By Jenniffer B. Austria | Posted on May. 10, 2013 at 12:02am | 328 views
San Miguel Corp. said Thursday it plans to raise $700 million from the planned initial public offering of its power generation unit within the year.
SMC president and chief operating officer Ramon Ang said in an interview at the sidelines of Ginebra San Miguel Inc.’s annual meeting the company was in talks with three banks for a cornerstone investor in San Miguel Global Power Holdings.
“The equity value of our power generation company is $1.5 billion. If we sell at least 49 percent, we will raise about $700 million,” Ang said.
SMGPH was originally scheduled to list with the Philippine Stock Exchange in 2011 but was delayed because of the global financial turmoil.
SMGPH said in its previous registration statement with the Securities and Exchange Commission it planned to offer between 348 million and 519.7 million in primary and secondary shares at P71 per share.
The company plans to use the proceeds from the public offering to acquire as well as put up greenfield power projects.
The power unit earlier said it planned to build four greenfield power projects in Cavite, Leyte, Bulacan and Davao worth P90.4 billion.
SMC Global Power said aside from the four greenfield projects, it aimed to continue the strategic acquisitions of existing power generation capacity.
Meanwhile, Ang said SMC was open to selling its 36-percent stake in power retailer Manila Electric Co. if there was an offer.
“We are not actively selling. But if you tell me that somebody or someone wants to buy it, [let them] come forward at whatever price. I can easily decide on that in five minutes. I will give them terms,” Ang said.
Ang, however, said he was not in talks with anyone for possible sale of Meralco shares, saying he was “okay” with the current share price of Meralco.
Metro Pacific Investments Corp. chairman Manuel Pangilinan said Wednesday the company was open to increasing its stake in Meralco at the right price.
“Meralco is a good company. We are not averse to increasing our stake in Meralco at the right price,” Pangilinan said.
Pangilinan’s group currently owns 48-percent interest in Meralco.
Share price of Meralco recently hit a 52-week high of P392 per share on strong profit outlook and expansion plans.
Market investors were speculating SMC would sell its shares in Meralco to finance its P11-billion winning bid for the Naia Expressway project. source
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