San Miguel board approves sale of fixed-rate bonds

The San Miguel Corp. board of directors approved. (SMC) to offer the company up to 80 billion pesos in fixed-rate bonds.

The company said in its disclosure that its offer consists of 60 billion pesos, with the option to increase the subscription by 20 billion pesos.

In March, Philippine Dealing and Exchange Corp., the giant group was listed with a total of 30 billion pesos in 5-year Series J notes maturing in 2027 and 7-year Series K notes maturing in 2029.

The proceeds were used to refinance the Company’s short-term loan facility and for other general corporate purposes.

San Miguel Corp. previously said its first-half income fell 33 percent to 19.8 billion pesos from 29.57 billion pesos last year, due in part to the effects of foreign exchange losses, corporate refunds and corporate tax incentives (CREATE). ) Law.

Recurring income, which excludes foreign exchange and CREATE loss, rose 24 percent to 32.48 billion pesos from 26.09 billion pesos last year.

Consolidated sales revenue increased 73 percent to 711.4 billion pesos from 410.12 billion pesos previously thanks to continued volume growth and improved selling prices.

The company’s operating income grew 41 percent to 85.85 billion pesos from 61.01 billion pesos last year, primarily due to improved performance by its Petron Corp. fuel and oil subsidiary and the restoration of its food and beverage, packaging and infrastructure operations. “Overall, it was a very difficult period, with geopolitical conflict leading to uncertainty, supply issues and serious costs affecting industries around the world. Nevertheless, even as the effects of the pandemic persist, we are encouraged by the strong and growing demand for our products and services, as evidenced by the evidence of our higher volumes and revenue in the first half,” President and CEO of San Miguel Ramon S Ang said.

This indicates that the economic recovery and growth in our country is advancing. We will maximize every opportunity to further enhance our performance in the second half.”

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