The Sy-led property giant’s board has approved the reclassification of 100 million unissued common shares into preferred stock, creating a new equity funding channel alongside debt.
Terms, pricing, and timing will be determined after shareholders vote on the amendment at the April 28 annual meeting.
The sale is expected to happen in the second half of 2026, an insider said.
Large corporations are increasingly tapping preferred shares for funding, as seen in San Miguel Corp.’s P49-billion issuance in 2025 and Globe Telecom’s recent P25-billion offer.
“Preferred shares are also equity accounted, so helps in improving debt to equity ratio,” an industry source said.
The move comes after the developer returned to the local debt market with a P17-billion retail bond sale and earlier completed a $350-million offshore bond issue that drew nearly three times demand.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
