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MANILA, Philippines – The Securities and Exchange Commission (SEC) has approved the follow-on offering of up to P30 billion in preferred shares by San Miguel Corp. (SMC), paving the way for one of the largest capital-raising activities in the local market this year.
In a statement on Wednesday, the SEC said its Commission En Banc had resolved during its July 7 meeting to render effective the registration statement covering 400 million Series 2 preferred shares, subject to the conglomerate’s compliance with certain remaining requirements.
READ: San Miguel files for P30-B preferred share offering
The planned offering consists of a base size of 266,666,600 preferred shares and an oversubscription option of up to 133,333,400 shares. The preferred shares, which will be issued in up to three subseries, will be offered at P75 per share.
