The power generation arm of diversified conglomerate San Miguel Corp. has issued $400 million worth of senior perpetual capital securities, with part of the proceeds to be used for liquefied natural gas (LNG) investments.

In a disclosure to the Philippine Dealing & Exchange Corp. on Thursday, SMC Global Power Holdings Corp. said it secured an “approval in-principle” from the Singapore Exchange Securities Trading Ltd. for the listing and quotation of these securities, which had an initial rate of distribution of 7 percent per annum.

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