MANILA — The Board of Directors of San Miguel Corporation approved today the increase in its authorized capitalization from the current 4.5 billion to 7.5 billion shares, equivalent to P37.5 billion at par value, to fund the groups acquisitions and expansion into other businesses as well as pay down debts and finance possible share buy-back.
This will enable the company to issue 1.5 billion preferred shares as part of the capital raising exercise. In 2005, San Miguel sought a waiver for the shareholders pre-emptive rights on the issuance of any class of preferred shares related to equity-linked or other securities, for property needed for corporate purposes.
In an earlier disclosure, the company said that it is planning to venture into other industries namely power, mining, infrastructure, water, and other utilities to tap new engines of growth.
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