BULACAN — San Miguel Corp. (SMC) has allocated an additional P177.48 million for the Manila International Airport project in Bulakan, Bulacan, using proceeds from its Series 2 preferred share offering.
In a September 21 regulatory filing, SMC said the latest disbursement brought the total amount used from the offering to P8.81 billion.
SMC raised P30 billion from the offering, with P29.74 billion in net proceeds after expenses. Of this amount, P20.93 billion remained unused after the latest disbursement.
The company said part of the proceeds would fund infrastructure investments, including the airport project and related developments in Bulakan.
The remaining funds are also intended for refinancing short-term borrowings and repaying bonds due in March 2027. SMC shares closed unchanged at P61.60 each on Tuesday. #
SOURCE: BUSINESS WORLD
