SMC Global Power Holdings Corp. has allotted nearly P124.18 billion to build more power plants and battery energy storage systems that are set to be completed beyond 2021, its parent firm said.
San Miguel Corp. (SMC) clarified to the local bourse on Tuesday that its unit’s projects are going on, and that the amount allotted for them does not represent the entire capital expenditure budget for this year.
SMC was citing its quarterly report, which it recently submitted to the corporate regulator and Philippine Dealing and Exchange Corp.
“[This is] in line with the expansion projects needed for the pursuit of the business plans of SMC Global Power. However, completion of such projects is expected to be after 2021,” SMC said.
It added that funds would be sourced from available cash and proceeds of long-term loans, bonds and senior perpetual capital securities.
In its first-quarter report, SMC said the P124.18-billion budget for the projects had been authorized but had not yet been disbursed.
In a separate statement on Tuesday, SMC said Ramon S. Ang, its president and chief operating officer, had tapped architect Felino A. Palafox, Jr. to help in developing the master plan of its Bulacan-based “airport city.”
He will also integrate sustainability features into the firm’s Pasig River Expressway as well as its upcoming infrastructure projects.
Mr. Palafox, the founder and head of architectural firm Palafox Associates, will also help SMC in retrofitting the company’s existing roads to meet social, economic and environmental needs.
“From the beginning, we made it very clear that for both the airport and airport city projects, we will make sure that that they are designed with sustainability in mind, ensuring protection and enhancement of the environment, and positive social impacts,” Mr. Ang said.
Shares in SMC at the local bourse inched down by 0.17% or 20 centavos to close at P117.30 apiece on Tuesday. — Angelica Y. Yang
