Amy R. Remo
Philippine Daily Inquirer
Conglomerate San Miguel Corp. plans to sell as much as 49 percent of its stake in power-generation assets, according to president Ramon S. Ang.
On the sidelines of the Manila Electric Co. (Meralco) annual stockholders’ meeting on Tuesday, Ang told reporters that San Miguel wanted to retain only 51 percent or a controlling interest in these assets.
He was, however, quick to dismiss speculations that SMC was selling assets due to challenges in the local energy industry. He also noted that the company was not doing this merely to raise funds, as San Miguel had more than enough cash.
“We have over $3.5 billion,” Ang said.
When asked how the conglomerate will conduct the divestment, Ang said SMC may either sell interests in San Miguel Energy Corp. (SMEC), the company’s energy investment arm, or sell on a per-asset basis, “whichever may be easier.”
Read here
Philippine Daily Inquirer
Conglomerate San Miguel Corp. plans to sell as much as 49 percent of its stake in power-generation assets, according to president Ramon S. Ang.
On the sidelines of the Manila Electric Co. (Meralco) annual stockholders’ meeting on Tuesday, Ang told reporters that San Miguel wanted to retain only 51 percent or a controlling interest in these assets.
He was, however, quick to dismiss speculations that SMC was selling assets due to challenges in the local energy industry. He also noted that the company was not doing this merely to raise funds, as San Miguel had more than enough cash.
“We have over $3.5 billion,” Ang said.
When asked how the conglomerate will conduct the divestment, Ang said SMC may either sell interests in San Miguel Energy Corp. (SMEC), the company’s energy investment arm, or sell on a per-asset basis, “whichever may be easier.”
Read here
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