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San Miguel may woo small investors as it cuts dollar debt

Manila

SAN Miguel Corp, the Philippines' largest company, may sell bonds to small investors and cut its dollar-denominated debt to tap the country's growing wealth and shield its earnings from a weaker peso.

The energy, infrastructure and beer company plans to borrow more in pesos and sell preferred shares to refinance existing dollar debt and fund infrastructure projects ranging from rail and power to ports and toll roads, its president Ramon Ang, 62, said on Friday.

Marketing bonds to mom-and-pop investors, rather than just to big institutional clients, mirrors a move by the Philippine government and companies including Globe Telecom Inc and Filinvest Land Inc. Retail investors typically buy bonds...

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