MANILA, Philippines—Diversifying food and beverage conglomerate San Miguel Corp. wants a piece of the P27-billion Subic-Clark-Tarlac Expressway (SCTEx), the country’s longest expressway.
In a disclosure to the Philippine Stock Exchange Wednesday, San Miguel spokesperson Ferdinand Constantino said the conglomerate has expressed interest in acquiring a stake in the SCTEx from the state-owned Bases Conversion Development Authority. No other details were given.
SCTEx, the BCDA’s biggest and most ambitious project to date, is a major infrastructure envisioned to serve as a backbone of development in the Central Luzon region.
The 93.77-kilometer, four-lane highway is divided into two major sections. The Subic-Clark section (Package 1) is 50.5 kilometers long while the Clark-Tarlac section (Package 2) spans 43.27 kilometers.
San Miguel earlier obtained a foothold in the country’s biggest power retailer Manila Electric Co. and largest oil refiner Petron Corp. It has also obtained majority control of medium-sized lender Bank of Commerce. It is also investing in dormant Liberty Telecom Holdings Inc., which it plans to use as its vehicle for its foray into the highly competitive telecommunications business.
The conglomerate is scouting for opportunities in heavy industries and infrastructure as part of its diversification.
It is raising part of the funds for its diversification through the sale of its international beer operations and the initial public offering of its packaging business. San Miguel expects to raise up to $800 million from these twin moves.
San Miguel president Ramon Ang earlier said the conglomerate could generate up to $700 million from the sale of its overseas beer business to subsidiary San Miguel Brewery Inc.
On the planned IPO of San Miguel packaging, Ang said the conglomerate had pledged to its Japanese partner, the Yamamura group, to list the division on the Philippine Stock Exchange this year.
According to Ang, San Miguel may raise about $100 million from the sale of 10-14 percent of the packaging unit to the public.
He said Yamamura, which has a 35-percent stake in the packaging business, would keep its stake in the packaging business.
