Ang says San Miguel won't increase stake in PAL

Posted at 01/13/14 12:54 PM

MANILA - Philippine conglomerate San Miguel Corp will definitely list its power unit, SMC Global Power Holdings Corp, this year, its president said on Monday.

The IPO of SMC Global, the country's biggest power producer, has been shelved several times due to unfavourable market conditions.

Ramon Ang also said San Miguel has no plans to increase its stake in Philippine Airlines (PAL).

"I don't think we will increase. San Miguel will only stick to 49 percent," he told reporters, referring to the company's current stake in Philippine Airlines

San Miguel's partner in PAL, Lucio Tan, has previously said he was open to sell all his remaining stake in the country's flag carrier to both foreign and domestic buyers.