MANILA: Top Philippine conglomerate San Miguel Corp. said on Tuesday its board had approved a planned share and convertible bond-sale that could be the largest ever for a Filipino firm.
"The board further delegated to management the authority to determine the offer size, valuation of the shares, (and) pricing of the offer shares and convertible bonds," it told the Philippine Stock Exchange. The firm said it will sell common shares that are already listed. The move comes as San Miguel, a former brewery giant, has been pushing aggressively into oil refining, power generation and other infrastructure.
It has a market capitalisation of 400.27 billion pesos ($9.22 billion). Chief executive Ramon Ang last year said the company planned to sell a billion shares at 270 pesos each, which would raise more than $6 billion. San Miguel's shares closed 1.96 percent lower earlier Tuesday at 170 pesos. Cebu Air Inc, owner of the country's budget carrier Cebu Pacific that is now the country's largest airline, raised $539 million in its initial public offering last year to set the national record for a share offering. Property-based SM Investments Corp. raised $530 million in its 2005 IPO.
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