UPDATE: Esso Malaysia: San Miguel Corp To Buy 65% Stake For $206 Million
17 Agosto 2011 - 7:31AM
Noticias Dow Jones
Esso Malaysia Bhd. (3042.KU) said Wednesday that San Miguel
Corp. (SMC.PH) plans to acquire a 65% stake in the company for
MYR614.3 million ($206.0 million), or MYR3.50 per share, as part of
its expansion plan outside the Philippines.
San Miguel has signed an agreement with ExxonMobil International
Holdings Inc. to buy its stake in Esso Malaysia and upon
completion, acquire the remaining shares it doesn't already own in
Esso Malaysia, according to the offer letter filed to the stock
exchange.
The offer price of MYR3.50 per share represents a 29.3% discount
to Esso Malaysia's closing price Wednesday. The stock surged 14.1%
to close at MYR4.95 Wednesday following reports of the
acquisition.
Separately, San Miguel has also agreed to acquire two unlisted
companies--ExxonMobil Borneo Sdn. Bhd. from ExxonMobil, and
ExxonMobil Malaysia Sdn. Bhd. from Mobil International Petroleum
Corp.--for a total of $404.0 million, the offer letter said.
In a separate statement, San Miguel's chief operating officer
Ramon S Ang said Esso Malaysia is attractive "given that there is
plenty of room to move up the value chain by upgrading refinery
capabilities."
"Our plan would be to upgrade the Port Dickson refinery so that
it can make use of a wider variety of crudes, and produce
higher-value products." Ang added.
The assets include a Port Dickson refinery with a capacity of
88,000 barrels per day, seven fuel distribution terminals and a
network of about 560 service stations.
San Miguel has been diversifying over the last few years and has
invested in various sectors in the Philippines including power
generation and distribution, airports, toll roads and oil refinery
via Petron Corp.
-By Jason Ng, Dow Jones Newswires; +603-2026-1233;
jason.ng@dowjones.com
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