Manila (ANTARA News) - San Miguel Corp. of the Philippines said Thursday it is in talks to buy a controlling stake in top Indonesian coal producer PT Bumi Resources.
"We confirm that the company is interested in acquiring at least 51 percent of PT Bumi Resources. Discussions on the transaction are ongoing," listed San Miguel, Southeast Asia's largest food and beverage group, was quoted by AFP as telling the Philippine Stock Exchange in a disclosure statement.
San Miguel has sold off several units, including National Foods of Australia, to amass a cash pile in a drive to enter into businesses with high growth potential.
It earlier announced it would acquire the state pension fund Government Service Insurance System's 27 percent stake in top power distributor Manila Electric Co.
It also wants to buy the Philippine government's 40 percent stake in top oil refiner Petron Corp.
Bumi Resources operates the Kaltim Prima and Arutmin mines in Indonesia, the world's largest thermal coal exporter, as well as an oil exploration unit in Yemen called Gallo Oil.
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