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MANILA - San Miguel Corp (SMC) is eyeing oil and natural gas fields abroad as the diversified conglomerate is "super interested" in expanding its energy business, its chief executive said on Wednesday.
"We have a full force of people doing that M&A with foreign expats doing it full time. We are working it day and night," Ramon S. Ang said told reporters.
Ang estimated the value of its new investment deal at $25 billion, adding that the company can finance new acquisitions without selling its assets because of its good cash flow.
He said SMC may sell its power generation assets if the company needs to raise money for new investments.
"If we are to sell anything -- meaning we are already going to buy something -- we will never sell anything not ready to buy something else," he added.
In the first nine months of 2012, SMC reported a consolidated net income of P19.2 billion, up by 61 percent year-on-year.
Consolidated revenues went up by 29 percent year-on-year to P509.2 billion, as most of its business units enjoyed continued growth backed by higher volumes and selling prices.
The conglomerate has been trimming its stake in its traditional businesses of food, beverage and packaging since 2007 to support its diversification into high-growth sectors of infrastructure, power, oil retailing, telecommunications and mining.
Last year, it acquired 59 percent stake in Philippine Airlines and Airphil Express for $500 million.
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