SMC seeks ₱30 billion from preferred share offering to fund Bulacan airport project

Proceeds will help fund the Bulacan Aerotropolis project and repay bonds maturing in 2027.

San Miguel Corp. (SMC) has applied to list ₱30 billion worth of preferred shares on the Philippine Stock Exchange, seeking to raise funds for the Bulacan airport project and the repayment of maturing bonds.

SMC proposed a public offering of 400 million preferred Series 2 shares priced at ₱75 per share, for a total value of ₱30 billion. The company also aims to offer an oversubscription option of up to 133.33 million additional shares.

The preferred shares will be issued under the subseries Series 2-V, Series 2-W, and Series 2-X.

SMC submitted the necessary documents to the Securities and Exchange Commission for the planned listing of the shares on the Philippine Stock Exchange.

The offering proceeds are expected to help fund the company’s ongoing infrastructure projects, namely the Bulacan Aerotropolis airport and economic center. Part of the proceeds will also be used to repay Series C and Series J bonds maturing in 2027.

The preferred shares are targeted to debut on the local bourse on July 31, with the offer period tentatively scheduled from July 15 to 23.

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