Business World Online
Posted on August 24, 2011 10:37:24 PM
THE POWER unit of Philippine conglomerate San Miguel Corp. (SMC) may raise as much as P35.5 billion ($835 million) in a planned public offering of new and existing common shares, official filings yesterday showed.
SMC Global Power Holdings Corp is considering an offer of 300 million to 500 million common shares at a price range of P44 to P71 apiece.
San Miguel has said it plans to list SMC Global Power within this year, as the food-to-power group seeks more funds to increase its investments in infrastructure and energy projects.
San Miguel is the largest power producer on the main Philippine island of Luzon, with SMC Power holding a market share of nearly 24% in the Luzon grid based on contracted capacity. It has plans to put up additional power capacity of 3,000 megawatt in five years.
Standard Chartered Bank has been tapped as sole financial adviser and will also serve as bookrunner and lead manager together with Goldman Sachs and UBS.
ATR Kim Eng Capital Partners, Inc.and SB Capital Investment Corp., a unit of Security Bank Corp., are domestic lead underwriters. -- Reuters
San Miguel has said it plans to list SMC Global Power within this year, as the food-to-power group seeks more funds to increase its investments in infrastructure and energy projects.
San Miguel is the largest power producer on the main Philippine island of Luzon, with SMC Power holding a market share of nearly 24% in the Luzon grid based on contracted capacity. It has plans to put up additional power capacity of 3,000 megawatt in five years.
Standard Chartered Bank has been tapped as sole financial adviser and will also serve as bookrunner and lead manager together with Goldman Sachs and UBS.
ATR Kim Eng Capital Partners, Inc.and SB Capital Investment Corp., a unit of Security Bank Corp., are domestic lead underwriters. -- Reuters
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