SAN Miguel Corp. (SMC) completed its follow-on offering of P30 billion preferred shares on Monday with a listing on the Philippine Stock Exchange (PSE), strengthening its position as one of the country’s most active capital market issuers.
The newly listed preferred shares — Series 2V, Series 2W and Series 2X — carry dividend rates of 8.0401 percent, 8.3570 percent and 8.6483 percent.
PSE President and CEO Ramon Monzon said the transaction was the biggest amount raised through a follow-on offering in the local market in the last seven years.
“SMC has raised the most capital from follow-on offerings in the market since 2020,” he said during the listing ceremony.
“Including the shares listed today, SMC has raised a total of P146.65 billion from the issuance of 11 preferred share subseries spanning five follow-on offerings,” Monzon added.
“With a track record like that, SMC might as well stand for ‘stock market champion’ — at least in terms of fundraising.”
Monzon noted that the latest offering was oversubscribed by 3.27 times, reflecting sustained investor demand for San Miguel’s preferred securities.
The base offer consisted of 266.67 million preferred shares, with the oversubscription option of 133.33 million shares fully exercised amid brisk market demand.
The company has said that the net proceeds would primarily be used to refinance existing obligations, including the redemption of Series 2-I preferred shares and the repayment of Series C and Series J bonds maturing in 2027.
It said part of the funds raised may also be used to support the company’s infrastructure investments, including the New Manila International Airport and related developments in Bulakan, Bulacan.
San Miguel Corp. shares slipped P1.10, or 1.64 percent, to close at P65.90 each on Monday.
