Thursday, April 7, 2011

San Miguel readies strategy for share sale, telco spending

CEBU CITY -- Diversified conglomerate San Miguel Corp. is expected to announce today the terms of a P250-billion share sale and bond issuance in line with plans to spend for infrastructure and telecommunication projects, officials said.

Aurora T. Calderon, senior vice-president, said they were still waiting for the market situation report from their foreign underwriters -- Goldman Sachs, Credit Suisse, Standard Chartered and Deutsche Bank.

The report is expected to be presented to the management before this week is over.
“It (secondary offering) has not been decided. What was approved was for us to consider an offering. We will make a decision within this week and announce the terms by Friday night,” she said in an interview after an investors’ briefing here Wednesday evening.

Another investors’ briefing will be held in Manila on Monday.

Its board had announced this week that it approved the sale of San Miguel common shares and the issuance of convertible bonds.

The fund-raising comes as the food-to-power giant moves to step up its presence in the infrastructure and mobile networks in time for upcoming government auctions of contracts and the merger of two telecommunication rivals, the officials said.


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