SAN Miguel Corporation (SMC) formally listed its Series 2-L, 2-N and 2-O preferred shares through a bell ringing ceremony held at the Philippine Stock Exchange (PSE) on Friday, December 1, 2023.
SMC raised P34 billion from the sale of firm offer shares and over-subscription option shares during its follow-on offering (FOO).
PSE President and CEO Ramon S. Monzon commended SMC for its decision to tap the equities market at a time when most companies have deferred their capital raising plans.
“SMC’s FOO was a resounding success. Not only were the base shares fully taken up, but part of the oversubscription option was likewise availed of by savvy investors. Clearly, this is an affirmation of the market’s trust and confidence in the company’s proven track record and the visionary leadership of the company’s President and CEO, Mr. Ramon S. Ang, and his capable management team.”