SAN Miguel Corp. (SMC) has secured regulatory approval for a planned follow-on offering of up to P30 billion in preferred shares, scheduled to kick off this month.
In a statement, the Securities and Exchange Commission (SEC) said it had rendered effective SMC’s registration statement covering 400 million Series 2 preferred shares, subject to the company’s compliance with remaining requirements.
The base offering consists of 266.67 million preferred shares with an oversubscription option of up to 133.33 million shares, or a total of 400 million preferred shares.
Based on San Miguel’s preliminary prospectus, the preferred shares will be issued in three subseries at a price of P75 apiece.
Should the oversubscription be fully exercised, SMC said it expected to raise net proceeds of as much as P29.77 billion, which it intends to use to repay existing loans and fund airport and infrastructure-related projects.
Based on the latest timetable submitted to the SEC, the offer period will run from July 15 to July 23, and the shares are scheduled to be listed on the Main Board of the Philippine Stock Exchange on July 31.
Bank of Commerce, BDO Capital & Investment Corp. and China Bank Capital Corp. are serving as joint issue managers, joint lead underwriters and joint bookrunners.
Also participating as joint lead underwriters are BPI Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp.
SMC shares dropped P0.70, or 1.04 percent, to close at P66.55 each on Wednesday.
