MANILA, Philippines - San Miguel Corp. eyes to sell shares by April or May to raise funds for investments.

San Miguel earlier said it was selling 1 billion shares for more than P200 each, 11% higher than Monday's market closing price of P179.60.

The offer could raise over P200 billion ($4.5 billion), dwarfing the country's biggest initial public offer in dollar terms, Cebu Pacific's $600 million listing last October 2010.

San Miguel said it would sell shares to help fund investments in power, mining and toll roads.

Its president, Ramon Ang, said the company would spend $5 billion to add 3,000 megawatts of power generating capacity in the next 5 years.

San Miguel also expects to close 2 toll road deals within 2 months.

The company is also eyeing coal mines in Indonesia and Australia, as well as a higher stake in Indophil Resources, which owns the Tampakan mining project in South Cotabato.

San Miguel's exclusive right to negotiate with Indophil, however, expired last week. - With a report from Reuters