Philippines: Seaoil May Look to Expand through Acquisitions
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Monday, 30 January 2012 |
Seaoil Philippines Chief Financial Officer, Mark Yu, has suggested that the company may acquire other oil firms as it seeks to expand its retail network. In an impromptu interview with reporters, Yu revealed that the company has increased its expansion targets for 2012, and now aims to open 100 more fuel service stations during the year.
The new openings would bring Seaoil's network to 300 stations, and Yu said that acquisitions may be needed in addition to organic expansion. “We are trying to speed up our ability to expand,” he said. “We would be interested to take a position in other oil companies if there are some out there looking to sell,” added Yu, who did not discuss specific takeover targets.
The company has set its capital spending budget for 2012 at P1.5bn, which will be funded through internally generated cash and borrowings. Yu said that organic expansion alone was expected to boost company sales by a third, up from P15bn in 2011.
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