San Miguel's stake in Philippine Airlines (PAL) has been diluted from 49% to 44% as a result of the airline's recent share issue.
According to a disclosure with the Philippine Stock Exchange, the conglomerate still held nearly 11 billion shares in the airline as of the end of June.
PAL was forced to issue more shares earlier this year in order to comply with a PSE requirement that a minimum of 10% of its shares be made freely tradeable, or face being delisted from the bourse.
A separate disclosure shows that those shares were sold to six companies in a private placement, with Top Direct Investments picking up a 4% stake.
Both San Miguel and 51% shareholder Lucio Tan Group have recently announced that they have received approaches from other parties interested in buying stakes in PAL.
San Miguel announced in early July that it held talks with Japan's All Nippon Airways over a possible investment in PAL. That followed a disclosure in June that the Lucio Tan Group had also received an approach from an unnamed party interested in acquiring its stake in PAL.
PAL recorded a net loss attributable to equity holders of its parent company of Philippine peso (Ps) 3.57 billion ($82.2 million) for the year ending 31 March 2013.