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Conglomerate to invest in Clark airport project

Posted on 08:24 PM, March 26, 2010 [ BusinessWorld Online ]

SAN MIGUEL Corp. is considering entering an airport project in Central Luzon, the diversified conglomerate told the local bourse on Friday.

"The company is evaluating the viability of investing in a consortium, which has submitted an unsolicited proposal to develop the Diosdado Macapagal International Airport Terminal Two in the Clark Free Port, Angeles City in Pampanga," San Miguel said in a disclosure.

San Miguel plans to buy a stake in Philco Aero Group, which proposed the P5.79-billion, eight-year development of the Clark airport.

Meanwhile, San Miguel also said it had "commissioned a group that includes international experts to prepare an in-depth study relating to the construction and operation of bullet train facilities that will run the Laoag-Manila-Bicol route."

San Miguel has diversified from its slow but stable core businesses of food and beverage into high-growth sectors like power, infrastructure and telecommunications.

In January, Southeast Asia’s largest food and beverage conglomerate, through subsidiary San Miguel Energy Corp., bought Daguma Agro Chemicals, Inc. for an undisclosed amount. Daguma Agro Chemicals holds the rights to develop the 2,000-hectare Daguma project, which will help fuel San Miguel’s planned 150-300-megawatt coal plant near Lake Sebu in South Cotabato.

Class "A" and "B" shares in San Miguel were unchanged on Friday at P74.00 each.


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