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SMC raises PHP20 billion from preferred share sale

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By Victoria “NIKE” De Dios

As San Miguel Corporation (SMC) ramps up economic boosting projects, it has successfully raised PHP20.0 billion from its Series 2-J preferred shares listed at the Philippine Stock Exchange today.

With a total of 266,666,667 Series 2-J preferred shares were sold to the retail, institutional and trading participants of the PSE. Shares were priced at PHP75.00 each with a dividend rate of 4.75% per annum.

The preferred share issuance is the initial tranche under SMC’s shelf registration of up to 533,333,334 Series “2” preferred shares with the Securities and Exchange Commission (“SEC”) to be sold within a period of three (3) years.

Proceeds of the issuance will be used by SMC for investments in projects of existing businesses, particularly the New Manila International Airport in Bulacan and Mass Rail Transit 7.

“We are very happy with the outcome of this offering. There’s a lot of optimism riding on a recovery in 2021 and while there is still some reason for caution, investors are confident enough that we can deliver on our commitment to build back better and pursue projects that are crucial to the recovery and future growth of our country,” SMC president and COO Ramon S. Ang said.

BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, Philippine Commercial Capital Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Corporation acted as Joint Issue Managers, Joint Underwriters and Bookrunners for this Preferred Share issuance.

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