San Miguel Corp. said Thursday it raised nearly P13 billion from the private placement of 173.3 million series 2-M preferred shares.
San Miguel, whose diverse business interests span food, beverage, banking, real estate, energy, and infrastructure, said it will use the proceeds from the sale of preferred shares for “general corporate purposes,” which may include debt repayment.
Depending on the approval of the Philippine Stock Exchange, San Miguel intends to list the series 2-M preferred shares on the main board of the exchange on 29 August, a Tuesday.
In March, San Miguel announced plans to reissue 270 million series 2 preferred shares that are perpetual, cumulative, non-voting and redeemable at the option of the company.
SMC didn’t immediately provide the terms of
the re-issued preferred shares, whose par value is P5 each.
