MANILA, Philippines (UPDATE) - Diversifying conglomerate San Miguel Corp. said Wednesday it plans to invest $4 billion in high-growth areas such as infrastructure and energy over the next 5 years as it looks to double sales.

In a disclosure on Tuesday, it said the planned investment would drive its sales toward P1 trillion by 2016, almost 3 times the expected level of sales this year.

San Miguel dominated the Philippine food and beverage sector for decades, but has shifted focus because it sees greater opportunities in heavy industries.

San Miguel is one of the private investors that have expressed interest to participate in the bidding for government infrastructure projects under the Public-Private Partnership scheme.

The conglomerate has outlined plans to sell 1 billion shares, potentially raising more than P200 billion ($5 billion), to fund expansion. It has appointed underwriters for the offer but has not specified a timetable for the issue.

San Miguel president Ramon Ang told reporters that they would launch the secondary offer "as soon as possible," although it was unlikely to be ready this month. - With Reuters