Conglomerate aids in flood mitigation; to raise P40B


    A mangrove planting program that forms part of a flood-mitigation plan ahead of the construction of an airport in Bulacan will grow 100,000 mud crabs monthly.

    San Miguel Corp. (SMC) said the mud crab production at its 10-hectare mangrove plantation site in Hagonoy, will help in the protection of the forest as well as provide a new and sustainable source of livelihood for residents.

    “These flood mitigation measures are all integral to airport development. It’s very important to address these environmental concerns before investing over P700 billion for the airport,” said Ramon Ang, SMC president, adding there is a
    the need to further improve production of mud crabs to meet demand in the coming years.

    Meanwhile, the conglomerate eyes to raise as much as P40 billion in funding from the sale of preferred shares that could run for three years.

    The company said it is offering a total of 533.33 million cumulative, non-voting, non- participating, non-convertible and redeemable preferred shares at an offer price of P75 apiece, with the initial offer at 266.67 million shares and another 133.33 million shares covering the oversubscription option.

    The company said it will use the proceeds for investment in units San Miguel Food & Beverage Inc., Petron Corp., SMC Global Power Holdings Corp., San Miguel Holdings Corp. and San Miguel Properties Inc.

    If the oversubscription tranche is not fully subscribed, this will form part of the next tranche of share sale, San Miguel said. 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. serve as joint lead underwriter and bookrunner, and joint issue manager of the share sale that will be sold only in the Philippines.