San Miguel to reissue 300 million preferred shares

Reuters

Posted at Mar 26 2015 01:56 PM | Updated as of Mar 27 2015 04:16 AM

MANILA - San Miguel Corp, the Philippines' most diversified conglomerate, said on Thursday it had obtained board approval for a planned re-issuance and private placement of 300 million preferred shares.

The company did not disclose the pricing and timing of the share sale, but based on current prices, the issue could be worth around P22.8 billion ($509 million).

San Miguel's Series 2 preferred shares were trading at P76.10 apiece on Thursday.