SMC Global Power to launch initial public offering for power unit

11 October 2011 (Last Updated October 11th, 2011 18:30)

SMC Global Power has announced that it will launch an $850m initial public offering for it power unit this year.

SMC Global Power has announced that it will launch an $850m initial public offering for it power unit this year.

The company plans to sell shares, including over-allotment and upsize options, when market conditions are favourable.

The move is being taken as SMC tries to gain funds to finance its infrastructure and energy projects, reports Reuters.

SMC is a subsidiary of Philippine conglomerate San Miguel Corp.