San Miguel to raise P40 billion via preferred share sale

Conglomerate San Miguel Corp. plans to raise nearly P40 billion from an offering of preferred shares over a three-year period.

Based on its prospectus submitted to securities regulators, SMC applied for shelf registration a total of 533.333 million Series 2 preferred shares.

The first tranche will have an initial offering of almost P20 billion equivalent to 266.666 million Series 2 preferred shares at a price of P75 per share.

Proceeds from the offering will be used for investment in subsidiaries San Miguel Food & Beverage, Petron Corp., SMC Global Power Holdings, San Miguel Holdings Corp. and San Miguel Properties or for general corporate purposes.

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

Source: Peso Economics