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SEC approves SMC’s P20B preferred share offering

September 30, 2020 - Wednesday 2:09 PM by PR

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MANILA  – The Securities and Exchange Commission (SEC) has considered favorably the public offering by San Miguel Corp. (SMC) of preferred shares worth over PHP20 billion under a shelf registration.

In its meeting on Sept. 29, the Commission en banc resolved to render effective the company’s registration statement for up to 533,333,334 Series 2 preferred shares to be offered within a three-year period, subject to certain remaining requirements.

SMC will initially offer 133,333,400 Series 2 preferred shares, with an oversubscription option of 133,333,267, at a maximum price of PHP75 each. 

The initial tranche to be issued in one subseries, Series 2-J, will be listed and traded on the Philippine Stock Exchange.

SMC expects to net PHP19.886 billion from the offer, assuming the oversubscription option is fully exercised. 

The proceeds will be used for investments in the company’s existing businesses, including its Bulacan Airport Project and Metro Rail Transit Line 7, and for general corporate purposes.

SMC engaged BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, Philippine Commercial Capital Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as the joint issue managers, joint lead underwriters, and bookrunners for the offer.  

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