The brewer announced it had achieved board approval for the strategy. The company will issue an initial public offering (IPO) of some of its beer and packaging units. San Miguel expects that floating its assets as sole entities will make them increasingly attractive to investors, whilst allowing for a more focused performance in each division. The board also authorised the spin-off of San Miguel Beer Domestic, in preparation for the unit's initial public offering on the Philippines stock exchange. The board also approved a plan for the company's beer division to enter into a strategic partnership with the Kirin Brewery Company, which already holds a 20 per cent stake in San Miguel's operations. San Miguel's president Ramon Ang said that by turning the company's divisions into stand alone ventures would improve competitiveness throughout its entire operations "An IPO would raise for each business much needed equity and allow it to grow faster and partner more effectively with other world class players like Kirin and Nihon Yamamura Glass," he stated. The company announced just last week that it had sold a 35 per cent stake in its packaging arm to a long term partner Nihon Yamamura Glass (NYG), in a bid to increase funding and innovation within its operations. "We are looking to unlock the potential and underlying value of the entire San Miguel Group," said Ang. "We reach another milestone in our long-range plan to transform San Miguel into a more disciplined, high-performing company." San Miguel's announcement of the venture follows similar moves by rival beverage producers to work directly with packagers and partners to streamline efficiency within their operations. Earlier this year, packager Amcor announced that it is constructing a €26m plant in Poland, mainly to supply PepsiCo's Eastern Europe snack operations.