SMC raising P30 billion from pref share sale

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May 15, 2026 | 12:00am

MANILA, Philippines — Diversified conglomerate San Miguel Corp. (SMC) plans to raise as much as P30 billion in fresh funds from another round of preferred share sale.

SMC said its board approved yesterday a public offering of P20 billion worth of Series 2 preferred shares, with an oversubscription option of P10 billion.

The company will issue 266.67 million Series 2 preferred shares, with an oversubscription option of 133.33 million shares, at an offer price of P75 per share.

The offer will be issued in three subseries: Subseries 2-V, 2-W and 2-X.

SMC management has been authorized to determine the relevant terms and conditions of the public offering in accordance with market conditions and the engagement of underwriters, advisors, legal counsel, stock and transfer agent, receiving bank and other agents as may be necessary.

The company will file the appropriate registration statement and prospectus with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange (PSE) for the preferred shares.

SMC in October last year listed in the PSE its maiden exchange offering preferred shares – SMC2P, SMC2Q, SMC2R – and preferred securities SMC2S, SMC2T and SMC2U from its follow-on offering.

SMC raised P30 billion for its Series 2-S, 2-T, and 2-U prefs, one of the biggest amounts of capital raised via a follow-on offering in PSE’s history.

The funds raised from the follow-on offering were allocated for refinancing of SMC’s short-term loans used to redeem Series 2-F preferred shares and to pay for partial redemption of Series 2-J and 2-K preferred shares.

A portion of the proceeds was also allocated to infrastructure projects, such as tollways and the New Manila International Airport in Bulacan.