1 month SMC gets go-ahead for P20-B preferred share sale Inquirer
Conglomerate San Miguel Corp. (SMC) received the government's go signal to sell up to P20-billion preferred shares to finance upcoming projects, including a massive new international airport city north of Metro Manila. The Securities and Exchange Commission (SEC) said on Wednesday it approved SMC's planned offer of up to 266.7-million preferred shares at P75 apiece. This was part of the company's three-year registration of up to 533.3 million preferred shares, which typically have no voting rights but give holders priority in dividend payouts. Because it is a long-term or shelf registration, the balance can be offered at a later date ... more