San Miguel has confirmed that it plans to sell up to 49% of San Miguel Pure Foods Co., in order to raise cash for reinvestment.

In a filing with the Philippine stock exchange, San Miguel corporate information officer Ferdinand Constantino said that the disposal is consistent with the company’s strategy to keep 51% of its core businesses.

It is understood San Miguel aims to raise around US$5bn and the company is said to already be engaged in talks with oversees investors.

A spokesperson for the group declined to comment beyond the regulatory filing.

The move comes as San Miguel looks to shift its focus away from food and beverages and into higher growth but riskier areas, including oil refining and electricity. 

The company confirmed that it is “interested” in investing in the Philippine National Oil Co –Exploration Corp.

San Miguel has also submitted a proposal to build a US$1bn dam east of Manila, estimating that the hydroelectric plant – a component of the dam – will generate an annual operating profit of $500m.