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Manila Bulletin devider Business devider The Stock Market devider San Miguel seeks ₱30 billion to fund airports, tollway projects

San Miguel seeks ₱30 billion to fund airports, tollway projects

Published Aug 23, 2025 12:32 am  |  Updated Aug 23, 2025 03:05 pm
Ramon S. Ang
Ramon S. Ang
Diversified conglomerate San Miguel Corporation is using proceeds of its planned ₱30 billion preferred share offering to refinance at least ₱16.75 billion in short term debt as well as for investments in its airports and tollways businesses.
Based on the prospectus, SMC is 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, 2-U at an offer price of ₱75 per share to be issued on October 24, 2025.
The offering represents the second tranche of SMC’s shelf-registered 866.67 million cumulative, non-voting, non-participating, non-convertible, redeemable, re-issuable Philippine Peso-denominated, perpetual Series 2 Preferred Shares worth up to ₱65 billion.
According to the prospectus, proceeds will be for the refinancing of existing short-term loans amounting to ₱16.75 billion that will be used to redeem the Series 2-F Preferred Shares.
The balance of the proceeds will be used to partially redeem SMC’s Series 2-J Preferred Shares and the Series 2-K Preferred Shares, or to make additional investments in SMC’s infrastructure business, including the Manila International Airport and other airport related projects in Bulacan, and its tollways projects.
“Any shortfall from the net proceeds of the Offer allotted to any of the foregoing will be financed from the Company’s internally generated funds,” SMC said.
The Offer Shares are being offered for subscription solely in the Philippines through Bank of Commerce, BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corporation, RCBC Capital Corporation, and Security Bank Capital Investment Corporation.
The Offer Shares will be listed and traded on the Main Board of The Philippine Stock Exchange, Inc.

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