“A lot of investors have approached us, wanting to buy Petron shares,” Ang, who is also vice chairman of Petron’s controlling shareholder San Miguel Corp., said in an interview in Manila Friday. The size and schedule of the fundraising are yet to be determined, he said.
Petron, which could eventually become San Miguel’s “flagship” unit, plans to spend the $2 billion in three to four years for expansion, Ang said in a Feb. 3 interview. San Miguel, the Philippines’ biggest food and drinks company, is also planning a share sale to boost investments in energy, telecommunications and transportation.
San Miguel has been buying assets to expand in industries that could help boost its return on equity almost threefold from the 7 percent it previously earned from food and drinks. The Manila-based company may “calibrate” a planned sale of 1 billion common shares for at least 200 pesos ($4.6) each depending on market conditions, and the offering will likely be in the second quarter, Ang said.
No comments:
Post a Comment