San Miguel targets around US $4 billion for power assets stake

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San Miguel Corp, Philippines' top acquisitive company, is planning to accumulate US $4 billion to finance its infrastructure project expansion by selling its power assets.

"If we can sell something, good," SMC's President Ramon Ang said in a Bloomberg report. "We're not in a hurry. Does San Miguel need the money? No. We can always borrow to fund any opportunity."

SMC would rake in around US $3 billion by selling its stake in Manila Electric Co, which is pegged at 32.8%. The deal would most likely be commenced this year. Also, the company may raise around US $800 million if its sells its 49% stake in SMC Global Power Holdings Corp.

Ang's asset sales would total to around US $10 billion, an amount that would help finance its plans for expansion, in the last seven years once the deals are completed.

San Miguel, which was initially a beermaker, has made 40 purchases since 2000, which is valued at US $7.8 billion.

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