Manila Bulletin
By MYRNA M. VELASCO
June 2, 2011, 12:56am
MANILA, Philippines — At least two options are being considered by diversifying giant San Miguel Corporation for its planned equity sell-down, including for its power unit.
SMC President Ramon S. Ang noted that the shares divestment could be done through the market or from offers of interested block investors, referring mainly to the planned unloading of some 49 percent of San Miguel Global Power Holdings.
He noted that even at this stage, they have been receiving proposals from many interested parties. “There are many options,” he said, noting that a block investor with a good offer would not be discounted.
Asked if his old-time partners in other ventures, such as the group of businessman Roberto Ongpin would be a probable partner, the SMC chief executive curtly replied that “it could be.” The company has in fact laid down plans of just maintaining majority stake of 51 percent in its core businesses; and that will also cover its energy portfolio.
Ang noted that he still sees “very viable prospects” in the energy business; but “why will you need to have 100-percent, when you can have control with just 51 percent.”
For the projects and additional acquisitions the company has been lining up, the conglomerate’s chief executive bared that they still have $3.5 billion sitting cash which they can instantly draw upon if there are new investment opportunities.
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