San Miguel Corp. seeks to raise up to P30 billion through a new preferred share offering as the conglomerate moves to refinance debt and support its ambitious infrastructure expansion program.
The diversified investment holding company said it had filed a registration statement and prospectus with the Securities and Exchange Commission for the reissuance of up to 400 million Series 2 Preferred Shares, divided into Subseries 2-V, 2-W, and 2-X, at an offer price of P75 per share. The shares will be listed on the main board of the Philippine Stock Exchange.
The base offer consists of 266.67 million preferred shares that could generate about P20 billion in gross proceeds. An oversubscription option of 133.33 million shares could increase total proceeds to P30 billion if fully exercised.
The planned fundraising highlights San Miguel’s continued reliance on capital markets to support one of the country’s largest investment pipelines while managing its debt profile. Conglomerates with substantial infrastructure exposure have increasingly turned to long-term funding instruments as they balance expansion plans with rising financing requirements.
Proceeds from the offering will be used primarily to refinance short-term loans incurred for the redemption of Series 2-I preferred shares earlier this year, repay Series C and Series J bonds maturing in March 2027, and fund additional investments in infrastructure projects.
Among the key projects identified by the company are the development of the new Manila International Airport and related airport infrastructure in Bulakan, Bulacan, one of the largest transport investments currently underway in the country.
The offer period is scheduled to run from July 15 to July 23, subject to regulatory approvals and market conditions.
The issuance will be managed by Bank of Commerce, BDO Capital & Investment Corporation, and China Bank Capital Corporation, which will serve as joint issue managers, joint lead underwriters, and bookrunners for the transaction.
The transaction also serves as a balance-sheet management exercise, allowing San Miguel to extend maturities while continuing to fund growth-oriented infrastructure projects.
