San Miguel Corp. (SMC), led by bilyonaryo Ramon S. Ang, is poised to bolster its coffers through the offering of preferred shares via a private placement.
The company has greenlighted the re-issuance of 270 million Series 2 preferred shares that are sourced from its treasury shares.
SMC has not released further information regarding the planned private placement, saying that additional disclosures would be provided upon the execution of definitive agreements with subscribers.
This move is seen as a strategic step for SMC, allowing the company to diversify its funding sources while positioning itself for potential investment opportunities.
SMC is a diversified conglomerate engaged in various industries such as food, beverage, packaging, power, fuel and oil, infrastructure, and telecommunications. Its operations include the production of beverages, poultry, animal feed, meat, flour, and dairy products, as well as the manufacturing of glass and plastic packaging.
In addition, the company generates electricity, refines and markets petroleum products, and builds infrastructure.