San Miguel Corporation (SMC), one of the country’s largest and most diversified conglomerates, has successfully raised ₱48.86 billion through the listing of new preferred shares at the Philippine Stock Exchange (PSE)—a milestone that marks the first-ever preferred share exchange offer by a private Philippine company.
The ₱18.86 billion exchange offer covered SMC’s Series 2-P, 2-Q, and 2-R preferred shares, enabling holders of Series 2-J and 2-K shares to swap their investments on a one-for-one basis instead of waiting for redemption. This innovative approach enhances investor flexibility and market liquidity, setting a new precedent in the Philippine capital market.
A total of 251.47 million shares were tendered under the exchange offer, consisting of 173.76 million Series 2-J and 77.71 million Series 2-K shares. The remaining 92.91 million Series 2-J and 106.19 million Series 2-K shares will be redeemed on October 29 and December 10, 2025, respectively.
At the same time, SMC launched a ₱30 billion public offering of new preferred shares—Series 2-S, 2-T, and 2-U—comprising a ₱20 billion base offer and a ₱10 billion oversubscription option priced at ₱75 per share, which was fully subscribed.
According to SMC, the twin offerings are part of its broader strategy to strengthen its capital structure, support long-term value creation, and offer investors more ways to participate in its growth story.
As a key player in the Philippine economy, SMC maintains significant investments across infrastructure, food and beverage, power, and fuel sectors—continuing its mission to drive nation-building and inclusive economic development.