<article>Philippine conglomerate <a style="color: #000080" href="http://www.sanmiguel.com.ph">San Miguel Corp (SMC)</a> seeks to raise up to $740.6 million (P33.5 billion) in a planned preferred shares sale offer.</article>

Philippine conglomerate <a style="color: #000080" href="http://www.sanmiguel.com.ph">San Miguel Corp (SMC)</a> seeks to raise up to $740.6 million (P33.5 billion) in a planned preferred shares sale offer.
SMC earlier informed the stock exchange that its board of directors authorized the issuance and offer for sale to the public and investors a total of 446,667,000 of the Series 2 preferred shares of the company at an issue price of P75 per share, to be issued in up to three sub-series.
&#8220;For these purposes, the board has authorised the engagement of the services of underwriters, advisors, legal counsels, stock and transfer agent, receiving agent/bank, and other agents as may be necessary, proper or desirable to effect the offering,&#8221; SMC said in its statement.
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SMC likewise disclosed that it is set to file a registration statement and prospectus with the Securities and Exchange Commission, and will also file a listing application with the Philippine Stock Exchange of the new sub-series of the Series 2 preferred shares.
Only last March, SMC raised P21 billion from the re-issuance and private placement of its Series 1 preferred shares, which consisted 279.41 million preferred shares offered at P75 apiece.
The shares were bought by Gingoog Holdings Corp, Lucena Holdings Corp, and Metroplex Holdings Corp.
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SMC chairman Eduardo Cojuangco Jr, recently announced that San Miguel had moved from being just a food company, to a diversified conglomerate with strong investments in telecom, infrastructure, power generation, and oil refinery.
SMC achieved this diversification by investing about P300 billion in acquisitions over the last seven years, including around P150 billion in its existing businesses.
SMC&#8217;s last trading price decreased by 0.17 per cent or P0.100 to close at P60.
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San Miguel approves $740.6m shares sale in PH

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San Miguel approves $740.6m shares sale in PH

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