SAN MIGUEL CORP. (SMC) completed its P30-billion preferred share follow-on offering, the biggest such offering in seven years, with the listing of its Series 2V, 2W, and 2X preferred shares on the Philippine Stock Exchange (PSE) on Monday. The preferred shares are listed under the ticker symbols SMC2V, SMC2W, and SMC2X, carrying dividend rates of 8.0401%, 8.3570%, and 8.6483%, respectively. In a statement on Monday, the PSE said the offering was 3.27 times oversubscribed, reflecting investor demand that exceeded the base offer size. PSE President and Chief Executive Officer Ramon S. Monzon said the transaction marked SMC’s fifth preferred share follow-on offering since 2020. At the local bourse on Monday, SMC shares fell P1.10, or 1.64%, to P65.90 apiece.