According to its president, Ramon Ang, San Miguel Corp is planning to sell off its 32.8% shareholdings in Manila Electric Co. The said stake is said to be worth US$3.4 billion and the proceeds would be used to fund the food conglomerate's expansion into oil and gas exploration.

The said sale of the stake from the largest company in the Philippines in terms of sales may be completed by the end of the year. According to Bloomberg compiled data, San Miguel subsidiaries such as San Miguel Pure Foods Co Inc and SMC Global Power Holdings Corp, as well as San Miguel Corp owns nearly 370 million shares in Meralco, the electric utility company. Each share is valued at Php385.20 and the total stake is said to be worth Php 142.5 billion.

San Miguel purchased the main bulk of its Meralco shareholdings back in 2008 for Php 90 per share, which is about a quarter of the current value. From its humble beginnings as a beer brewery, the company has grown to encompass major shareholdings in food and drinks to even industries such as airlines, oil exploration and energy. This expansion in return provides triple the returns on its previous investments.