San Miguel Corp to up investment spend

Philippine conglomerate San Miguel Corp said on Monday it is raising planned investment in cement manufacturing to almost US$1bn 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 PHP33.5bn (US$720m) worth of newly issued preferred shares.

Ang said in July San Miguel was building two cement plants, worth US$800m, expected to be completed in 2017. (Source: Reuters)