Sunday, July 29, 2007 Conglomerate to engage in new ventures
FOOD and beverage giant San Miguel Corporation (SMC) has allotted US$750 million budget for its planned mining, power and utility projects.
During its annual stockholders meeting held early last week, SMC chief finance officer Ferdinand Constantino said the US$750 million, which is 10 percent of the company’s total assets, will be used to fund their upcoming investment portfolio.
SMC chairman Eduardo Cojuangco Jr. said they are particularly interested in buying state-owned National Power Corporation (Napocor) and also joining in the auction of National Transmission Corporation (Transco) in December.
SMC president Ramon Ang said their interest in the power assets of the government is due to their intention in building a new power plant in the country.
He said they have already partnered with Malaysian firm Tenaga Nasional Berhad to participate in the 25-year concession of Transco.
Cojuangco said while food and beverages would be the company’ major businesses, they also want to invest in power, mining and infrastructure. "These new businesses will be just a fraction of our total portfolio," he added.
In the first quarter of 2007, San Miguel posted a consolidated net income of P4.33 billion, which is double than their income recorded during the same period in 2006. (MSN/Sunnex)
