SUMMARY
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MANILA, Philippines – The Securities and Exchange Commission (SEC) approved the merger of the Sy group’s mall and land development arms on Thursday, October 10.
According to a Philippine Stock Exchange disclosure, SEC gave the nod to the folding of SM Land under mall developer and operator SM Prime.
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).
Read: SM group creates property behemoth
The securities regulator also 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.
The merged company is estimated to have a market capitalization of $14 billion, overtaking Ayala Land Inc. as the country’s biggest property firm.
Read: Merger of SM units may dislodge Ayala Land
As a full-range property company, the newly expanded SM Prime’s development projects will include malls in the Philippines and China, residential and leisure properties, and hotels. – Rappler.com
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