MANILA, Philippines - San Miguel Corp.'s Ramon Ang is again citing market conditions for postponing once more the initial public offering (IPO) of its power unit. SMC Global Power, one of the country's big three power producers, was supposed to have a P27 billion IPO as early as 2011. Last year, San Miguel said it could do an IPO or private placement this year. "Ang focus is to go public on power business kaya lang dahil medyo mahina market, so dinedelay natin... So far ang gen co wala naman kailangan capital so puede natin delay yun," Ang said. Meanwhile, Ang said the presentation of the $10 billion "Metro Manila airport" has been deferred to next week. Ang said he is making the proposal because the country and PAL, half-owned by San Miguel, need it. But the government has said it doesn't like unsolicited project proposals. - ANC