Diversified conglomerate San Miguel Corp. plans to raise as much as ₱30 billion through the sale of preferred shares to refinance looming debt obligations and bankroll its ambitious aviation infrastructure portfolio.

The diversified company filed a registration statement with the Securities and Exchange Commission (SEC) and an application with the Philippine Stock Exchange (PSE) to market 266.67 million Series 2 preferred shares, according to its prospectus.

The base offer includes an oversubscription option of up to 133.33 million shares, priced at ₱75 apiece. The equity sweetener will be issued in three tranches: Subseries 2-V, 2-W, and 2-X.

San Miguel expects to run the institutional and retail offer period from July 15 to July 23, 2026, with a tentative listing on the bourse's main board scheduled for July 31, 2026.

The fundraise comes as San Miguel manages a heavy capital expenditure cycle, led by its massive airport developments. The company earmarked up to ₱5 billion of the proceeds to inject into its infrastructure arm within 12 months of the issuance. The capital will primarily fund the New Manila International Airport and surrounding aerotropolis infrastructure projects in Bulakan, Bulacan, a province just north of the capital.

The bulk of the capital, however, will be deployed toward debt management. If the oversubscription option is fully exercised, San Miguel will allocate ₱6.31 billion to pare down short-term loans with BDO Unibank Inc. totalilng ₱6.62 billion. This includes a ₱5.17 billion facility drawn on May 25, 2026, and due on June 29, 2026, alongside a ₱1.45 billion loan maturing on June 3, 2026, which was originally used to redeem Series 2-I preferred shares.

From the ₱20 billion base offer, the conglomerate will utilize up to ₱6.02 billion to settle its 10-year, 5.7613% Series C bonds maturing in March 2027. Another ₱13.81 billion from the base portion—rising to ₱17.44 billion if the oversubscription option is tapped—is designated to retire its 5-year, 5.2704% Series J bonds, which also mature in March 2027.

Any funding shortfall will be covered by San Miguel's internal cash generation. Prior to disbursement, the net proceeds will be held in short-term liquid instruments.

Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. are handling the transaction as joint issue managers. The group is joined by Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.