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.