Conglomerate San Miguel Corp. is aiming to raise as much as P30 billion from a preferred shares offering scheduled for the fourth quarter.
The company plans to sell 266.666 million preferred shares with an oversubscription option of up to 133.333 million, priced at P75 per share.
Net proceeds from the offering will be used to repay P16.75 billion in short-term debt and partially redeem maturing preferred shares. A portion of the funds will also be set aside for investments in airport and other related projects.
The offer period will run from Oct. 13 to Oct. 17, 2025, pending regulatory approvals. The shares will be listed on the Philippine Stock Exchange on Oct. 24, 2025.
San Miguel has engaged 10 banks as joint lead underwriters and book runners for the offering: BDO Capital and Investments Corp., Bank of Commerce and PNB Capital Investments Corp., BPI Capital Corp., China Bank Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital Inc., RCBC Capital Corp. and Security Bank Capital Investments Corp.
The company’s core net income increased 9 percent in the first half of the year to P36.7 billion, driven by gains across its food, beverage, infrastructure and power businesses.
Reported net income, which includes extraordinary gains, surged 391 percent to P66.8 billion from P13.6 billion in the same period last year. This growth was boosted by one-time gains from a valuation uplift on its 33 percent residual investment in the Ilijan power facility and Excellent Energy Resources Inc. facilities, as well as foreign exchange gains.
First-half revenues, however, declined 9 percent to P718.2 billion, mainly because of the deconsolidation of the Ilijan and Excellent Energy Resources assets and softer crude prices affecting the fuel and oil segment. These declines were partially offset by stronger results from the food, spirits and infrastructure businesses.
