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MANILA, Philippines-San Miguel Corp. is pushing ahead with plans to brave an initial public offering for its packaging business next year.

San Miguel vice chairman and president Ramon Ang said he remained optimistic about an IPO next year despite the current weakness in the market since their packaging business offers good value to prospective shareholders and is supported by the San Miguel brand.

"SMC is a good name," Ang said.

Ang earlier said San Miguel might sell 20 percent of its packaging business to the public.

"This is raising more capital to pay down debt and raise money to go into profitable businesses," he said.

In the first quarter, San Miguel Packaging Group's financial performance improved significantly with revenue growing 8 percent to P4.96 billion. This reflected the recovery in demand for glass in the beer, healthcare and pharmaceutical industries. Operating income of P347 million was a record turnaround from last year's P25 million.

• RFM property unit going public
• ISM sets P655-M rights offer
• Sultan Mining defers IPO plan

• S&P affirms RP ratings, stable outlook
• Banks still get to boost lending
• Thrift bank up for sale
• BSP ready to act to counter downturn
• Focus backs out of Tindalo venture
• BSP wants cover for forex losses
• GMA 7 expanding overseas
• IPP contracts sale pushed
• Mobile money exchange scheme launched
• Lodestar, OVMPC sign deal