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Manila Bulletin devider Business devider SMC lists P20-B preferred shares at PSE

SMC lists P20-B preferred shares at PSE

Published Oct 29, 2020 04:52 pm

Diversified conglomerate San Miguel Corporation (SMC) has successfully raised P20.0 billion from its issuance of Series 2-J preferred shares which have been listed at the Philippine Stock Exchange.

A total of 266.67 million Series 2-J preferred shares were sold to the retail, institutional and trading participants of the PSE. Shares were priced at P75.00 each with a dividend rate of 4.75 percent per annum.

The preferred share issuance is the initial tranche under SMC’s shelf registration of up to 533,333,334 Series “2” preferred shares with the Securities and Exchange Commission to be sold within a period of three years.

Proceeds of the issuance will be used by SMC for investments in projects of existing businesses, particularly the New Manila International Airport in Bulacan and Mass Rail Transit 7.

“We are very happy with the outcome of this offering. There’s a lot of optimism riding on a recovery in 2021 and while there is still some reason for caution, investors are confident enough that we can deliver on our commitment to build back better and pursue projects that are crucial to the recovery and future growth of our country,” SMC President Ramon S. Ang said.

BDO Capital and Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, Philippine Commercial Capital Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation and SB Capital Corporation acted as Joint Issue Managers, Joint Underwriters and Bookrunners for this Preferred Share issuance.

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Ramon S. Ang PSE SMC
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