Saturday, July 28, 2007
Conglomerate to engage in new ventures (7:35 p.m.)
MANILA –- 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 will also join 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 to build a new power plant in the country. (MSN/Sunnex)
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