January 22, 2014 / 1:51 AM / 4 years ago

Philippines' San Miguel eyes $1 bln from share sale of power arm

MANILA, Jan 22 (Reuters) - Philippine conglomerate San Miguel Corp hopes to raise about $1 billion from the sale of a 49 percent stake in its power unit to cornerstone investors and via a public offer this year, its president said on Wednesday.

SMC Global, the Philippines’ biggest power producer, has been planning a public offer that was shelved several times due to unfavourable market conditions.

“If we sell 49 percent that is roughly $1 billion,” Ramon Ang, San Miguel president and chief executive, told reporters.

“We want to do it as soon as possible.”

Reporting by Erik dela Cruz; Editing by Paul Tait

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