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MANILA, Philippines – San Miguel Corp. (SMC) is seeking to raise as much as P30 billion from a preferred share sale, with proceeds earmarked for its flagship airport project in Bulacan and the refinancing of maturing debt.
In a disclosure on Monday, the conglomerate said it had submitted to the Securities and Exchange Commission a registration statement and prospectus covering the offer of 266.67 million Series 2 preferred shares valued at P75 each, with an oversubscription option of up to 133.33 million additional shares.
READ: San Miguel aims to raise P30B from preferred share offer
The offer shares will be reissued in three subseries—2-V, 2-W and 2-X—and form part of a proposed issuance of up to P30 billion in Series 2 preferred shares.
