MANILA, Philippines—San Miguel Corp. has set a price of P75 per share for the new series of preferred stocks that it will soon offer to common shareholders who opt to hold debt-like instruments rather than outright equity.

In a disclosure to the Philippine Stock Exchange (PSE) Monday, San Miguel said that aside from setting the pricing of the preferred shares, the management had approved the dividend rate of 8 percent per annum for these instruments.

The terms of the preferred shares—aimed at existing investors who are skeptical about the company’s diversification program—were attractive, said Jose Mari Lacson, head of research at local brokerage Campos Lanuza & Co.

He said the dividend rate approved was within his expected range and would still be about four times more than what common shareholders were currently getting. He noted this was also consistent with earlier pronouncements by the San Miguel management.

Over the last 12 months, the dividend rate on San Miguel’s common shares was about 2.3 percent.

The price of P75 per share was also acceptable, Lacson said.