San Miguel eyes $1-B from share sale of power arm

Posted at 01/22/2014 10:08 AM | Updated as of 01/22/2014 10:09 AM

MANILA - Philippine conglomerate San Miguel Corp hopes to raise about $1 billion from the sale of a 49 percent stake in its power unit to cornerstone investors and via a public offer this year, its president said on Wednesday.

SMC Global, the Philippines' biggest power producer, has been planning a public offer that was shelved several times due to unfavourable market conditions.

"If we sell 49 percent that is roughly $1 billion," Ramon Ang, San Miguel president and chief executive, told reporters.

"We want to do it as soon as possible."