SEC OKs San Miguel’s P20-B preferred share offering

The Securities and Exchange Commission (SEC) has given the thumbs up to San Miguel Corporation’s (SMC) preferred share sale to raise P20 billion to fund its businesses and flagship projects.

In a statement on Wednesday, the SEC said it authorized SMC to sell P20 billion worth of preferred shares to the public under a shelf registration.

The corporate regulator said its 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.

Initially, SMC will offer 133,333,400 Series 2 preferred shares, with an oversubscription option of 133,333,267, at a maximum price of P75 each.

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

It said SMC expects to net P19,885,949,641.74 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 MRT7 Project, and for general corporate purposes,” the SEC said.

SMC tapped 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. — Ted Cordero/BM, GMA News