Business World Online
Posted on July 06, 2011 11:04:02 PM
SAN MIGUEL Energy Corp., the power investment arm of diversifying conglomerate San Miguel Corp. (SMC), plans to list in the local bourse within the year, the group’s top executive said yesterday.
“Ginagawa na, pine-prepare na (Preparations for the listing are under way),” San Miguel President and Chief Operating Officer Ramon S. Ang said in an interview yesterday when asked about San Miguel Energy’s planned initial public offering (IPO).
“Yes,” Mr. Ang replied, when asked if the IPO will be held this year.
Asked further if the company has already hired an underwriter, Mr. Ang said: “Yes, it will be announced tomorrow (July 7).”
San Miguel Energy wholly owns Daguma Agro Minerals, Inc., a coal miner operating in a 2,000-hectare site and Bonanza Energy Resources, Inc. that has an 8,000-hectare coal mine, both in South Cotabato.
SMC Global Power Holdings Corp. owns 60% of San Miguel Energy, while parent firm San Miguel Corp. holds the remaining 40% stake.
In September 2009, San Miguel Energy won the bidding to be the independent power producer administrator of the 1200-megawatt (MW) Sual coal-fired plant in Pangasinan and the 620-MW Limay combined-cycle power plant in Bataan.
That same year, SMC bared plans to list San Miguel Energy in three years.
Mr. Ang said the company is encouraged, as share prices of San Miguel companies are on the rise.
He added that the company has yet to determine how much to offer. “We still do not know the appetite [of the market],” he said.
The share price of San Miguel Corp. rose P2.90 yesterday to close at P125.90. --N. J. C. Morales
“Yes,” Mr. Ang replied, when asked if the IPO will be held this year.
Asked further if the company has already hired an underwriter, Mr. Ang said: “Yes, it will be announced tomorrow (July 7).”
San Miguel Energy wholly owns Daguma Agro Minerals, Inc., a coal miner operating in a 2,000-hectare site and Bonanza Energy Resources, Inc. that has an 8,000-hectare coal mine, both in South Cotabato.
SMC Global Power Holdings Corp. owns 60% of San Miguel Energy, while parent firm San Miguel Corp. holds the remaining 40% stake.
In September 2009, San Miguel Energy won the bidding to be the independent power producer administrator of the 1200-megawatt (MW) Sual coal-fired plant in Pangasinan and the 620-MW Limay combined-cycle power plant in Bataan.
That same year, SMC bared plans to list San Miguel Energy in three years.
Mr. Ang said the company is encouraged, as share prices of San Miguel companies are on the rise.
He added that the company has yet to determine how much to offer. “We still do not know the appetite [of the market],” he said.
The share price of San Miguel Corp. rose P2.90 yesterday to close at P125.90. --N. J. C. Morales
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