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San Miguel to Join Bidding for 24.4 Billion-Peso Water Project

San Miguel Corp., the biggest Philippine company, will bid for a 24.4 billion-peso ($558 million) bulk water-supply project in Bulacan province, north of the capital.

San Miguel’s participation fits with plans already announced to take part in Public-Private Partnership projects, which are mostly in infrastructure, the company said today in a stock-exchange filing.

A successful bid would mark San Miguel’s first foray into the water industry. The Manila-based company, brewer of the century-old beer brand that bears its name, has previously diversified into oil and power. The water project will be led by local regulator the Metropolitan Waterworks & Sewerage System.

San Miguel advanced 0.7 percent to 73.50 pesos in Manila trading. The Philippine Stock Exchange Index rose 1.9 percent.

The project, which will be implemented in three phases under a proposed build-operate-transfer program, will supply treated water to 24 towns of Bulacan province, according to a market-sounding document posted on the regulator’s website.

San Miguel said Nov. 11 that nine-month net income fell 60 percent to 7.5 billion pesos following foreign-exchange losses. The company, which had posted a first-half loss, returned to profit in the third quarter after agreeing to sell its stake in Manila Electric Co.

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