SMC crowned ‘stock market champion’

Over P146 billion raised since 2020

MANILA, Philippines — San Miguel Corp. (SMC) now has a new moniker after Philippine Stock Exchange Inc. (PSE) president and CEO Ramon Monzon crowned the diversified conglomerate as a “stock market champion.”

Monzon said SMC has raised the most capital from follow-on offerings (FOOs) in the market since 2020.

“Including the shares to be listed today, SMC has raised a total of P146.65 billion from the issuance of 11 preferred share subseries spanning five FOOs,” he said after SMC officially listed its Series 2V, 2W and 2X preferred shares on the PSE yesterday.

“With a track record like that, SMC might as well stand for stock market champion – at least in terms of fundraising. Further cementing this title is the market’s consistent overwhelming demand for SMC’s preferred shares; this specific offering alone was oversubscribed by 3.27 times its base offer,” Monzon added.

SMC successfully raised P30 billion from its oversubscribed preferred share sale.

The offer is comprised of 400 million Series 2 preferred shares, consisting of a base size of 266.67 million shares and an oversubscription option of up to 133.33 million shares.

The preferred shares, which were offered at P75 apiece, carry initial dividend rates of 8.0401 percent for Series 2V, 8.3570 percent for Series 2W and 8.6483 percent for Series 2X.

Proceeds from the offer will be used by the company for the refinancing in full of existing short-term loans incurred to redeem Series 2-I preferred shares in March 2026, as well as repayment of Series C and Series J bonds maturing in March 2027.

A portion will also be used to make additional investments in the group’s infrastructure business, including the Manila International Airport and other airport-related projects in Bulacan.

Monzon recognized SMC’s massive contribution to the Philippine economy, saying the company is “truly living out its core purpose of leading nation-building.”

SMC in its latest sustainability report said that it distributed P1.43 trillion of the P1.5 trillion in total revenues last year back to suppliers, employees, investors, communities and the government.

Monzon said SMC’s financial momentum also continues to be remarkable, with its consolidated revenues expanding by 19 percent to P428 billion in the first quarter and delivering P22.5 billion in net income.

“SMC’s continuous growth and strategic expansion are a testament to the visionary leadership of its chairman and CEO Ramon Ang. I am fully confident that this operational momentum will be sustained under SMC’s capable management team, now led by its president and COO John Paul Ang,” Monzon said.