An IPO from San Miguel in the next three years
Here’s a good investment opportunity for those who want to try the stock market. The San Miguel Energy Corp. (SMEC), the energy investment arm of food and beverage giant of San Miguel Corp. will be conducting an initial public offering (IPO) within the next three years.
The IPO plan of San Miguel, according to SMC president Ramon S. Ang, will still see the company keeping a 51% percent stake in SMEC. Proceeds of the IPO will be used to fund the various activities and work programs of the energy company.
SMEC recently acquired the 620-megawatt combined cycle power plant in Limay, Bataan through a negotiated sale from Power Sector Assets and Liabilities Management (PSALM) Corp. Within the same week, it also won the contract to manage the independent power producer (IPP) contract for the 1,000-MW Sual coal-fired power plant in Pangasinan, in a bidding held by PSALM.
For the Limay, Bataan plant, Ang said SMEC planned to invest at least $30 million in converting the plant into a compressed natural gas (CNG)-fired facility and it is currently in talks with several CNG suppliers from Indonesia, Malaysia, Qatar and Middle East.
September 3, 2009
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Tags: finance, initial public offering, investment, investments, IPO, money, news, Philippines, PSALM, San Miguel, SMEC, stocks, trading · Posted in: Announcement, finance, investments, IPO, money, Philippine business news, Philippines, Stock Market
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