San Miguel Corp., Philippines’ largest company, is ready to spend as much as US$10 billion to acquire new assets in Southeast Asia, Bloomberg quoted its president Ramon Ang as saying.
An energy-related target has the potential to boost the group’s sales by more than 50 percent, Ang was quoted as saying Wednesday, without giving a timeline.
“There are a lot of opportunities in the region and most of these deals you can win with a small amount,” Ang said. “We have a very high leverage capacity.”
San Miguel has announced 41 acquisitions worth US$7.8 billion since 2000, about three-quarters of which were made since 2008, the report noted.
The company, which owns the Philippines’ biggest electricity producer SMC Global Power Holdings Corp. and the nation’s largest oil firm Petron Corp., has also initiated a US$9 billion capital spending plan to expand its oil, power and infrastructure businesses by 2016, Ang said.
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