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San Miguel Corporation Plans To Revive IPO Plan For Power Unit, SMC Global Power Holdings Corp-DJ


Wednesday, 22 May 2013 03:31am EDT 

Dow Jones reported that San Miguel Corporation said that it is looking to revive the stalled Initial Public Offering (IPO) of its power generation unit, SMC Global Power Holdings Corp., which initially planned to go public in 2011. Ferdinand Constantino, San Miguel's Chief Financial Officer (CFO), confirmed to the stock exchange the accuracy of news reports that the IPO may proceed this year to take advantage of the local stock market's performance. He also confirmed that SMC Global Power could raise around $800 million from the sale of up to a 49% stake. SMC Global Power in September 2011 filed an application with the securities regulator to sell, including an overallotment option, up to 519.8 million shares for as much as 71 Philippine pesos each, or a total PHP36.9 billion ($895.6 million). The company then engaged Standard Chartered Securities Singapore Pte. Ltd. as the sole financial adviser for the IPO, while the lead managers included Standard Chartered, Goldman Sachs Singapore Pte. and UBS AG as well as local firms ATR KimEng Capital Partners Inc. and SB Capital Investment Corp.