Manila's SMC chairman willing to sell stake-media

MANILA, March 3 (Reuters) - The chairman of San Miguel Corp (SMCB.PS: Quote, Profile, Research, Stock Buzz) (SMC.PS: Quote, Profile, Research, Stock Buzz), Southeast Asia's largest food and drinks group, said he was open to selling his stake in the firm, local newspapers reported on Monday.

Eduardo Cojuangco, San Miguel chairman and close business ally of late strongman Ferdinand Marcos, said he would be willing to sell his San Miguel holdings, now at around 17 percent and valued at around 26 billion pesos ($642 million), if a good offer comes along.

"If there is someone who wants to buy at a good price, it's possible. Everything can be arranged," the Philippine Star newspaper quoted Cojuangco as saying.

There was no immediate official reaction from San Miguel.

The anti-graft court awarded the 17 percent SMC stake to Cojuangco late last year after a two-decade dispute in which the government claimed the stake was bought by Cojuangco using money from an illegal coconut levy. The government has asked the court to reconsider its decision.

Meanwhile, Ramon Ang, San Miguel president, was quoted by the Philippine Daily Inquirer as saying the company would proceed with a planned listing of the group's flagship domestic beer business in the first half despite weak market conditions.

San Miguel plans to raise 25 billion pesos from the initial public offering of its brewery unit to partly fund a foray into heavy industry. The group failed in December in its bid to buy a 25-year licence to operate the national power grid.

Estelito Mendoza, San Miguel board director, told Reuters last week that after the failed bid for the power grid, the group was looking into other possible ventures which he declined to identify.

At least two companies, including budget airline Cebu Air of JG Summit Holdings (JGS.PS: Quote, Profile, Research, Stock Buzz), have postponed their planned public offerings in the first half due to volatility in the equities market.