SEC OKs San Miguel’s P30-B preferred share offering

THE Securities and Exchange Commission (SEC) has approved the registration of San Miguel Corp.’s (SMC) follow-on offering of preferred shares worth up to P30 billion.

In a July 7 meeting, the SEC Commission En Banc declared effective SMC’s registration statement covering 400 million Series 2 preferred shares, subject to the company’s compliance with remaining regulatory requirements, the regulator said on Wednesday.

The offering consists of a base tranche of 266.67 million preferred shares and an oversubscription option of up to 133.33 million additional preferred shares.

The preferred shares will be priced at P75 each and issued in three subseries: Series 2-V, Series 2-W, and Series 2-X.

If the oversubscription option is fully exercised, SMC expects to raise net proceeds of up to P29.77 billion.

Based on the company’s latest timetable submitted to the SEC, the offer period will run from July 15 to 23, while listing on the Philippine Stock Exchange’s (PSE) Main Board is targeted for July 31.

SMC earlier said the proceeds will partly refinance short-term borrowings used to redeem its Series 2-I preferred shares in March 2026 and repay Series C and Series J bonds maturing in March 2027.

The company also plans to use part of the proceeds to fund investments in infrastructure projects, including the Manila International Airport and related airport developments in Bulakan, Bulacan.

SMC appointed Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as joint issue managers.

They will also serve as joint lead underwriters and bookrunners together with BPI Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital and Investment Corp., and Security Bank Capital Investment Corp.

The PSE expects companies to raise about P204 billion through the capital market this year, based on applications received so far, exceeding its initial target of P170 billion.

PSE President and Chief Executive Officer Ramon S. Monzon said the revised forecast reflects applications received to date for initial public offerings, preferred share offerings, and private placements.

SMC’s preferred share offering is among the transactions in the PSE’s capital-raising pipeline for 2026.

On Wednesday, shares of SMC fell 1.04%, or 70 centavos, to close at P66.55. — Alexandria Grace C. Magno