US NAVY HAWAII Says:
November
23rd, 2009 at 2:35 am
Philippine corporate giant, San Miguel Corp. (SMC), has been
diversifying from its traditional business of food and beverages.
It has been expanding to other areas such as road projects and
power generation. Because of this, the company is looking to sell a
minority stake in its main businesses to raise funds which will be
used on their diversification prospects.
Ferdinand Constantino, SMC spokesperson, said they are selling a
portion their equity stake in San Miguel Pure Foods Co. Inc.,
Ginebra San Miguel Inc., as well as its packaging international
beer operations, where they are expecting to raise $600
million.
On top of the planned asset sale, the company is also in
negotiation with some banks where it hopes to tap a $600-million
three-year loan facility to funds its ongoing diversification.
