Posted on November 24, 2011 10:17:36 PM
DIVERSIFIED CONGLOMERATE San Miguel Corp. could sell a stake in SMC Global Power Corp. to private investors, after its power unit’s initial public offering (IPO) was deferred, a disclosure to the Philippine Stock Exchange yesterday showed.
A MAN passes the corporate sign for the headquarters of San Miguel Corp. The conglomerate is looking to sell a stake in its power unit. -- AFP FILE PHOTO
“We confirm that the statement of Ramon S. Ang, president and chief operating officer of the company relating to on going talks with third parties who have expressed an interest to acquire an equity stake in SMC Global Holings Corp…” San Miguel told the local bourse.
SMC Global Power President Alan T. Ortiz had earlier told BusinessWorld that the unit formally deferred its plans for an $850-million offering amid volatile market conditions.
The firm had said that proceeds of the offering will be used to finance the firm’s expansion plans and for general corporate purposes.
San Miguel is already considered the biggest trader of electricity in the country. It holds the independent power producer administrator rights for the 1,200-megawatt (MW) Sual coal-fired power plant, the 345-MW San Roque hydroelectricity power plant, the 1,200-MW Ilijan natural gas-fired power plant and the 620-MW Limay diesel-fired power plant.
It thus accounts for nearly 30% of the installed capacity in Luzon and has plans to add 3,000 MW of new capacity in the next ten years.
San Miguel’s nine-month net income stood at P11.9 billion, 6.3% lower than year-ago levels.
The conglomerate’s shares stood unchanged at P127.70 apiece yesterday. -- C.H.C. Venzon with Reuters
SMC Global Power President Alan T. Ortiz had earlier told BusinessWorld that the unit formally deferred its plans for an $850-million offering amid volatile market conditions.
The firm had said that proceeds of the offering will be used to finance the firm’s expansion plans and for general corporate purposes.
San Miguel is already considered the biggest trader of electricity in the country. It holds the independent power producer administrator rights for the 1,200-megawatt (MW) Sual coal-fired power plant, the 345-MW San Roque hydroelectricity power plant, the 1,200-MW Ilijan natural gas-fired power plant and the 620-MW Limay diesel-fired power plant.
It thus accounts for nearly 30% of the installed capacity in Luzon and has plans to add 3,000 MW of new capacity in the next ten years.
San Miguel’s nine-month net income stood at P11.9 billion, 6.3% lower than year-ago levels.
The conglomerate’s shares stood unchanged at P127.70 apiece yesterday. -- C.H.C. Venzon with Reuters
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