SAN MIGUEL CORP. has filed a registration statement for a P30-billion preferred share offering to refinance debt and fund infrastructure projects, including the Manila International Airport development in Bulacan province.
In a disclosure to the stock exchange on Monday, the corporate said it had submitted a registration statement and preliminary prospectus to the Securities and Exchange Commission covering as many as 400 million Series 2 preferred shares.
The offer features a base tranche of 266.67 million shares and an oversubscription option of as many as 133.33 million additional shares, in response to the preliminary prospectus.
The shares will likely be priced at P75 each and issued in three subseries: 2-V, 2-W and 2-X.
San Miguel expects to lift nearly P20 billion from the bottom offer, with total gross proceeds potentially reaching P30 billion if the oversubscription option is fully exercised.
The group said proceeds would partly refinance short-term borrowings used to redeem its Series 2-I preferred shares in March 2026 and settle Series C and Series J bonds maturing in March 2027.
Funds may also support further investments in infrastructure projects, including the Manila International Airport and related airport developments in Bulakan, Bulacan.
The offer period is scheduled from July 15 to 23, while the popular shares are targeted to list on the Philippine Stock Exchange’s principal board on July 31.
San Miguel tapped Bank of Commerce, BDO Capital & Investment Corp. and China Bank Capital Corp. as joint issue managers.
Joint lead underwriters and bookrunners include Bank of Commerce, BDO Capital, BPI Capital Corp., China Bank Capital, Land Bank of the Philippines, Philippine Industrial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and Security Bank Capital Investment Corp.
San Miguel shares fell 5.35% to P67.20 each on the local bourse. — Alexandria Grace C. Magno