3 February 2014, Pasay City, Philippines. SM Investments Corporation (SMIC or SM) received the “Most Innovative Deal” Award from financial magazine Alpha Southeast Asia for the merger of its property assets. The merger is considered a landmark deal in catapulting SM’s property development arm, SM Prime Holdings, Inc. as one of Southeast Asia’s largest real estate companies.
Receiving the award on behalf of SM last January 23, 2014 in Kuala Lumpur is SM Prime Holdings, Inc. Chief Finance Officer Jeffrey Lim. With Mr. Lim is Alpha Southeast Asia Magazine publisher Siddiq Bazarwala.
Bazarwala had said that the domestic merger has therefore helped SM increase synergies and organizational efficiencies among the various real estate business units, and will no doubt further enhance the value of its real estate businesses in the Philippines. SM Prime has an aggregate land bank of more than 825 hectares and total assets of US$7.5 billion as of September 30, 2013.
Plans for the consolidation of SM Investments’ property-related businesses under SM Prime were first announced on May 31 of this year involving a series of steps which included tender offers leading to the delisting of SM Development Corporation and Highlands Prime, Inc.; the merger of SM Land, Inc. (SM Land) with SM Prime through a share-for-share swap; and the acquisition by SM Prime of certain real estate companies and assets held by SM Investments in exchange for new shares in SM Prime. These transactions were subsequently approved by the Securities and Exchange Commission last October 10.
About SM Investments Corporation
SM is one of the country’s largest holding companies. Over the last five decades, SM has demonstrated its leadership in its core businesses—banking, property development and retail as well as growing interest in hotels and conventions. SM has also ventured into investments outside of its core businesses where it sees value and high growth opportunities such as in mining, energy, and integrated resorts to name a few. SM is listed on the Philippine Stock Exchange under the symbol, “SM”. SM’s American Depositary Receipts (ADR) is available over the counter in the United States under the symbol “SMIVY”.
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For further information, please contact:
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
Tel. No. 857-0117
Date: Monday, February 3, 2014
Source: SMIC Investor Relations