MANILA, Philippines - Diversifying conglomerate San Miguel Corp. said on Thursday it plans to list its power arm within this year as the group seeks more funds to increase its investments in infrastructure and energy projects.
Company officials have said they see a lot of upside in state infrastructure projects, with the group planning to bid for airport deals the government is set to auction off under its public-private partnership scheme.
The company is preparing for an initial public offer for San Miguel Energy Corp. this year, Ferdinand Constantino, corporate information officer at San Miguel, told the stock exchange.
San Miguel is the largest power producer on the main Philippine island of Luzon, accounting for nearly 30% of installed capacity. It has plans to put up additional power capacity of 3,000 megawatt in five years.
Eduardo Cojuangco, San Miguel chairman, told stockholders last month the group was willing to sell 49% of its business units, including its power subsidiary.
The group, with a market value of $6.8 billion, also plans secondary share offers this year for its listed units with a public float of less than the bourse's minimum 10%, such as San Miguel Brewery and San Miguel Pure Foods.
San Miguel shares climbed 1.3% on Thursday as the broader market slipped 0.5%.