San Miguel Corporation (SMC) confirmed that it obtained offers to buy its shares in its electricity and banking businesses.
Ramon Ang, SMC's President, said that the corporation is reflecting on selling 40% of Bank of Commerce following the withdrawal of offer by Malaysia's CIMB Group Holdings. Additionally, SMC would also be selling 49% of its shares in SMC Global Power Holdings Corp. this year. However, Ang did not identify the potential buyers.
"The sale will improve the company's liquidity," Jomar Lacson, an analyst from brokerage Campos Lanuza & Co., said in a Bloomberg report.
"The additional cash will help especially since they're planning to go into several infrastructure projects that require significant capital," he added.
SMC, Philippines' largest company, was established in 1890 as a brewer. It has expanded its business ventures into oil, cement, mining, airlines and toll roads over the years. It is said to be going after its plan to put up an airport in Manila amounting to US $6 billion.
Join the Conversation