SMC readies P20 billion preferred share sale
SMC will use proceeds from the offer for its infrastructure projects, through San Miguel Aerocity Inc. or such other infrastructure subsidiaries as the company may deem appropriate in furtherance of the completion of the airport and MRT 7 projects.
STAR/File
SMC readies P20 billion preferred share sale
Iris Gonzales (The Philippine Star) - October 28, 2020 - 12:00am

MANILA, Philippines — San Miguel Corp., the country’s diversified conglomerate, is now preparing the second tranche of its preferred share sale.

In a disclosure yesterday, SMC said it filed with the Securities and Exchange Commission (SEC) an updated registration statement covering another P20 billion worth of Series “2” preferred Shares which would be issued also at P75 per share.

The offer, consisting of 266 million shares, will run from Nov. 18 to 24 with the target listing date on Dec. 3.

SMC will use proceeds from the offer for its infrastructure projects, through San Miguel Aerocity Inc. or such other infrastructure subsidiaries as the company may deem appropriate in furtherance of the completion of the airport and MRT 7 projects.

SMC, headed by tycoon Ramon Ang as its president and COO, is a diversified conglomerate with interests in beer, infrastructure, power, banking, refinery, packaging, food and beverage.

Over the last couple of years, the company has been raising funds for its various expansion projects.

SMC is proceeding with its massive P734-billion airport project in Bulakan, Bulacan with construction expected to commence within the month.

BDO Capital & Investment Corp,, China Bank Capital Corp, PNB Capital and Investment Corp, RCBC Capital Corp and SB Capital Investment Corp. are the joint issue managers, joint lead underwriters and bookrunners for the issue.

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