(The Philippine Star) | Updated March 7, 2013 - 12:00am
MANILA, Philippines - Diversified conglomerate San Miguel Corp. (SMC) is continuing with its aggressive expansion program, training its sights on more energy opportunities abroad.
SMC president Ramon S. Ang said he has formed a team that is currently studying acquisition opportunities in the energy sector.
He said the acquisition will focus on companies with proven output of oil or natural gas.
In December, SMC announced it is finalizing a $5-billion acquisition of an Asian firm involved in the energy sector.
In April last year, SMC unit Petron Corp., the country’s largest oil refiner, spent $577.3 million to acquire Esso Malaysia Berhad (EMB) and two subsidiaries from American oil and gas giant ExxonMobil Corp.
The development formalized Petron’s goal of increasing its presence in Malaysia and Asia in general.
EMB’s operations in Malaysia include a refinery located in Port Dickson on the west coast with a capacity of 88,000 barrels per day, seven fuel distribution terminals and a network of about 560 retail stations, of which 420 are company-owned.
But local operations will not be left behind.
SMC finalized a five-year, $34.83-billion investment plan that will make it the largest investor in the Philippines. The conglomerate said it will spend an average of P283.52 billion every year until 2017.
From its core brewery and food business, SMC has expanded into power production (SMC Global Power Corp.), downstream oil sector (Petron), packaging (San Miguel Yamamura Packaging Corp.), airline (Philippine Airlines) and several infrastructure projects like the Caticlan airport and the Skyway.
In the nine months to September last year, SMC’s consolidated sales revenues jumped 29 percent to P509.2 billion on higher sales of SMC Global as well as favorable selling prices of its branded products.
SMC’s net earnings surged 61 percent to P19.2 billion, mainly due to foreign exchange gains and increased contributions from its power generation unit. source
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