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The Manila Times

San Miguel completes P30 billion preferred share follow-on and lists on PSE

AI Market Summary
San Miguel Corp. completed a P30B preferred-share follow-on and listed new subseries on the PSE, with high dividend rates and a 3.27x oversubscription, signaling strong demand for yield instruments. Proceeds target refinancing and select infrastructure spend, which can improve liability management and funding flexibility. The common stock fell 1.64% on the day, suggesting limited immediate spillover to broader markets.
Impact level
● Low
Affected assets
NCCOGOLD2USD/USDT-0.68%
AI Insight · NCCOGOLD2USD/USDTAI Insight
● Neutral
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San Miguel Corp. completed a P30 billion follow-on offering of preferred shares on Monday and listed the securities on the Philippine Stock Exchange. The newly issued Series 2V, 2W and 2X preferred shares carry annual dividend rates of 8.0401%, 8.3570% and 8.6483%, respectively. The base offer covered 266.67 million shares, with the 133.33 million-share oversubscription option fully exercised. The company has now raised a total of P146.65 billion from five follow-on offerings.
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