San Miguel Corporation (SMC) said that it’s going to delay the issuance of its commercial papers worth P60 billion because of the enhanced community quarantine in Luzon that will last until mid-April. The spread of coronavirus diseases has urged the company to postpone the issuance. According to the firm, the process of the registration statement will be deferred, as well as the issuance and the listing. The company will wait for the condition to stabilize and will announce an update regarding the issuance soon.
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SMC has requested for Securities and Exchange Commission (SEC) if it can hold off on further action in connection with the registration statement of the company. SMC was able to file the shelf registration of commercial papers worth P60 billion in February 6 with SEC. Per the review of the Philippine Ratings Services Corporation, the papers have the highest credit rating of PRS Aaa. To comply with the rules of the government, the company said that it’s waiving its 45-day review period under Section 12.6 of Securities and Regulation Code. The company will advise the SEC once it finalizes its decision.
Amid this virus pandemic, SMC announced a couple of days ago that they will help the manufacturers of alcohol to produce more disinfectant. The company used its ingredients in its popular alcohol brands to recreate something. Just a few days ago, SMC was able to release hundreds of bottles of alcohol. This is one contribution the firm is doing in order to contain the spread of the virus. Despite the shutdown of some of its business segments, SMC is still positive about this situation.
On top of its contribution to providing more alcohol to the public, SMC also guarantees that it’s going to continue to manufacture food 24/7. Some of its employees will be helping during the process in order for the supply of food to keep coming to the needy areas. This is the company’s move to assure there will be no shortage of stocks. Consumers can rest assured that the food supply is enough until the quarantine is over, which will last up to mid-April. For investors out there, use this information to help you decide whether you will hold or sell your investments in the company.