Inquirer
SMC pioneers share swap deal, raises P48.86B
San Miguel Corp. (SMC) successfully raised nearly P49 billion through a combination of a preferred share exchange offer and a public offering of new shares.
The P18.86-billion exchange offer allowed holders of Series 2-J and 2-K preferred shares to swap their investments for Series 2-P, 2-Q, and 2-R preferred shares on a one-for-one basis.
A total of 251.47 million shares were tendered during the exchange, with SMC still holding 92.91 million Series 2-J and 106.19 million Series 2-K shares for redemption on October 29 and December 10, respectively.
Additionally, SMC secured P30 billion from its separate public offering of preferred shares, Series 2-S, 2-T, and 2-U, which was fully subscribed.
The public offer consisted of a P20 billion base offer and a P10 billion oversubscription option, with each share priced at P75.
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