MANILA, Philippines - SM Investments Corp., the listed flagship firm of the family of retail tycoon Henry Sy, yesterday approved the appropriation of P30 billion for new investments and general corporate purposes.
SMIC did not provide other details.
The SM Group recently entered the geothermal power business via a partnership with global oil giant Chevron. The conglomerate is also teaming up with the Pangilinan-led Manila North Tollways Corp. to bid for the P15.5 billion expressway that would link three terminals of the Ninoy Aquino International Airport (NAIA) with each other and to the Entertainment City along Roxas Boulevard.
The Sy family is vying for control of OCLP Holdings Inc., the private holding firm that owns the 16-hectare Greenhills shopping complex.
The Ortigas group has a vast urban landbank spanning Mandaluyong, San Juan and Quezon City, the crown jewel of which is Greenhills shopping center.
SMIC was close to acquiring a foothold in OLCP by buying British banking giant HSBC’s 34-percent stake. The Ortigas family, however, exercised its right of first refusal over HSBC’s shares to retain control of the property holding firm.
SMIC recently completed a $150 million top-up share placement to institutional investors, selling 9.1 million primary common shares at P700 apiece.
It also raised $500 million from an offshore bond offering that has attracted $3.1 billion worth of bids from institutional and private banking investors across Asia and Europe.
The landmark bond issue, which was several times oversubscribed, was priced with one of the lowest ever coupon for a seven-year fixed rate bond issued by a Philippine corporate.
In July, SMIC raised P15 billion from the sale of fixed-rate bonds.
SMIC owns stakes in mall giant SM Prime Holdings Inc. property firm SM Development Corp., and lenders Banco De Oro Unibank and China Banking Corp.