San Miguel Corp. will improve company share value for investors, keeping its focus on its core business even as it diversifies, said company chairman Eduardo Cojuangco, Jr.

Speaking at the sideline of the company’s stockholders meeting yesterday, Cojuangco said that the company will simply be "more competitive" this time that it has been active in other businesses.

"We will be active in the food business as long as I am the chairman. We will be more active than before. This is for the better of the company, the enhancement of share value," said Cojuangco.

The company’s shareholders yesterday approved the proposal to create a bulk of preferred shares which will replace the holdings of investors to allay their concern about the company’s recent moves. San Miguel had been buying non-aligned businesses to diversify, buying interests in Petron Corp., Manila Electric Co., and even the planned construction of P15 billion Tarlac-La Union Expressway project.

The company’s increase in authorized capital approved in 2007 was likewise amended to create another batch of preferred shares. The authorized capital of P22.5 billion was increased to P37.5 billion.

Cojuangco said the diversification increases the return on investment of the company which under the previous core business only generates an estimated 6 percent.

"Here it won’t go below 12 percent," he said.

San Miguel is set to conduct due diligence on an offer to sell pineapple company Dole Philippines. San Miguel president Ramon Ang said they were offered by Morgan Stanley.

San Miguel previously partly owns competing company Del Monte Philippines.