SMC releases another P296M for airport project – BusinessWorld Online
SAN MIGUEL CORP. (SMC) said it has made an additional P296.48-million disbursement from its P20-billion bond proceeds for the Manila International Airport Project.
In a disclosure to the stock exchange on Tuesday, the conglomerate said the release represents another investment in the airport project.
The company earlier reported having released a total of P19.73 billion from the bond proceeds, leaving no remaining balance from the net proceeds of the offering.
The bond issue forms part of SMC’s fundraising program to finance infrastructure projects, including the New Manila International Airport (NMIA), which is aimed at easing congestion at Ninoy Aquino International Airport.
Through its unit San Miguel Aerocity, Inc., the company is developing the P740-billion airport project across 2,500 hectares in Bulacan.
SMC said the project is designed to accommodate up to 100 million passengers annually once completed.
In September, SMC disclosed a P471.12-million disbursement for the NMIA project, bringing total spending from the bond proceeds to P16.91 billion at the time and leaving a balance of P2.82 billion.
The conglomerate has also reported delays in construction that pushed back the airport’s targeted commercial opening to 2028.
SMC shares closed unchanged at P79.50 apiece on Wednesday. — Alexandria Grace C. Magno