SM Investments Corp chief financial officer Jose Sio last week told reporters that the conglomerate is exploring various options for the geothermal venture, including an initial public offering (IPO) or consolidating it with APC Group Inc.
SM, through All First Equity Holdings, has partnered with Chevron to form a 60-40 joint venture in favor of the Philippine company for the latter's geothermal power business in the Philippines.
Chevron has two geothermal projects - the Tiwi and Makiling-Banahaw power plants - under management. The partnership is looking at other projects in Cebu, Kalinga, Samar, Bohol and Palawan.
SM may also inject its minority stake in Atlas Consolidated Mining and Development Corp into APC.
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