SMC sets sights on Malaysian power, oil firms
Diversified conglomerate San Miguel Corp. wants to expand its presence in Malaysia by acquiring assets from the state.
SMC president Ramon S. Ang was quoted as saying by the Nikkei Asian Review that he expected the Malaysian government to sell off assets to trim its over one trillion ringgit debt.
Philippines’ largest company by sales was reportedly keen on Malaysia’s oil and power sectors.
“I think they will be doing a lot of privatisation, so it looks like there are opportunities,” Ang was quoted as saying.
SMC has a presence in Malaysia through oil refining giant Petron Corp.
Petron entered Malaysia in 2011 after it acquire Exxon Mobil’s Malaysian businesses. It now has over 600 gas stations and a refinery which has a production capacity of 88,000 barrels a day.