The Securities and Exchange Commission (SEC) said it has approved San Miguel Corp.’s preferred shares sales.
The company earlier announced filing for a shelf-registration of up to P40 billion worth of preferred shares it intends to sell in the next three years, divided into 533.33 million shares for sale at a maximum price of up to P75 apiece, with an eye to initially raise P20 billion.
San Miguel will initially offer 133.33 million of the Series 2 preferred shares, with an oversubscription option of 133.33 million. The initial tranche to be issued in one subseries, Series 2-J, and will be listed and traded on the Philippine Stock Exchange.
The company expects to net P19,885,949,641.74 from the offer, assuming the oversubscription option is fully exercised, with the proceeds up for use for investments in the company’s existing businesses, including its Bulacan Airport Project and MRT-7 Project, and for general corporate purposes.
San Miguel earlier said that should the oversubscription tranche is not fully subscribed, it will form part of the next tranche of share sale. The preferred shares will be issued under the sub-series 2-J.
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., as the joint issue managers, joint lead underwriters, and bookrunners for the offer that will only be sold in the Philippines.
