San Miguel CEO Ang Doesn’t Expect Funding Crunch for Power Unit
- SMC Global’s costs to drop as plant lease payments end: Ang
- Refinancing plans ready for power, other San Miguel units: CEO
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San Miguel Corp.’s power unit isn’t expecting a shortage in funds after regulators declined its request to raise charges to recover losses from higher coal costs, Ramon Ang, president of the Philippines’ largest conglomerate, said.
“Banks will always take away your umbrella when it’s rainy season when you don’t have the money,” Ang said on Friday. “But we have the money to pay.” Refinancing for San Miguel and its units is done, he said, without elaborating.