MANILA, Philippines — Food-to-infrastructure conglomerate San Miguel Corp. (SMC) may expand its power business in Malaysia, its top official said.
SMC president and COO Ramon Ang said the company would look into opportunities as Malaysia plans to sell some stated-owned assets.
“We will look into opportunities in power. I think they will be doing some privatization,” he said.
Newly elected Prime Minister Mahathir Mohamad wants to trim Malaysia’s crippling debts through various measures that include the sale of precious assets. Mahathir estimated that Malaysia’s national debt was now equivalent to 65 percent of gross domestic product.
The 92-year old leader made a comeback after winning the elections last month.
Ang said SMC is particularly interested in the oil and power sectors.
The conglomerate already has presence in Malaysia through Petron Corp.
Petron operates the Port Dickson Refinery, seven storage facilities, and about 580 service stations. The complex is equipped with a crude distillation unit, a naphtha hydro treating unit, two semi-regeneration reformer units and a kerosene hydro treating unit. It is further supported by amenities such as waste-water treatment facilities, steam generator, cooling water plant, flare and safety relieving unit, crude storage tanks, refined petroleum products storage tanks, as well as spheres for liquefied petroleum gas (LPG) storage.