Tag Archive | "San-Miguel Corp"

San Miguel Plans to Raise $1 Billion From Asset Sales This Year

San Miguel Plans to Raise $1 Billion From Asset Sales This Year

San Miguel Corp. , the Philippines' biggest food and drinks maker, plans to raise $1 billion selling stakes in its food, packaging and liquor businesses to help fund expansion and acquisitions. The proceeds will be used to accelerate a $2 billion expansion into infrastructure, energy, telecommunications and mining, President Ramon Ang said in an interview at the company's headquarters today. "We are interested in anything that will add value." The asset sales would increase the amount Ang and Chairman Eduardo Cojuangco have raised since 2007 to $6 billion as they move into industries that have triple the return on equity of the food and beverages units. The Manila-based company , which has made San Miguel Beer for more than a century, has offers for its hotdog maker, packaging unit and gin distillery, Ang said. "It's a good corporate strategy because food and beverages have reached a level where growth is wanting," Marvin Fausto , chief investment officer at Banco de Oro Unibank Inc., which manages $9.60 billion, said in a phone interview from Manila. [...more]

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