SAN Miguel may be close to signing a deal on the sale of its brewery site, judging by the trading in its stock yesterday.
Shares in the brewer shot up 11.76 per cent, making it the best performing stock on the day. The counter closed 80 cents higher at $7.60.
Analysts said the price surge could have been caused by a sale agreement on the brewery site for a higher figure than expected.
San Miguel will close a tender on its Sham Tseng site today and is expected to realise a profit of more than $2 billion.
However, San Miguel may decide to develop the site as a joint venture with a third party and could stand to raise substantially higher revenue.
The 500,000-square-foot site could be re-zoned to allow for residential development, an option considered most likely.