The Philippines' San Miguel Corp said yesterday it planned to buy a 35% stake in a consortium building a 15-billion pesos ($306 million) tollway project near Manila, marking its entry into the infrastructure sector.
San Miguel, Southeast Asia's largest food and drinks maker, is aggressively venturing out of its core food and beverage business into sectors such as power,oil refining and now infrastructure to feed future growth. It bought a 27% stake in power retailer Manila Electric Co for over $600 million last year and has a pending purchase of a major stake in the country's oil refiner Petron Corp.
In its statement to the Philippine Stock Exchange, San Miguel did not say how much it was paying for the stake in Private Infrastructure Development Corp, the consortium constructing the toll project north of Manila, nor disclose the terms of the deal.
The consortium groups First Balfour of the Lopez family, D.M. Consunji Inc (DMCI) of DMCI Group, EEI Corp, and seven other local firms engaged mainly in the construction business. San Miguel is buying the stake through its unit Rapid Thoroughfares.
On Wednesday, San Miguel won an auction for a diesel-fired power plant sold by the government for $13.502 million, and said it wants to buy more of the state's power facilities.
To fund its purchases, San Miguel is selling parts of its major subsidiaries through strategic partnerships or a share offering, retaining just 51% as it ventures further into heavy industry.
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