San Miguel unit gets board OK to bid for PNOC-EDC stake

San Miguel Corp., Southeast Asia's biggest food and beverage conglomerate, on Wednesday disclosed that its board of directors has approved the bid of its unit to participate in the bidding of government's stake in geothermal power producer PNOC-Energy Development Corp. The government is scheduled to bid out the 60-percent stake noon of Wednesday. In a statement to the Philippine Stock Exchange, San Miguel said San Miguel Energy Corp., together with the Dutch company Beleggingsmaatschappij Broem, B. V., formed Panasia Energy Holdings Inc. San Miguel said the joint venture company will participate in the bidding. PNOC-EDC is expected to be fully privatized this year. At least 24 investors groups have expressed interest to join the bidding for the government's remaining 60-percent stake in the company and 14 of them have been prequalified. - Cheryl Arcibal, GMANews.TV