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SEC clears SMC’s plan to offer shares worth P20b

The Securities and Exchange Commission approved an application of conglomerate San Miguel Corp. to offer P20 billion worth of preferred shares.

The regulator cleared in a Sept. 29 meeting San Miguel’s plan to offer up to 533.333 million Series 2 preferred shares within a three-year period, subject to certain remaining requirements.

San Miguel will initially offer 133.33 million Series 2 preferred shares in the first tranche, with an oversubscription option for another 133.33 million at a maximum price of P75 each.

The initial tranche to be issued in one subseries, Series 2-J will be listed and traded in the Philippine Stock Exchange.

San Miguel plans to use net proceeds from the fund raising activity to finance investments in businesses, including the Bulacan airport and MRT-7 projects, and general corporate purposes.

San Miguel tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Philippine Commercial Capital Inc., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint issue managers, joint lead underwriters and book-runners for the offer.

San Miguel reported a P4-billion net loss in the first six months, a reversal of the P26.1-billion net income registered in the same period last year, as the pandemic affected operations of core businesses.

First half revenues declined 31 percent to P352.8 billion.

The conglomerate said it started seeing signs of recovery with the easing of quarantine restrictions in a bid to reopen the economy.

Meanwhile, San Miguel said it launched free livelihood and skills training program for Bulacan residents ahead of the construction of the P734-billion Manila International Airport in Bulakan, Bulacan.

San Miguel president and chief operating officer Ramon Ang said the massive training program that is open for all Bulacan residents is part of SMC’s job creation initiative to help Filipinos adapt to changing demands and benefit from opportunities that will emerge with the construction of the airport project in Bulacan.

“This airport project will be a game-changer, not only in terms of its effect on the economy of Bulacan and the entire Philippines. More importantly, this will change the lives of Bulacan residents even beyond the pandemic. These courses are for free and open to all residents of Bulacan who are willing to learn,” Ang said.

“By helping them develop new skills, we equip communities with the means to become resilient to rapid changes and future needs and empower them to be able to transform their lives for the better. We also want to make sure that the benefits of this project are shared equitably among our kababayans,” he said.

Topics: Securities and Exchange Commission , SEC , San Miguel Corp. , SMC
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