Manila, Sept. 30 -- The Securities and Exchange Commission (SEC) has considered favorably the public offering by San Miguel Corp. (SMC) of preferred shares worth over PHP20 billion under a shelf registration.
In its meeting on Sept. 29, the Commission en banc resolved to render effective the company's registration statement for up to 533,333,334 Series 2 preferred shares to be offered within a three-year period, subject to certain remaining requirements.
SMC will initially offer 133,333,400 Series 2 preferred shares, with an oversubscription option of 133,333,267, at a maximum price of PHP75 each.
The initial tranche to be issued in one subseries, Series 2-J, will be listed and traded on the Philippine Stock Exchange.
SMC expects to net...