Philippines: San Miguel Planning Further Asian Acquisition
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Tuesday, 27 December 2011 |
San Miguel Corporation President Ramon S. Ang (pictured) has revealed that the company is planning another energy acquisition in Asia. Speaking in an unscheduled interview, Ang said the conglomerate was eyeing a “substantial company” with revenues of $6bn-$7bn.
News of the potential purchase comes after the August announcement that San Miguel will buy Exxon Mobil’s downstream business in Malaysia for $610m. The parties in that deal have yet to finalise the transaction, Ang revealed.
San Miguel’s revenue has grown substantially in the nine months to September, rising 143% to P383.4bn, with a significant growth from Petron Corporation, according to Ang. The company plans to invest over $4bn to expand ventures in energy, transportation and telecoms.
Separately, Malaysian conglomerate Bousted Holdings has confirmed that it still plans a bid for Exxon Mobil’s assets in Malaysia if the sale to San Miguel does not proceed. “We first had a discussion with Esso in August last year,” Group Managing Director Lodin Wok Kamaruddin told reporters. “If there is a review with whomever they have made an agreement with, we are open and prepared to talk to anyone,” he added.
PetrolWorld 27122011
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