SMC plans to issue P65b worth of preferred shares

Conglomerate San Miguel Corp. said it is raising P65 billion from the issuance of preferred shares.

SMC said its board of directors approved the filing of shelf registration of 886.666 million Series 2 preferred shares at P75 apiece. The shares may be issued in tranches for a period three years.

The company said for the initial offering, it would issue up to 666,666 million preferred shares worth about P50 billion.

The shares will be registered with the Securities and Exchange Commission and will be listed on the Philippine Stock Exchange.

The SMC board authorized the management to finalize other terms and conditions of the offering including timetable and dividend rate for the preferred shares.