MANILA Nov 23 San Miguel Corp and a partner in an infrastructure venture plan to form a new business which they may list either domestically or in Singapore next year under a three-year $1 billion fund-raising programme.
San Miguel and Padma Funds LP plan to raise $200 million via the initial public offering, said Shadik Wahono, head of the infrastructure venture Citra Metro Manila Tollways Corp, who was speaking on behalf of San Miguel and the private equity fund.
They may follow up with an offer of roughly the same size after two to three years, Wahono told reporters, without giving details of the new business.
Part of the fund-raising plan for the new holding company will involve cash infusions from San Miguel and Padma, Wahono said.
San Miguel and Padma jointly operates a 30-kilometre elevated highway in Manila through Citra, as well as the 36-kilometer South Luzon expressway which connects the capital to southern provinces.
Padma is a private equity fund managed by Cayman Island-based Parallax Capital Management which has assets under management of more than $750 million. (Reporting by Rosemarie Francisco; Editing by Ryan Woo)