LISTED CONGLOMERATE San Miguel Corp. (SMC) is eyeing Nov. 20 as the issuance date of its preferred shares, with the proceeds to be used as payment for short-term loans and added investments in its New Manila International Airport in Bulacan province. 

In a stock exchange disclosure on Wednesday, the Ramon S. Ang-led firm said it had submitted a copy of its registration statement with the preliminary prospectus for its shelf registration, as well as the offer supplement for the initial offering, to the Securities and Exchange Commission. Both the prospectus and the offer supplement, uploaded on SMC’s website, are dated Sept. 12. 

SMC said in its offer supplement that the net proceeds of the issuance will be used for the repayment of its short-term loan facilities, repayment of its Series B bonds and Series H bonds, as well as additional investments for its P735-billion Bulacan airport and other airport-related projects in the event that the oversubscription option is exercised.

It added that the offer period is targeted to begin on Nov. 6 at 9 a.m., and will end at noon on Nov. 13.

SMC previously disclosed that its board of directors had approved a shelf registration of its Series 2 preferred shares for up to a total of P65 billion at P75 per share, which will be issued over the next three years. It consists of up to 866,666,700 Series 2 preferred shares.   

The company’s initial offering will have a maximum issue size of up to P50 billion or 666,666,700 shares. It consists of 400,000,000 Series 2 preferred shares with an oversubscription option of up to 266,666,700 Series 2 preferred shares.

Meanwhile, SMC said the joint issue managers for the Series 2 preferred shares are the Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp.

It added that the joint lead underwriters and bookrunners are Asia United Bank Corp., Bank of Commerce, BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines.

SMC has business interests in sectors such as food and beverage, packaging, energy, fuel and oil, infrastructure, cement, property, and banking services.

In the first half, it posted an 18% growth in net income to P23.3 billion due to improvements in its beer, spirits, infrastructure, and packaging units.   

On Wednesday, shares of SMC at the local bourse increased 50 centavos or 0.48% to end at P105.50 each. — Revin Mikhael D. Ochave