SMC to raise P20b for Bulacan airport

Conglomerate San Miguel Corp. said Tuesday is preparing another P20-billion preferred shares offering to partially fund the planned airport project in Bulacan province.

San Miguel said in a disclosure to the stock exchange it filed with the Securities and Exchange Commission an application for the issuance of 133.33 million preferred shares, with an oversubscription option for another 133 million shares at an offer price of P75 apiece.

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The offering of 266.66 million Series 2-J preferred shares represents the second tranche from the company’s 533.333 million preferred shares under shelf registration approved by the SEC last month.

The company plans to hold the offering from Nov. 18 to Nov. 24. The shares will be listed on the Philippine Stock Exchange on Dec. 3.

The conglomerate tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as joint issue managers, lead underwriters and book runners for the offering.

This article was originally published by Manila Standard.

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