SMC pioneers share swap deal, raises P48.86B
San Miguel Corp. (SMC), the conglomerate led by billionaire Ramon Ang, has raised up P48.86 billion through what it touted as a pioneering effort.
SMC has completed a preferred share exchange offer and a public offer. The shares have been listed on the Philippine Stock Exchange.
The firm’s P18.86 billion exchange offer covered investors holding Series 2-J and 2-K shares, giving them the option to swap them for newer ones 2-P, 2-Q and 2-R.
The offer enabled swapping of investments on a one-for-one basis instead of waiting for redemption.
SMC described this as an innovation in the local capital markets, traditionally limited to straightforward redemptions, as it introduces greater flexibility and liquidity for investors.
Through the exchange offer, a total of 251.47 million shares were swapped, comprising 173.76 million Series 2-J and 77.71 million Series 2-K. Meanwhile, the remaining older shares will be redeemed in October and December.
Alongside this, the conglomerate giant also witnessed strong traction for its public offer of preferred shares priced at P75 each. From this, SMC was able to raise P30 billion.
“The twin offerings are part of its broader strategy to align capital structure with long-term value creation and to give investors more avenues to participate in its growth,” SMC said.
As one of the largest and most diversified conglomerates in the local market, SMC is involved in food and beverage, packaging, fuel and oil, energy and infrastructure.
SMC earlier said that it would raise more funds to finance its major infrastructure projects. These include the rehabilitation of the Ninoy Aquino International Airport as well as the long-delayed air hub in Bulacan.
The group, together with Incheon International Airport, started managing Naia operations in September 2024.
The company is also developing the P740-billion New Manila International Airport, with its completion date delayed by a year to 2028 due to supply chain woes.
Despite this, company chair Ang remained confident of finishing the project in three years.
The group started construction works for the Bulacan airport in 2019.
SMC recorded a robust first-half performance, with its profit surging to P66.8 billion from P13.6 billion.
