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SMC plans public offer of P40-B preferred shares

Diversified conglomerate San Miguel Corporation has filed an application with the Securities and Exchange Commission for the shelf registration of P40 billion worth of preferred shares to be offered within three years.

 In a disclosure to the Philippine Stock Exchange, SMC said it is seeking the registration of 533.33 million Series 2 Preferred Shares, and is planning an initial offering of up to 266.67 million Series 2 Preferred Shares at P75 per share for a total of P20 billion.

 The initial offer will consists of 133.33 million Series 2 Preferred Shares worth P10 billion with an over-allotment option of another 133.33 million shares also worth P10 billion.

SMC said it plans to issue the Offer Shares to institutional and retail investors in the Philippines through a public offering to be conducted through its Underwriters. The Offer does not include an international offering.

The target offering period is from September 25 to October 9, 2020 with listing at the PSE on October 20.

SMC said it will use the proceeds for investment in its subsidiaries: San Miguel Food & Beverage, Inc., Petron Corporation, SMC Global Power Holdings, Corp., San Miguel Holdings Corp. and San Miguel Properties, Inc.; or for general corporate purposes.

It has tapped BDO Capital & Investment Corporation, BPI Capital Corporation,
China Bank Capital Corporation, Philippine Commercial Capital Inc.,
PNB Capital and Investment Corporation, RCBC Capital Corporation, and SB Capital Investment Corporation as the joint issue managers, underwriters and bookrunners.

SMCreported a net loss of P4 billion for the first half of 2020 from a P26.59 billion profit in the same period last year due to the lockdown and alcohol ban during imposed to curb the spread of the COVID-19 pandemic.

  In a statement, SMC said consolidated revenues amounted to P352.8 billion, 31 percent lower from last year while consolidated operating income declined by 74 percent at P14.9 billion.

However, SMC reported a rebound in its businesses by the end of the second quarter of 2020 as it continues to respond nimbly to the new normal, through an agile operating model built around consumers along with the reinforcement of its culture of “malasakit” (caring).

With the recent reimposition of restrictions, the company said it is prepared to execute on its plans and support government initiatives to the fullest to help the country recover. 

“The first half was particularly challenging for most in the business sector but we are seeing strong indications of a recovery for SMC businesses, and we remain focused and determined to build on these gains,” SMC president and COO Ramon S. Ang said.

Source: Manila Bulletin (

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