21 in time for Memorial Day weekend.
“We’re really excited to introduce this beer in 12-packs because it’s such a great beer to grab for outdoor activities and share with friends,” Bernd said. “There aren’t any other local craft breweries that offer 12-packs of 12-oz cans, so we feel like we’re filling a need.”
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USA, VA: Port City Brewing Company brings back Downright Pilsner
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Bill Butcher, founder of Port City Brewing Company, announced on May, 2 the re-release of his summer seasonal beer, Downright Pilsner, available in May 2013.
Crafted by Head Brewer Jonathan Reeves, this hand-crafted lager will be an authentic Czech style Pilsner. The limited production Downright Pilsner is the summer seasonal beer produced by Port City Brewing Company. Downright Pilsner will be sold at select retail, restaurants and bars in Washington, DC, Virginia, Maryland and North Carolina starting May 13, 2013. The supply is limited for this special beer as Port City Brewing Company is only producing two 90-barrel batches with a suggested retail price of $12.99 for a six-pack.
Port City produces four year-round beers along with a rotating seasonal selection.
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USA, CO: Odell Brewing launches Celastrina Saison
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On May 18th, 2013 Odell Brewing will introduce Celastrina Saison as part of its Cellar Series of beers.
Celastrina is named for a rare butterfly found living on wild hops along the Front Range of Colorado and was brewed in honor of a partnership with the Colorado Natural Heritage Program (CNHP).
Celastrina Saison is a crisp French-style Saison with hints of spice derived only from the hops used. Odell Brewing and CNHP will celebrate the release of Celastrina in the brewery’s Tap Room during the weekend of May 18th.
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World: Beer sales statistics positive in China, Brazil, USA last year
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The latest beer sales statistics by country are reported as follows:
In Germany, 2012 beer sales amounted to 96.5 mln hl, minus 1.8% year-on-year (y/y),
...More info on site
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EU: Brewers and maltsters slow down covering their needs for the new season
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A bearish outlook and strong volatility of grain markets discouraged brewers and maltsters from covering more of their open demand of crop 2013 barley
...More info on site
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Turkey: Anadolu Efes reports decline in beer volumes in Q1 2013
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Turkish beer and soft drinks producer Anadolu Efes reported on May, 8 its figures for the first three months of the year.
Anadolu Efe's
...More info on site
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Brazil: Ambev to build new giant brewery in Minas Gerais by 2018
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Brazil’s largest beer maker and part of the world’s No. 1 brewer AB InBev, Ambev plans to build one of the largest breweries in
...More info on site
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World: Total grain and barley production forecast to rise in 2013/14
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World estimates of the International Grain Council have promised a grain production of 1.9 bln tons in the grain year 2013/14 vs. 1.78 bln
...More info on site
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EU: Feed barley market activity low, trade in old crop malting barley reported at variable prices
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Feed barley activities slowed down in the EU during the month, little domestic and almost no export business were reported. However, export shipments continued,
...More info on site
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Vietnam: AB InBev’s planned entry expected to heat competition on the Vietnamese beer market
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The Vietnamese market is believed to become scalding hot with the presence of Belgium-based Anheuser-Busch InBev (AB InBev), slated for the next year end,
...More info on site
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The Philippines: San Miguel Corp. Q1 net profit down by half
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San Miguel Corp. said on May, 10 that first-quarter net profit dropped by half to 4.2 billion Philippine pesos ($102.4 million), dragged down by
...More info on site
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Myanmar: Beer industry set to grow rapidly with four new brewery licenses offered by the government
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Despite Myanmar’s comparatively low beer sales, the largely untapped industry is set to grow rapidly with four new brewery licenses offered by the government, Mizzima reported on May, 9.
Speaking at the Myanmar Consumer Summit at Yangon’s Park Royal Hotel on May, 9, Myint Zaw, senior CEO of Myanmar Brewery Ltd, said, “There is huge room to grow for hard liquor and beer in Myanmar. Every year the market growth has been quite significant.”
However, expansion in the industry is limited with companies needing to invest massively in marketing, while most expand into the soft drinks market to make real gains, he said.
“Beer is still low compared to other [drinks] categories in Myanmar,” said Ralf Matthaes, regional managing director of TNS Indochina, a consumer consultancy group that opened a Yangon office in March. He also noted that while there was a smaller penetration of beer, there was in fact a higher consumption rate among the individual population.
There are currently three breweries operating in Myanmar: Myanmar Brewery Ltd, a joint venture (JV) between Union of Myanmar Economic Holdings with Fraser & Naeve, a Singaporean company, and which has an 83 percent share of the market; Dagon Beverages Co, a JV between Myanmar
...More info on site
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UK: SABMiller shares slip on sales concerns in key market
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SABMiller slipped from a record high on May, 9 on concerns that investor appetite for defensives had overshadowed slowing beer sales in its key markets, Financial Times reported.
The shares fell following weak results overnight from Efes, the Turkish brewer that bought SAB’s Russian business in 2011. Efes said destocking and a price war meant its Russian operations barely broke even in the first quarter, with sales dropping 23 per cent year-on-year.
Efes was not individually significant to SAB, as its 24 per cent stake provided about 3 per cent of group earnings, said Canaccord Genuity. But, with SAB’s MillerCoors joint venture and its key rival AB InBev also reporting disappointingly poor sales in recent weeks, the risk was on the downside, said the broker. It downgraded SAB to “sell” ahead of the brewer’s full-year results due on May 23.
“Disappointing margins and momentum in the US, weakening performance in Latin America in the wake of price increases, and difficult trading conditions in South Africa persuade us that now is the time to take profit,” said Canaccord. It added that AB InBev was probably too focused on integrating its Modelo acquisition in the short term to consider a bid for SAB.
SAB closed down
...More info on site
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The Philippines: San Miguel Brewery’s delisting on May, 15 approved by the Philippine Stock Exchange
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Shares of San Miguel Corporation (SMC) beer unit San Miguel Brewery Inc. (SMB) will no longer be traded on the Philippine Stock Exchange starting May 15 for not meeting the required 10 percent public ownership rule, GMA News reported on May, 9.
In a board meeting held on April 24, the PSE board of directors granted the petition for voluntary delisting filed by San Miguel Brewery.
"... The shares of SMB shall be delisted from the Exchange effective 15 May 2013, Wednesday," the PSE said in a memo posted on its website.
The delisting is subject to the payment of a delisting fee.
In a separate disclosure posted on its website on May, 9, SMB said it received on May, 6 a letter from the bourse dated May, 3 on the approval of the delisting.
"The company paid today (May, 6) the delisting fee as required by the PSE in the said letter," the company said.
The beer maker, a joint venture of SMC and Japanese beer brewery Kirin Holdings Company Limited, set a tender offer from March, 4 to April, 3 to buyback minority shares at P20 per share, or at a 31.74 percent discount from its last traded price of P29.30 last December 28.
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