Philippines' San Miguel Corp. (SMC) intends to take public its power generation arm next year after the stock market entry of its key shareholder Top Frontier Investment Holdings Inc. Financial terms of the deal were undisclosed.

According to online news portal InterAksyon, SMC Global Power Holdings Corp. had deferred its initial public offering for a second time in September because of adverse market conditions. The power generation company also postponed its ₱37 billion maiden share sale in 2011.

SMC Global Power is the holding firm for the power generation assets of San Miguel. It is the country's biggest power producer and accounts for about a fifth of the Philippines' total power supply, the report said.

Meanwhile, Top Frontier will reportedly debut in the local bourse through listing by way of introduction in early January. Top Frontier is a key shareholder in San Miguel, InterAksyon said.

Unlike an IPO, listing by way of introduction involves no immediate sale of shares. However, the process requires the applicant to sell shares within a year after joining the bourse, the report said.