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San Miguel keeps up sparkling ways

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SAN Miguel Brewery shares continued to bubble yesterday as investors pushed up the price in anticipation of profits from the sale of its Sham Tseng facility.

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The stock soared 55 cents to close at $6.60.

Analysts said the brewery site could be developed into residential property, but a zoning change would be required.

While the site is zoned for industrial use, pressure to increase the amount of land for residential development could result in the required rezoning.

San Miguel said it was evaluating other sites for a brewery but no negotiations were under way.

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The lack of suitable land in the territory could see the brewer move its operations to China.

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