Sy-led SM Prime cuts public ownership to 26.5%

MANILA, Philippines – The public float of the real estate unit of the country’s richest family is down to 26.5%, still substantial against the minimum 10%.

SM Prime Holdings, which was recently re-organized to become the Sy family’s full-range property company, was previously 30.49% owned by the public.  

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, October 25, SM Prime said its parent SM Investments Corporation, Mountain Bliss Resort and Development Corporation and SM Prime’s directors acquired treasury shares of and subscribed to the additional issued shares in the integrated real estate firm. 

The Security and Exchange Commission on October 10 affirmed the increase in SM Prime’s authorized capital stock to P40 billion from P20 billion. This will accommodate the issuance of shares to current SM Land shareholders to replace their shares in the folded unit.

SM Land, a land developer for the SM group, was folded under mall developer and operator SM Prime in a transaction that created a property behemoth. 

SM Land previously acquired the other property units of the Sy group namely, SM Development Corp. (residential developer) and Highlands Prime Inc. (Tagaytay Highlands leisure developer).

The newly expanded SM Prime’s development projects will include malls in the Philippines and China, residential and leisure properties, and hotels. – Rappler.com