San Miguel powers SMC Global float

HONG KONG (Dow Jones Investment Banker) – The board of San Miguel Corp., the Filipino beer-to-infrastructure conglomerate, approved the reorganization of its power business and an increase in its share capital on August 12. After exploring several options, including a possible backdoor listing, San Miguel has settled for an IPO in Manila of up to US$500 million for its 75% subsidiary SMC Global Power Holdings. Macro factors, as well as current expansion plans for the business, look attractive, but San Miguel shareholders are unlikely to gain much through the value arbitrage.

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HPH Trust kicks-off bookbuilding

As previously reported on this blog, Hutchison Ports Holdings Trust (HPH Trust) kicked-off yesterday the institutional bookbuilding process for its multi billion-dollar business trust IPO in Singapore. The preliminary prospectus posted on the Monetary Authority of Singapore’s OPERA website includes interesting features, which are highlighted below.  read

HPH Trust IPO will boost SGX’s standing

HONG KONG (Dow Jones Investment Banker) – As the largest announced IPO so far this year, the offering of HPH Trust, the container port assets of Hutchison Whampoa, will significantly boost Singapore Exchange Ltd.’s credentials in the ECM arena as it finalizes its tie-up with the Australian Securities Exchange (ASX Ltd.).

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Hutchison Whampoa should float Watsons Asia

HONG KONG (Dow Jones Investment Banker)–Hutchison Whampoa Ltd.’s retail division, one part of a sprawling conglomerate, is itself a mix of heterogeneous businesses. The best way to maximize its value would be to recognize that diversity with a partial float of its most attractive sub-segment, the Watsons health, beauty and pharmacy chain in Hong Kong and in the rest of Asia.

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