INVESTORS swamped the preferred share sale of San Miguel Corp. (SMC), prompting the diversified conglomerate to raise the full P30 billion from the issuance of high-yielding securities, one of the underwriters of the offer said.
San Miguel exercised the P9 billion over-allotment option — adding to the base offer of P21 billion — because the shares were ?oversubscribed? at the close of the week-long offering, Jose Luis F. Gomez, president of RCBC Capital Corp., said in a mobile phone message last Friday.
?Strong demand was driven by perceived attractiveness of SMC credit coupled with the highly liquid market,? Mr. Gomez said. RCBC Capital is one of the underwriters of the share sale.
