SAN MIGUEL CORP. (SMC) has invested P471.12 million from its P20-billion fixed-rate bond issuance in the New Manila International Airport (NMIA) project in Bulacan.
In a disclosure to the stock exchange on Tuesday, the conglomerate said the disbursement represents an additional investment in the airport project.
To date, SMC has released a total of P16.91 billion from the bond proceeds, leaving a balance of P2.82 billion from the net proceeds of the offering.
The bond issue is part of the company’s fundraising program to finance infrastructure projects, including its flagship NMIA, which is targeted to help ease congestion at Ninoy Aquino International Airport.
SMC, through its unit San Miguel Aerocity, Inc., is developing a P740-billion airport project spanning 2,500 hectares in Bulacan. The company said it aims to build a world-class aerotropolis that can accommodate up to 100 million passengers each year.
SMC earlier said that the airport’s commercial opening has been pushed back to 2028 because of construction delays.
In a separate disclosure on Tuesday, SMC said its board had approved the redemption of 223.33 million Subseries “2-F” preferred shares at P75 apiece.
The company said the redemption, approved on Aug. 7, will take effect on Sept. 21, which is an optional redemption date under the terms of the issuance and also marks the 10th anniversary of the securities’ issuance.
“Under the terms and conditions of the offering of the Preferred Shares, the Board of Directors of the Company may redeem the Preferred Shares commencing on the seventh anniversary of the issue date, which is September 21, 2022, and on the last day of any subsequent dividend period thereafter,” SMC said.
Proceeds from the redemption will be paid on Sept. 22, as Sept. 21 falls on a Sunday, to stockholders of record as of Sept. 10.
The company added that the last dividend payment for holders of the Series 2-F preferred shares, with record date Sept. 22, will be paid on Oct. 3.
SMC shares fell by 2.35% at P58.30 apiece on Tuesday. — Alexandria Grace C. Magno