San Miguel plans $1b infrastructure IPO

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Philippines’ San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate, is joining forces with Indonesia’s Citra Group to attract $1 billion in financing to fund infrastructure projects across both archipelago nations.

The news comes less than one week after San Miguel announced the intention of the possibly earning the money through an IPO listed either domestically or in Singapore.

The infrastructure push is being lead by an expected increase in construction and in an effort to support the necessary foundations for continued growth in both Southeast Asian nations.

San Miguel and infrastructure partner Padma Funds currently joint operate a 30-kilometer elevated highway in Manila through Citra Metro Manila Tollway Corp, and a 36-kilometer expressway in southern Luzon that links up Manila with the south.

Citra Group and San Miguel are controlling shareholders of Indonesia’s private toll road operator, Citra Marga Nusaphala Persada, who operates through Atlantic Aurum. In Indonesia, Citra Marga Nusaphala Persada currently faces high competition from other private operators who are vying for lucrative contracts to revamp toll roads and ports.

Atlantic Aurum is the controlling shareholder of Citra Metro Manila Tollway Corp, and expected to raise funds of its own through an IPO next year amounting to $200 million.

Padma Funds is a private equity funds manager based in the Cayman Islands with assets under management of $750 million.

San Miguel is currently in talks with Cayman Airlines to assess opportunities for possible investment.

 

 

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Reading Time: 1 minute

Philippines’ San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate, is joining forces with Indonesia’s Citra Group to attract $1 billion in financing to fund infrastructure projects across both archipelago nations.

Reading Time: 1 minute

Philippines’ San Miguel Corporation, Southeast Asia’s largest food and beverage conglomerate, is joining forces with Indonesia’s Citra Group to attract $1 billion in financing to fund infrastructure projects across both archipelago nations.

The news comes less than one week after San Miguel announced the intention of the possibly earning the money through an IPO listed either domestically or in Singapore.

The infrastructure push is being lead by an expected increase in construction and in an effort to support the necessary foundations for continued growth in both Southeast Asian nations.

San Miguel and infrastructure partner Padma Funds currently joint operate a 30-kilometer elevated highway in Manila through Citra Metro Manila Tollway Corp, and a 36-kilometer expressway in southern Luzon that links up Manila with the south.

Citra Group and San Miguel are controlling shareholders of Indonesia’s private toll road operator, Citra Marga Nusaphala Persada, who operates through Atlantic Aurum. In Indonesia, Citra Marga Nusaphala Persada currently faces high competition from other private operators who are vying for lucrative contracts to revamp toll roads and ports.

Atlantic Aurum is the controlling shareholder of Citra Metro Manila Tollway Corp, and expected to raise funds of its own through an IPO next year amounting to $200 million.

Padma Funds is a private equity funds manager based in the Cayman Islands with assets under management of $750 million.

San Miguel is currently in talks with Cayman Airlines to assess opportunities for possible investment.

 

 

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