SAN MIGUEL Global Power Holdings Corp. (SMGP) said it has completed the redemption of its outstanding senior perpetual capital securities, totaling $783.16 million (approximately P45 billion).
“The redemption was made after the issuance of the notice to the holders of the securities, dated 11 March 2024,” the Ang-led company disclosed to the Philippine Dealing & Exchange Corp. last week.
SMGP said that the redemption price of the securities consists of the principal amount of $783.16 million, “plus any accrued but unpaid distributions up to (but excluding) the Step Up Date.”
“Following such redemption, distributions on the securities will cease to accrue as of the Step-Up Date, and the Securities will be canceled and delisted from the Singapore Exchange Securities Trading Limited,” the company said.
The securities were issued on April 25, 2019 and July 3, 2019 and were fully redeemed on April 25.
SMGP is the power arm of conglomerate San Miguel Corp. (SMC).
For 2023, SMGP’s net income tripled to P9.9 billion from P3.1 billion in the previous year due to better operating margins and foreign exchange gains.
Revenues declined by 23% to P169.6 billion on lower contracted volumes and prices due to reduced fuel tariffs.
In March, the Energy Regulatory Commission said that the power business of SMC is the second most dominant player in the generation sector with a market share of 19.78% in the national grid, representing an installed capacity of 5,057,360 kilowatts.
The company has a market share of 25.48%, 4.12%, and 8.12% in Luzon, the Visayas, and Mindanao, respectively. — Sheldeen Joy Talavera
