MANILA, Philippines - Conglomerate San Miguel Corp.'s power unit plans to raise around $500 million from its planned public offer within this year, a local newspaper reported on Monday.
SMC Global Power Holdings Corp. was seeking to raise "about $500 million," San Miguel president Ramon Ang was quoted as saying in the report by the Philippine Daily Inquirer.
There was no immediate reply from San Miguel when asked for confirmation of the report.
On Friday, San Miguel said it had invited Goldman Sachs Group Inc., UBS AG, and Standard Chartered Bank, and local investment banks ATR Kim Eng and SB Capital Corp., a unit of Security Bank, to manage the IPO.]
The $6.8 billion food-to-power group is seeking more funds to increase its investments in infrastructure and energy projects.
Company officials had previously said it was willing to sell up to 49% of its business units, including its power ventures.