MANILA - Diversified conglomerate San Miguel Corp. (SMC) said Tuesday it will be partnering with 2 Japanese firms for the proposed construction of the P52-billion Laiban Dam in Rizal Province.

At the sidelines of the first stockholders' meeting of beer unit San Miguel Brewery, SMC President Ramon Ang said they have enlisted the cooperation of the 2 firms even if their proposal to build the bulk water project has yet to be approved by regulator Metropolitan Waterworks and Sewerage System (MWSS).

The partnership is a prerequisite to a loan SMC will be getting from the Japan Bank for International Cooperation to finance the development of the Laiban Dam.

"There will be 2 groups, one for technical, one for financial. But we haven't received any news from MWSS," Ang told reporters.

Ang denied speculations that SMC was being secretive about its negotiations with the MWSS, saying they have been filing disclosures with the Philippine Stock Exchange.

"Our offer is very transparent. But of course, for speculators who just want to get a copy of our studies, our financial studies, we cannot give them that. They have to do that themselves," Ang stressed.

Ang said SMC has repeatedly approached MWSS about the status of its proposal, but has not received any feedback. Ang declined to expound on the terms of SMC's offer.

"We will wait, but of course we have a limit to waiting," he said.

SMC, through unit San Miguel Bulk Water Co. Inc., earlier submitted an unsolicited offer for Laiban Dam to the MWSS, which critics said hastily conducted the bidding for the project to favor the conglomerate.