Henry Sy sells shares in SMIC

Ramon Calzado

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Henry Sy Sr, the country's richest man, further reduces his personal stake in SM Investments Corp. to 1.39%

MANILA, Philippines – Henry Sy Sr, the country’s richest man, sold 380,000 of his shares in holding firm SM Investments Corp. (SMIC), reducing his personal stake in the Philippines’ second most valuable firm to 1.39%.

In a disclosure to the Philippine Stock Exchange (PSE), SMIC said the mall magnate disposed the shares on April 8. Around the time, the SMIC shares were trading at about P1,117 apiece. The transaction further reduced his personal holdings to 8,692,249 shares from 9,072,249 shares or 1.45%.

Sy has been selling his shares in SMIC, according to about 50 disclosures. Back in May 2011, Sy held 83,888,369 shares or 13.71% of SMIC.

Sy’s children and wife also has shares in SMIC:

  • wife Felicidad, with 20,417,648 shares, equivalent to 3.3% stake
  • son Hans with 52,768,360 shares or 8.5% 
  • son Herbert with 52,768,360 shares or 8.5% 
  • son Harley with 46,822,633 shares or 7.5% 
  • son Henry Sy Jr. with 46,768,360 shares or 7.5% 
  • daughter Teresita with 45,668,360 shares or 7.3%
  • daughter Elizabeth with 37,372,387 shares or 6% 

The public has a 39.22% ownership in SMIC.

SMIC has a diversified portfolio that includes the biggest retail and mall chain in the country, the largest bank in terms of assets, and one of the most aggressive real estate property developers.

SMIC is the second most valuable firm next to telco giant Philippine Long Distance Telephone Co. (PLDT). It overtook PLDT as the most valuable firm in December 2012 up to January 2013. 

Closing at P1,119 a share on April 11, Sy’s holding firm now stands with a market capital of almost P700 billion. – Rappler.com

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