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Friday, March 29, 2024

SMC Global hikes capex to P133.67b

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SMC Global Power Holdings Corp., the power arm of conglomerate San Miguel Corp., increased its long-term capital expenditure budget to P133.668 billion from P125 billion.

SMC Global Power said in a disclosure to Philippine Dealing & Exchange Corp. Tuesday the company authorized the amount for capital projects.

“The group’s material commitments for capital expenditure projects involve the construction of power plants, mostly utilizing high-efficiency low emission technologies, LNG [liquefied petroleum gas] and BESS [battery energy storage systems] in line with the group’s expansion projects and acquisition of fixed assets needed for normal operations of the business,” the company said.

It said the funds would come from available cash and proceeds from outstanding long-term loans and issued senior perpetual capital securities.

SMC Global Power suffered a net loss of P1.88 billion in the first half, a turnaround from a net income of P12.219 billion in the same period last year.

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