We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.
The planned initial public offering (IPO) of the SMC Global Power Holdings Corp., has been pushed back again following the conflict with the Power Sector Assets and Liabilities
“With this problem, we cannot conduct an IPO because of Ilijan and Sual,” San Miguel president Ramon Ang told the Manila Standard.
PSALM discontinued San Miguel’s independent power producer administrator agreements because of alleged unsettled payments with the Ilijan combined cycle power plant.
San Miguel, however, said that they have been paying its fees to the government.
In 2010, the San Miguel South Premier Development Corp. won the bid for the administrative contract over the Ilijan power plant.
Meanwhile, the company became the administrator of the Sual power plant after winning the bid in 2008.
The Sual plant is the largest coal-fired power plant in the country based on installed capacity which is operated by Team Energy.
In 2013, San Miguel announced the plan to raise $700 million from the planned IPO but decided to defer it in 2014.
“The equity value of our power generation company is $1.5 billion. If we sell at least 49 percent, we will raise about $700 million,” Ang said.
