MANILA, Sept 21 (Reuters) - Philippine conglomerate San Miguel Corp said on Monday it is raising planned investment in cement manufacturing to almost $1 billion with the addition of three new cement plants to two previously announced facilities.
President Ramon Ang outlined the investment at a briefing following the listing of San Miguel’s 33.5 billion pesos ($720 million) worth of newly issued preferred shares. Ang said in July San Miguel was building two cement plants, worth $800 million, expected to be completed in 2017.
In recent years San Miguel has sought new ventures and acquisitions to boost revenue. In 2008 it kicked off an aggressive expansion to add power, mining, telecommunications, oil refining and infrastructure to its stable of food, beverage and beer businesses. (Reporting by Neil Jerome Morales; Editing by Kenneth Maxwell)