MANILA, Jan 20 - Phillippine food and beverage group San Miguel Corp (SMCB.PS) said on Tuesday it was interested in buying the government's 620-megawatt diesel power plant in northwestern Bataan province in line with its move into heavy industry.
San Miguel told the stock exchange its energy unit, San Miguel Energy, has formally advised the government of its interest to buy the combined cycle power plant in Limay, Bataan.
Jose Ibazeta, president of the agency overseeing the sale of government power assets, said the Philippines was getting ready to enter into negotiations to sell the power facility after two failed bids in July last year and last week.
"The bidding rules provide that after the last failed bid, we can now negotiate," Ibazeta told Reuters. "Although San Miguel has indicated interest, we have not entered into any discussions to date."
San Miguel, partly owned by Japanese brewer Kirin Holdings (2503.T), began diversifying out of its core food and beverage business in 2007, a move criticised by some analysts who said the company was lacking in expertise go to into heavy industry.
The group had attempted to enter the power industry in 2007 when it made made an unsuccessful bid for a major stake in geothermal firm Energy Development Corp (EDC.PS) and the right to operate the country's power grid.
Last month, San Miguel signed a wireless broadband and mobile services deal with Qatar Telecom QTEL.QA, less than two months after it purchased a 27 percent stake in power retailer Manila Electric Co (MER.PS) for about $607 million.
It also has an option to buy a controlling stake in oil refiner Petron Corp (PCOR.PS) from British Investment firm's Ashmore Group (ASHM.L). San Miguel estimates the cost of buying the Petron stake at 32.2 billion pesos ($680 million).
San Miguel's A shares, exclusive to local investors, and B shares, open to all, both ended flat on Tuesday. The main index dropped 1.3 percent.
San Miguel told the stock exchange its energy unit, San Miguel Energy, has formally advised the government of its interest to buy the combined cycle power plant in Limay, Bataan.
Jose Ibazeta, president of the agency overseeing the sale of government power assets, said the Philippines was getting ready to enter into negotiations to sell the power facility after two failed bids in July last year and last week.
"The bidding rules provide that after the last failed bid, we can now negotiate," Ibazeta told Reuters. "Although San Miguel has indicated interest, we have not entered into any discussions to date."
San Miguel, partly owned by Japanese brewer Kirin Holdings (2503.T), began diversifying out of its core food and beverage business in 2007, a move criticised by some analysts who said the company was lacking in expertise go to into heavy industry.
The group had attempted to enter the power industry in 2007 when it made made an unsuccessful bid for a major stake in geothermal firm Energy Development Corp (EDC.PS) and the right to operate the country's power grid.
Last month, San Miguel signed a wireless broadband and mobile services deal with Qatar Telecom QTEL.QA, less than two months after it purchased a 27 percent stake in power retailer Manila Electric Co (MER.PS) for about $607 million.
It also has an option to buy a controlling stake in oil refiner Petron Corp (PCOR.PS) from British Investment firm's Ashmore Group (ASHM.L). San Miguel estimates the cost of buying the Petron stake at 32.2 billion pesos ($680 million).
San Miguel's A shares, exclusive to local investors, and B shares, open to all, both ended flat on Tuesday. The main index dropped 1.3 percent.
