San Miguel Corporation (SMC) raised a total of P48.86 billion in preferred shares on the Philippine Stock Exchange, marking the first exchange offer by a private company alongside a public offering.
The conglomerate’s P18.86 billion exchange offer covered its Series 2-P, 2-Q and 2-R preferred shares, allowing holders of its Series 2-J and 2-K shares to swap their holdings on a one-for-one basis instead of waiting for redemption.
SMC said the move introduces greater flexibility and liquidity for investors – a first in the local capital market, which has traditionally relied on straightforward redemptions.
A total of 251.47 million shares were tendered under the exchange offer, comprising 173.76 million Series 2-J and 77.71 million Series 2-K shares. The remaining 92.91 million Series 2-J and 106.19 million Series 2-K shares will be redeemed on October 29 and December 10, 2025, respectively.
At the same time, SMC launched P30 billion public offer of preferred shares—Series 2-S, 2-T, and 2-U—consisting of a P20 billion base offer and a P10 billion oversubscription option, priced at P75 per share which was fully subscribed.
SMC said the twin offerings form part of its broader strategy to align capital structure with long-term value creation while providing investors more opportunities to participate in the company’s growth.
The company, one of the Philippines’ largest and most diversified conglomerates, is invested in industries essential to nation-building and remains among the most active corporate users in the domestic capital markets.
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