Latest news with #SanMiguelCorp
Reuters
02-06-2025
- Business
- Reuters
Billionaire Razon to buy 60% stake in First Gen's gas assets for $896 million
June 2 (Reuters) - Prime Infra, the infrastructure business arm of Filipino businessman Enrique K. Razon Jr., is buying 60% of the gas assets of First Gen Corp ( opens new tab for 50 billion pesos ($896.44 million), the Philippine energy firm said on Monday. The parties have signed a term sheet, which shows another upcoming facility located in Batangas province, south of Manila, First Gen said in a statement. First Gen is backed by the influential Lopez family, who will retain a 40% stake in the gas business the company is selling. The Lopez family is also the controlling shareholder of ABS-CBN ( opens new tab, the country's largest broadcaster. The deal marks the latest in the Philippine energy sector, following a $3.3 billion gas and LNG joint venture unveiled by San Miguel Corp.( opens new tab with Aboitiz Power ( opens new tab and a unit of Manila Electric Co ( opens new tab. The stake sale will help First Gen go ahead with its plans to quadruple its renewable energy capacity in six years through 2030. ($1 = 55.7760 Philippine pesos)
GMA Network
29-05-2025
- Business
- GMA Network
Ginebra San Miguel Q1 net income up 11%
Ginebra San Miguel Inc. (GSMI), the spirits business of San Miguel Corp. (SMC), on Thursday reported an 11% growth in its net income for the first quarter of the year, on the heels of its continued growth over the last 11 years. In a regulatory filing, GSMI said its net income rose to P2.1 billion, as consolidated revenues grew by 8% to P16.3 billion, while operating income increased by 8% to P2.5 billion. 'Our spirits business, Ginebra San Miguel Inc., has demonstrated remarkable strength over the years, even in the face of various challenges, including the global pandemic,' GSMI president and chief executive officer Ramon Ang said. 'The company's over a decade-long growth trajectory clearly shows the wide appeal of our brands and the company's overall resilience and strength,' he added. GSMI last year reported a record net income of P7.3 billion, reflecting a 3% increase from the previous year as it sold 50 million cases for the first time, and gained a larger share of the local liquor market. Sales revenues for the year climbed 17% to P62.5 billion. The company's brands include Ginebra San Miguel Gin, Ginebra San Miguel Premium Gin, GSM Blue Light Gin, GSM Blue Mojito, GSM Blue Margarita, GSM Blue Gin Pomelo, GSM Blue Lychee Martini, Ginebra San Miguel, 1834 Premium Distilled Gin, Archangel Reserve Premium Dry Gin, Antonov Vodka, Freedom Island Light Rum, Primera Light Brandy, and Chinese wine Vino Kulafu. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
