SMC to redeem Series 2 preferred shares

MANILA, Philippines — San Miguel Corp. (SMC), the country’s diversified conglomerate, has issued a notice of redemption for its Series 2 preferred shares.

In a disclosure, SMC said the redemption price is P75 per share and shall be in accordance with the terms and conditions of the issuance of the SMC2D shares.

“Proceeds from the redemption of the SMC2D shares shall be paid on Sept. 21, 2020 to the stockholders of record as of Sept. 14, 2020,” it said.

SMC will redeem 89,000 outstanding and issued shares with the terms and conditions of the issuance of SMC2D shares.

“As disclosed on Aug. 6, 2020, the board of directors approved the payment of dividends to holders of the preferred shares of the company, including the SMC2D shares as of Sept. 21, 2020, which dividends shall be paid on Oct. 5, 2020,” SMC said.

SMC has been managing its balance sheet amid the COVID-19 pademic.

It has committed to help revive the economy through crucial infrastructure projects that can immediately create jobs, stimulate economic activity, and in the long-term pave the way for an inclusive post-pandemic economic recovery.

Among the major investments of SMC is the upcoming P734-billion Manila international airport project in Bulacan, touted to be the largest and most modern international gateway in the country.  It is expected to generate hundreds of thousand of jobs during the construction phase alone.

Over the long-term, SMC said the project, to be built at no cost to government, is seen to solve perennial congestion problems at the country’s primary gateway.

The airport will initially feature four parallel runways with a provision for two more; a world-class terminal, and an infrastructure network that will include a mass rail system to ensure easy connectivity.

Furthermore, the new airport would be capable of handling up to 100 million passengers per year, seen to create about 30 million tourism-related jobs, and generate more than a million direct jobs for host province Bulacan and nearby provinces, according to SMC.