The board approved the move on Aug. 7, marking the tenth anniversary of the Series 2-F issuance. Stockholders on record as of September 10 will be paid on Sept. 22, as the original redemption date of Sept. 21 falls on a Sunday.
The redemption will be partly funded by proceeds from SMC’s upcoming preferred share sale, which seeks to raise nearly P30 billion to refinance debt and support its infrastructure projects.
The offering covers 266.7 million shares at P75 each, with an oversubscription option for 133.3 million shares.
The sale, set for Oct. 13–17, would be the country’s largest this year if fully subscribed, topping Ayala Corp.’s P20 billion offer in June and Filinvest Development Corp.’s P8 billion issuance earlier this month.
Proceeds will also go toward redeeming Series 2-J and 2-K shares and financing the Bulacan airport and tollways.
—Edited by Miguel R. Camus
