Philippine regulator approves San Miguel’s up to $1.14 billion preferred share-sale plan

October 22, 2023 - 5:10 PM
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San Miguel Corporation office
Philippine conglomerate San Miguel Corp priced shares in its food and beverage unit at the bottom of an indicative selling range, seeking to raise 34 billion pesos ($634 million) in Southeast Asia's worst-performing market. (Wikimedia Commons/Elmer Domingo)

 The Philippines’ corporate regulator said on Thursday it has approved a plan by conglomerate San Miguel Corp SMC.PS to raise up to 65 billion pesos ($1.14 billion) through preferred shares.

“The company intends to use a portion of the net proceeds to repay Philippine peso-dominated short-term loan facilities and previously issued bonds, and to invest in airport and airport-related projects,” the corporate regulator said in a statement.

For the initial tranche, San Miguel will offer 400 million preferred shares at 75 pesos each to raise 30 billion pesos, with an option to sell 266.7 million more shares, it added.

San Miguel hired Bank of Commerce, BDO Capital, and China Bank Capital to lead the share sale.

($1 = 56.8450 Philippine pesos)

— Reporting by Neil Jerome Morales; Editing by Shri Navaratnam