Metro Manila (CNN Philippines, October 19) — The multibillion-peso shelf offerings of San Miguel Corporation (SMC) and Vista Land & Lifescapes secured the go signal from the Securities and Exchange Commission (SEC).
The registrations were cleared during a commission en banc meeting last Tuesday, Oct. 17, according to a SEC statement.
The corporate regulator said Thursday that it “considered favorably” the public offerings of the two companies.
The Ramon Ang-led SMC group plans to offer preferred shares worth up to ₱65 billion.
For the first tranche, SMC targets to make ₱30 billion from 400 million shares, valued at ₱75 each. The size could even increase by ₱20 billion more if SMC records strong demand from public investors.
The conglomerate giant is seen to net up to ₱49.62 billion from the initial offering, assuming the full oversubscription option is exercised.
Proceeds from this fund-raising activity would help finance SMC’s existing debts, and its plan to invest in airport projects.
On the ₱35-billion shelf registration of Vista Land, meanwhile, the company wants to initially offer ₱6 billion worth of fixed-rate bonds.
Vista Land has an option to raise the offering by as much as ₱4 billion.
Its net may reach over ₱9.83 billion once the oversubscription option is tapped.
The regulator said SMC and Vista Land’s offerings can be traded at the Philippine Dealing and Exchange.
