Philippine Digest: San Miguel raising $580m; Integrated Micro-Electronics eyes $97m rights offer

A logo of San Miguel Corporation (SMC) is seen at a main office in Ortigas city, metro Manila February 12, 2016. REUTERS/Romeo Ranoco

San Miguel Corporation, one of the Philippines’ largest conglomerates, is raising up to Php30 billion in fixed-rate bonds denominated in the local currency while Integrated Micro-Electronics said it has received approval for its Php5 billion rights offer.

San Miguel Corporation raising $580m in peso fixed rated bonds

Listed conglomerate holding company San Miguel Corporation (SMC) is raising up to Php30 billion ($580 million) through peso-denominated fixed rate bonds due in 2023.

In a disclosure to the Philippine Stock Exchange (PSE), SMC said it had filed a registration statement with the Securities and Exchange Commission to issue Php20 billion in fixed-rate bonds with an oversubscription of up to Php10 billion.

The bonds represent the third tranche of the conglomerate’s Php60-billion bond shelf registration previously approved by the SEC. It was assigned an issue rating of PRS Aaa, with a stable outlook, by the Philippine Rating Services Corporations.

SMC said it will use the proceeds to refinance existing loan obligation and invest more in existing businesses, including SMC Global Power Holdings Corporation, San Miguel Holdings Corporation, and San Miguel Properties Incorporated. The bonds will be listed with the Philippine Dealing and Exchange Corporation.

“The decision to use the net proceeds for either purpose is subject to the sound business judgment of management taking into consideration among others, favorable market conditions; the demands of the business and operations of the company; and the capital requirements of its relevant subsidiary,” SMC disclosed.

Integrated Micro-Electronics eyes $97m in rights offer

Integrated Micro-Electronics, a listed electronics manufacturing firm, has received approval from the PSE for a stock rights offer that would raise up to Php5 billion ($97 million) for the company’s budgeted capital expenditures and debt refinancing.

In its disclosure, the company said it is offering up to 350 million new common shares to eligible shareholders. The said offering is exempted from registration from the Securities and Exchange Commission.

The offer is open to existing common shareholders of the Company as of 14 February 2018, who are located inside the Philippines or located in jurisdictions outside the Philippines and outside the United States where it is legal to participate in the offer.

AC Industrial Technology Holdings Inc, IMI’s controlling shareholder, and Resins Incorporated, which beneficially own an aggregate of 63.46 per cent of the company, have expressed their full support for the proposed offer. Integrated Micro-Electronics is a wholly-owned subsidiary of Ayala Corp.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.