San Miguel plans to raise P65B via sale of preferred shares

San Miguel Corp. is looking to raise P65 billion through the public offering of 866.7 million series 2 preferred shares within the next three years.

San Miguel, a diversified conglomerate with interests in food, beverage, packaging, cement, oil, power, tollways, and infrastructure development, has applied with the Securities and Exchange Commission for the shelf registration of the preferred shares, which will be offered at a price of P75 each.

It said the use of proceeds and the dividend rate will be determined later and disclosed as supplement to the offer prospectus. The shares will only be offered in the Philippines.

San Miguel said it plans to list the series 2 preferred shares on the Philippine Stock Exchange.

Just last month, San Miguel raised P13 billion from the private placement of series 2-M preferred shares which the company will use for general corporate purposes.

San Miguel has been actively raising capital to fund ongoing projects including the new Manila international airport, tollway extension, and the electric train system along Commonwealth Avenue as well as support expansion projects of various businesses, and to repay debts.