San Miguel Plans To Raise At Least PhP15-B In New Funds

Conglomerate San Miguel Corp. (SMC) plans to raise another PhP15 billion in new funds in the first half of 2016 which will be used mainly to refinance infrastructure and power project loans.

SMC treasurer and chief financial officer Ferdinand Constantino said the new funds will be generated through issuance of preferred shares or corporate notes.

“Basically for infrastructure projects and power,” he said. “(These projects aim) basically to help the country for development.”

SMC held a bell ringing ceremony at the Philippine Stock Exchange on Wednesday after successfully raising PhP30 billion from sale of preferred shares.

”(It is) twice oversubscribed,” said Constantino.

SMC’s businesses are beverages, food, oil refining and marketing, infrastructure, packaging, properties and power and energy. It has also interests in banking, telecoms and a range of other industries. (PNA) LGI/LDV