Quick takes from around the market
1. San Miguel [SMC 103.00 unch; 43% avgVol] [link] gave notice that its follow-on offering (FOO) of preferred shares was approved by the PSE. SMC will sell 666,666,700 preferred shares, split into three classes (SMC2L, SMC2N, SMC2O), at a price of P75.00/share. The offer period will start today and run through to November 21, with a tentative listing date scheduled for December 1. This is the first tranche of the ?65 billion shelf registration that the SMC board authorized in September. SMC also announced the initial dividend yields for the subseries of this offering: SMC2L (7.9145%), SMC2N (8.3466%), SMC2O (8.5936%).
