Billionaire Anthoni Salim’s First Pacific Co. is seeking to buy sugar companies in the Philippines to expand its footprint in Southeast Asia and tap opportunities from a free-trade agreement in the region.
Manila Electric Co., the Philippines’ largest power retailer, plans to spend $150 million to build a power plant with a capacity of as much as 150 megawatts, President Manuel Pangilinan told reporters today.
Philippine ventures of billionaire Anthoni Salim’s First Pacific Co. plan telecommunications, power and water investments in Myanmar, Vietnam and Thailand to tap rising demand, Chief Executive Officer Manuel Pangilinan said.
Philex Mining Corp., the Philippines’ biggest miner, said it may spin off its hydrocarbon assets, including 70 percent of a gas field that may be as large as the Malampaya gas project, the nation’s biggest.
GMA Network Inc. rose the most in two months in Manila trading after the Philippine Star newspaper said Philippine Long Distance Telephone Co. Chairman Manuel Pangilinan offered to buy the broadcaster for 45 billion pesos ($1.1 billion).