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MANILA, Philippines – SMC Global Power Holdings Corp. (SMC Global) is all set to publicly list in 2014, according to San Miguel Corporation (SMC) president and CEO Ramon Ang.
Ang said the plan of the conglomerate’s power firm to make an initial public offering (IPO) will be pushing through after a delay of two years caused by volatile markets.
“Raising funds is not a problem for us because there is a long line of investors interested in talking to us. But we are eyeing acquisitions,” Ang said on the sidelines of the Philippine Stock Exchange’s (PSE) 10th listing anniversary.
SMC earlier announced it’s considering selling 49% of its stake in SMC Global valued at US$1.5 through IPO or private placement.
SMC Global filed its IPO application with the SEC in August 2011, which was approved a month later.
The power firm had wanted to raise P27.33 billion from the sale of between 290 million to 385 million worth of primary and secondary shares to investors at between P44 and P71 per share.
SMC Global intends to use the proceeds from the primary offering to partially finance expansion plans. These include the development of greenfield power projects and acquisition of existing generation facilities.
One of the largest power companies in the Philippines, SMC Global Power has a combined contracted capacity of 2,535 megawatts as the independent power producer administrator of the power plants in Sual, Ilijan and San Roque.
The firm plans to double its power generating capacity to 6,000 MW in the next 5 years. – Rappler.com
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