Lucio Tan's Asia Brewery, Heineken agree to restructure partnership

Lucio Tan-led Asia Brewery Inc. is set to restructure its partnership in AB Heineken Philippines Inc., after it agreed to shift from a joint venture.

In a regulatory filing through its parent company LT Group Inc. on Wednesday, Asia Brewery said it -- along with Heineken International B.V -- agreed to transition AB Heineken Philippines to a "new partnership structure" that will distribute Heineken and Tiger beer brands in the Philippines.

Heineken will establish a sales and marketing office based in Manila and will continue to engage Asia Brewery to brew and distribute the beers in the country.

The completion of the process is expected to be completed by December 31, 2020, as the companies said they remain committed to continuing the brands in the Philippines.

"The immediate priority for Asia Brewery and Heineken is to ensure a smooth transition for the employees of AB Heineken Philippines and continuity for its customers and suppliers," the disclosure read

Asia Brewery started as a beer company in 1982 and has since diversified to include non-alcoholic beverages such as energy drinks (Cobra), bottled water (Absolute and Summit), and soymilk (Vitamilk) in its portfolio. —LBG, GMA News