San Miguel Corp., one of the country’s largest and most diversified conglomerates, will launch a week-long public offering of up to P30 billion in preferred shares starting Monday, October 13, as part of efforts to refinance maturing obligations and fund large-scale infrastructure projects.
The listed company will offer 266.7 million Series 2 preferred shares—under subseries 2‑S, 2‑T, and 2‑U—at P75.00 per share, with an oversubscription option of up to 133.3 million shares. If fully exercised, the offer could raise a total of P30 billion. The shares will be issued on October 24, with dividend rates to be set before the offer starts.
The shares are cumulative, non-voting, non-participating, non-convertible, redeemable, and reissuable, and will be listed on the Main Board of the Philippine Stock Exchange under the ticker symbols SMC2S, SMC2T, and SMC2U.
Proceeds from the offer will be used to refinance short-term loans used to redeem earlier preferred shares (Series 2-F), partially redeem Series 2-J and 2-K, and fund investments in infrastructure, including the New Manila International Airport in Bulacan and various tollway projects.
The preferred shares are being offered under San Miguel’s shelf registration approved by the Securities and Exchange Commission in 2023, which allows the company to issue up to 413.3 million shares in tranches.
The offer will run through October 17, subject to extension or early termination with regulatory approval.
The offering is jointly managed by Bank of Commerce, BDO Capital & Investment Corporation, and PNB Capital and Investment Corporation.
