MANILA - Diversifying conglomerate San Miguel Corp. will issue up to 226.8 million preferred shares via a private placement to finance new ventures and acquisitions, the firm said on Thursday.

This month San Miguel issued more than 870 million Series 1 preferred shares at P75 pesos each for a share swap offer in which it converted common shares to preferred shares.

At the same issue price, the private placement would be valued at P17 billion. San Miguel did not identify the buyer of the shares.

The company, with interests ranging from food and beverage to power and tollroad development, said it had authorised its board of directors to set the issue price and dividend rate of the Series 1 preferred shares for the private placement.

"The proceeds from the issuance will be used to finance investments and acquisitions of the company," San Miguel told the stock exchange.

The preferreds it issued earlier this month carried a dividend rate of 8% per annum.

San Miguel president Ramon Ang told Reuters last month the company was looking at new acquisitions in the power and energy sector, and was studying new investments in a gold and copper mine and more tollway and expressway projects.

The 119-year-old company wants to transform its business to include power and energy, infrastructure, and telecoms to fuel faster growth after dominating its home market in food and beverages.

San Miguel last month signed a 3-year $600 million loan with a mandated lead arranger group of 12 banks, with proceeds likely to finance some of its acquisitions possibly in the power sector.

San Miguel made the disclosure after the market closed. On Thursday, its B shares, open to all investors, added 0.75% to P67 while its A shares, exclusive to locals, were unchanged at P66. The main index edged up 0.4%.