MANILA: San Miguel Corp., Southeast
Asia's largest food and drink group, is diversifying further in the utility sector.
In December last year, San Miguel acquired the Government Service Insurance System's 27 percent stake in
power utility giant Manila Electric Co.
for around P30 Billion and has agreed
to buy up to 50.1 percent of giant oil
refiner Petron Corp. for P32.2 billion.
San Miguel, through unit San Miguel
Energy Corp., is expanding its investments in the power sector by joinning biddings for government owned assets. San Miguel Energy has submitted to the Power Sector Assets and liabilitys Management Corp. a letter of intent to
acquire the 620 megawatt combinedcycle power plant facilities in Limay, Batangas.