• San Miguel to sell P30-B preferred shares in March

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    SAN Miguel Corp. (SMC) has scheduled the sale of P30 billion worth of preferred shares in March as the diversified conglomerate released its indicative timetable Wednesday.

    Based on a presentation at SMC’s Institutional Investors’ Briefing in Makati on Wednesday, the deadline for submission of commitment letters and the pricing allocation is on March 3.

    On March 4, SMC is due to receive the approval and permit to sell from the Securities and Exchange Commission (SEC).

    The public offer period is set on March 7 to 11. The issue and listing is scheduled on March 21.
    The sale of preferred shares is part of SMC’s plan to raise P80 billion in fresh capital, which the company will execute in several tranches in a span of three years.

    The preferred share sale will refinance the firm’s dollar-dominated debt, for investments in the subsidiaries in its existing businesses, and for other general corporate purposes.

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