Friday, May 27, 2011

SMC buys Cebu shipyard property for P596M

A UNIT of diversifying conglomerate San Miguel Corp. (SMC) has acquired parcels of land at the biggest shipyard in the Visayas area.

Keppel Philippines Holdings Inc. said it had sold its 72-percent stake in Keppel Cebu Shipyard Land Inc. (KCSLI) to SMC Shipping and Lighterage Corp.

The shares in KCSLI, held by Keppel Holdings’ unit Goodsoil Marine Realty Inc., will be sold for a total of P596.2 million.

SMC Shipping is the cargo handling, warehousing and shipping service provider to the San Miguel group. The company said the acquisition was meant to “expand its business interests,” but did not elaborate.

The SMC group, led by chair Eduardo Cojuangco Jr. and run by president Ramon S. Ang, has been diversifying into heavy industries such as power generation and infrastructure to add to its growth drivers as revenues from traditional sources plateau.


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