THE NEW passenger terminal at the Boracay Airport in Caticlan is expected to be finished by the third quarter of 2018, and will have capacity of six million passengers a year, San Miguel Corp. (SMC) President and CEO Ramon S. Ang said.
Jun 062017
Jun 112015
THE JOINT VENTURE between San Miguel Corp. and Korea Water Resources Corp. (K-water) plans to proceed with the rehabilitation of the Angat Dam in Bulacan as early as this month.
May 222014
THE TRANSPORTATION department is asking the San Miguel Corp.’s (SMC) chief to formalize its plan and present a detailed presentation of the $10-billion modern international airport by next week, as there is no unsolicited proposal submitted to the government yet.
Oct 272013
MANILA, Philippines – Diversified conglomerate San Miguel Corp. formally takes over ailing Albay Electric Cooperative (Aleco), Energy Secretary Carlos Jericho Petilla said over the weekend. The two parties will sign the agreement tomorrow, Oct. 29, in a formal ceremony at San Miguel’s headquarters in Ortigas. “The takeover is merely a formality because they’re already assessing right now. I don’t know how many people they have in Aleco but they are now doing the inspection works. The signing is for me, just ceremonial or formality,” Petilla said. Under the agreement, San Miguel Corp., through SMC Global Power Holdings Corp. would be spending at least P250 million to pay off Aleco’s debts. This is just the minimum, Petilla said. Albay Governor Joey Salceda has said that San Miguel also needs to spend for the plant’s rehabilitation, which could cost up to P1 billion. Aleco’s system loss is 24 percent compared to the cap of 13 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Salceda attributed Aleco’s situation to its failure to collect from its customers and also to systems losses stemming from its obsolete equipment. Once rehabilitated, however, Salceda said San Miguel would be able to generate revenues of about P600 million annually. San Miguel will manage the operations of Aleco for 35 years, with the option to extend this for another 25 years. Last July, Aleco had been disconnected from the main grid because of mounting debts, plunging Albay into darkness. It was reconnected the following day upon Read More …
Oct 232013
MANILA, Philippines – Four groups led by conglomerates Metro Pacific Investments Corp. (MPIC), San Miguel Corp., Ayala Corp., are set to slug it out for the P35.4-billion Cavite-Laguna Expressway (CALAX) project, the Department of Public Works and Highways (DPWH) said yesterday. Public Works Assistant Secretary Eugenio Pipo Jr. said a total of four groups submitted prequalification documents for the CALAX project yesterday afternoon. “All the bidders submitted their prequalification documents before the 2 p.m. deadline,” Pipo stressed. He pointed out that Alloy MTD Philippines Inc. was the first to submit at 11:04 in the morning. AlloyMtd is the merger between MTD of Malaysia and Alloy with a long established track record in civil engineering and construction, manufacturing, infrastructure concessions, energy, port operations, real estate and property development. It completed the 36 kilometer portion of South Luzon Expressway. The group led by conglomerate Ayala Corp. through Team Orion followed at 12:15 p.m. It is led by AC Infrastructure Holdings Corp. that tied up with Cebu-based Aboitiz Group, Macquarie Infrastructure Holdings Philippines as well as contractors Bouygues Travaux, Egis Road Operations, and Korea Expressway Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pipo said the third to submit at 12:39 p.m. was the group of businessman Manuel V. Pangilinan through MPIC’s Metro Pacific Tollways Development Corp. and partner Leighton Contractors (Philippines) Inc. The tandem formed MPCALA Holdings Inc. Diversified conglomerate San Miguel Corp. through Optimal Infrastructure Development Inc. submitted prequalification documents for the project at 12:58 p.m. Prior to the Read More …
Jul 112013
MANILA (Mabuhay) – The government and a subsidiary of San Miguel Corp.(SMC) on Monday formally signed a P15-billion concession agreement to construct and operate the airport expressway. The concession agreement was signed by Public Works Secretary Rogelio L. Singson and SMC chief financial officer Ferdinand K. Constantino. San Miguel’s Optimal Infrastructure Development Inc. is building […]
Jun 082013
MANILA, June 5 (Mabuhay) – The San Miguel Corp., through the SMC Vertex Tollways Development, Inc. has released the P11-billion upfront payment to the government for the construction of the Ninoy Aquino International Airport (NAIA) Expressway Phase II project, the Palace announced on Wednesday. The SMC won the P11-billion bid last April 15, and a […]
Mar 072013
MANILA, Philippines – Fresh from raising $500 million in new funding, oil giant Petron Corp. is set to generate another $250 million through the issuance of hybrid notes for its refinery expansion program. “This is to advise that the company has priced the offering Wednesday night with an issue size of $250 million and expected issue date of March 11, 2013,” Petron told the local bourse. The notes, which carry a yield of 6.551 percent, will be consolidated with and form a single series with the $500-million securities issued on Feb. 6. “The transaction was executed nimbly against a strong market, with positive sentiment buoyed on the back of the Dow Jones touching a record high the previous day in the US,” the Hongkong and Shanghai Banking Corp. (HSBC) said. HSBC, Deutsche Bank, Standard Chartered and UBS were tapped as joint bookrunners and lead managers for the largest offshore perpetual in the Philippines. HSBC said the order books were oversubscribed, with total demand reaching $2.5 billion from more than 150 accounts. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “A tap of the hybrids made sense for both investors who are looking for more Petron exposure, and for the issuer to raise cost effective funding to support its refinery master plan,” said HSBC Philippines president and CEO Wick Veloso. Early last month, the country’s largest oil refiner completed the sale of $500 million worth of dollar-denominated securities. Proceeds of the activity would be used to fund the company’s capital Read More …