Business

SMC P20B preferred share offer gets SEC nod

The Securities and Exchange Commission (SEC) has approved San Miguel Corp.’s planned issuance of P20 billion worth of Series 2 preferred shares.

According to documents filed with the SEC, as much as 533.33 million Series 2 preferred shares at a maximum issue price will be offered to the public within a three-year period.

SMC will initially offer 133.33 million Series 2 preferred shares, with an oversubscription option of 133.33 million shares.

Net proceeds from the offering, amounting to P19.885 million assuming the oversubscription option is fully exercised. will be used for investments in the company’s existing businesses, including its Bulacan international airport project and the MRT-7, as well as for general corporate purposes.

BDO Capital & Investment Corp., BPI Capital, China Bank Capital, Philippine Commercial Capital, 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 offer.

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