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SMC starts P30 billion preferred share offer
San Miguel Corporation (SMC) has started offering up to P30 billion worth of Series 2 preferred shares at P75 each.
The offering includes 266.7 million Series 2 shares with an oversubscription option for an additional 133.3 million shares.
The dividend rates for Series 2-S, 2-T, and 2-U are 6.9650%, 7.2560%, and 7.5360% per annum, respectively.
The offer period is from October 15 to October 17, with the shares to be issued and listed on October 24 on the Philippine Stock Exchange.
SMC will use the proceeds to refinance short-term loans used for redeeming other preferred shares and to fund infrastructure projects like the Manila International Airport and tollways.
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