SMEC plans IPO within three years

San Miguel Energy Corp. (SMEC), the energy investment arm of conglomerate San Miguel Corp., is planning to undertake an initial public offering (IPO) within the next three years, San Miguel President Ramon Ang said. Ang said by that time, SMEC would have been able to establish a track record after a series of acquisitions. Ang said they are now into oil, with its recent acquisition of Petron Corp.; power generation, with the acquisition of the 620-megawatt (MW) Limay diesel power plant and 1,000MW Sual power plant’s independent power producer contracts and power utility (Meralco). The IPO plan, he said, is consistent with the group’s long-term vision to increase the share of the power-related business in its portfolio to 25%, from the current 10%. He said their flagship food and beverage business will likely account for 10 to 20% and telecommunications 30%. (September 4, 2009)