San Miguel Brewery Inc. hopes to fold in the international beer operations of parent company San Miguel Corporation by the end of the year or early 2010.

SMBI president Roberto Huang said this will allow the company to produce and market San Miguel beer in both the domestic and international markets.

The firm had earlier issued P38.8 billion worth of fixed rate bonds to finance its acquisition of the domestic beer brands and brewery land assets from SMC.

Tuesday, SMBI listed the P38.8 billion fixed rate bonds with the Philippine Dealing and Exchange Corporation (PDEx), the trading and regulatory arm of the PDS Group of Companies.

The listing marks the largest corporate listing in PDEx since it opened the listing program for public issuers in early 2008.

SMB said the listing will allow investors, retail and institutional alike, to enjoy the benefits of price transparency in the PDEx market, as well as the liquidity of the bonds, supported by the issue’s broker specialists and market makers from the dealing community.