Philippines' San Miguel to Raise up to $1.68 Billion via Preferred Shares
Manila. Philippine conglomerate San Miguel Corp said on Friday it plans to raise up to 80 billion pesos ($1.68 billion) by issuing preferred shares to manage its debt profile and fund expansion plans.
San Miguel would sell up to 1.07 billion preferred shares at 75 pesos ($1.57) each in the next three years, the company said in a regulatory filing.
San Miguel's board approved the initial offering of up to 30 billion pesos worth of preferred shares, also at 75 pesos per share.
The conglomerate, which continues to seek acquisitions to boost revenues, will file a registration statement and prospectus with the Securities and Exchange Commission.
San Miguel President Ramon Ang told Reuters on Friday the company will team up with Japan's Kirin Holdings Co Ltd if it bids for SABMiller PLC's Grolsch and Peroni beer brands.
San Miguel kicked off an expansion program in 2008 to include power, mining, telecommunications, oil refining and infrastructure to its stable of food, beverage and beer businesses.
Reuters
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