Petron, recently acquired by Philippine food and beverage giant, San Miguel Corp (SMC), announced that their board has approved a revamp of its business to include energy generation and sale.
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Archive for the 'San Miguel' Category
In order to satisfy their creditors so as not to hamper their diversification plans, San Miguel Corp (SMC), will pre-pay some of their debts to the tune of $1.2 B.
This is so that they can sidestep a cap placed by some creditors, limiting to only a maximum of 10% of their capital which they can spend on none core business investments. Those none core businesses are their acquisition activities of energy assets such as majority share in Philippine Oil Refiner, Petron Corp and a huge block of energy distributor, MERALCO.
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San Miguel Corp (SMC), president, Ramon Ang said that they are planning to sell in 2009 some of their shareholdings in their food and packaging businesses in order to fund their investments in heavy industries. They will however still maintain control of these subsidiaries by having 51% worth of shares in them.
Just recently it was announced that Japanese beer maker, Kirin, would buy some of SMC’s shares in their Brewery business. Businessweek has a great article on the relationship of Kirin and SMC with regards to the deal they are about to embark on.
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Food Conglomerate, San Miguel Inc, has announced that they are buying 50.1% of Ashmore Investment Management Ltd’s stake in Petron.
Ashmore, a company incorporated in the UK, recently bought from the Philippine government their 40% stake in the Oil giant at P6.85/share. The total cost of sale would be around P25.7 B. This year also they had bought the 40% stake of Saudi Aramco in Petron giving them a 50% stake in the company prior to their acquisition of the Philippine government’s shares.
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The Department of Energy(DOE) contested Sen. Migs “Mr. Biofuels” Zubiri’s claim that they weren’t doing enough to attract investors to the Philippines to setup biofuel processing plants.
DOE Sec. Angelo Reyes said that there are already about P12 B worth of projects lined up that will produce 240 million liters annually in support of the 223 million liters/year demand of a 5% bioethanol mixture in petrol by 2009 as mandated by the Philippine Biofuels Bill.
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