San Miguel investing almost US$1 billion in cement

Philippine conglomerate San Miguel Corp has announced that it is increasing investment in cement manufacturing to almost US$1 billion with the addition of three new cement plants instead of the two previously announced facilities.

President Ramon Ang proposed the increased investment at a meeting following the listing of San Miguel's 33.5 billion pesos (US$720 million) worth of newly issued preferred shares.

Ang announced in July that San Miguel was building two cement plants, worth US$800 million, predicted for completion in 2017.

In 2008, San Miguel began an aggressive expansion to add power, mining, telecommunications, oil refining and infrastructure to its stable of food, beverage and beer businesses.

Edited from source by Joseph Green. Source: Reuters Africa

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