SMC Raises ₱34-B In Share Sale

Diversified conglomerate San Miguel Corp. (SMC) has raised P34 billion from the sale of firm-offer preferred shares and oversubscription option shares during its follow-on offering (FOO).

SMC was commended for its decision to tap the equities market at a time when most companies have deferred their capital-raising plans. I Photo: San Miguel Corporation

The Philippine Stock Exchange said SMC formally listed its Series 2-L, 2-N, and 2-O preferred shares through a bell-ringing ceremony held last December 1, 2023.

PSE President and CEO Ramon S. Monzon commended SMC for its decision to tap the equities market at a time when most companies have deferred their capital-raising plans.

SMC recently registered P65 billion worth of preferred shares with the Securities and Exchange Commission and slated a follow-on offering for up to P30 billion in November to pay debt and fund its massive airport project.

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