Diversified conglomerate San Miguel Corp. (SMC) is raising up to ₱30 billion from the public offering of preferred shares while also making a tender offer to swap a previous series of preferred shares worth about ₱33.8 billion with treasury shares.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said its board of directors has authorized the offering of 266.67 million series 2 preferred shares (worth ₱20 billion) with an oversubscription option of 133.33 million series 2 preferred shares worth ₱10 billion.

The public offer shares will be issued in three subseries, namely subseries 2-S, 2-T, and 2-U, at an offer price of ₱75 per share.

SMC said it will be filing the appropriate registration statement and prospectus with the Securities and Exchange Commission (SEC) as well as the listing application with the PSE for the series 2 preferred shares.

“For these purposes, the board has authorized the management to determine other relevant terms and conditions of the public offering in accordance with the market conditions as well as the engagement of the services of underwriters, advisors, legal counsels, stock and transfer agent, receiving agent or bank, and other agents as may be necessary, proper or desirable to effect the offering,” SMC said.

Meanwhile, SMC said it will offer an exchange to the holders of the 266.67 million subseries 2-J of the series 2 preferred shares (SMC2J) and 183.9 million subseries 2-K of the series 2 preferred shares (SMC2K).

The swap will be offered at a rate of exchange of one exchange share to one of any of the series 2 preferred shares, to be re-issued in three subseries, namely subseries 2-P, 2-Q, and 2-R, which will be re-issued from the treasury series 2 preferred shares of SMC.

For this, SMC will be filing of the application for voluntary tender offer as may be required by the SEC and filing of the listing application with the PSE for the series 2 preferred shares.