The diversified conglomerate, led by tycoon Ramon S. Ang, will begin accepting subscriptions on July 15, with the preferred shares scheduled to start trading on the Philippine Stock Exchange on July 31, according to a draft prospectus.
San Miguel will initially offer 266.7 million preferred shares priced at P75 each and could sell another 133.3 million shares if investor demand is strong.
Preferred shares allow companies to raise long-term funding by paying investors regular dividends without giving them voting rights.
Strong banking lineup
Most proceeds to repay debt
San Miguel expects to raise up to P19.83 billion from the initial offer and as much as P29.77 billion if all additional shares are sold.
Most of the proceeds will go toward repaying existing debt, including P6.31 billion for short-term loans used to redeem earlier preferred shares, P6.02 billion for Series C bonds due in March 2027, and as much as P17.44 billion for Series J bonds maturing the same month.
Any remaining proceeds will be invested in airport and other infrastructure-related projects within two years of the share sale.
The dividend rates will be announced on July 13, followed by the Securities and Exchange Commission’s permit to sell on July 14, before the offer runs from July 15 to July 23.
—Edited by Miguel R. Camus
