The Securities and Exchange Commission (SEC) has given the green light to San Miguel Corporation’s follow-on offering of preferred shares, valued at up to P30 billion.
Approved during the SEC’s en banc meeting, the plan covers 400 million Series 2 preferred shares, offered at P75 each. The base offer includes 266.66 million shares, with an additional oversubscription option for up to 133.33 million more. If the extra shares are fully taken up, the conglomerate expects to raise around P29.77 billion in net proceeds.
Funds from the offering will go toward paying off existing loans and financing airport and other infrastructure projects.
The offer period will run from July 15 to 23, with listing on the Philippine Stock Exchange main board scheduled for July 31.
Bank of Commerce, BDO Capital, and China Bank Capital will act as joint issue managers. They will also serve as joint lead underwriters and bookrunners, alongside BPI Capital, Land Bank, Philippine Commercial Capital, PNB Capital, RCBC Capital, and Security Bank Capital.
