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SM gets nearer to acquiring Ortigas

Monday, 23 April, 2012 Written by Jenniffer B. Austria
[ manilastandardtoday.com ]

The SM group is “getting nearer” to acquiring a majority stake in the private holding firm of the Ortigas family.

“Everything is ready. The financing is ready. We’re just waiting for final instruction,” SM Investments Corp. vice chairman Henry Sy Jr. said.

Ortigas & Co. Limited Partnership director Rafael Ortigas confirmed last week in an interview that both parties were still in talks.

“We are talking but we have not concluded anything yet,” Ortigas said.

Sy said negotiations between the two parties are “getting nearer and nearer” and talks are getting more frequent.

The Ortigas group has vast properties in Mandaluyong, San Juan and Quezon City. Its properties include some of the country’s best residential, business and commercial developments.

These include the landmark Greenhills Shopping Center, the financial district of Ortigas Center, value regional shopping destination Tiendesitas in the mixed-use prime location of Frontera Verde, residential areas Valle Verde subdivisions, Greenmeadows, Greenhills subdivisions, Luntala, Circulo Verde and Viridian in Greenhills.

SM Investments, on the other hand, is one of the country’s largest conglomerates with investments in banking, real estate, shopping mall development and mining.

SM Investments chief finance officer Jose Sio earlier confirmed the Sy group eyed a majority interest in OCLP.

Both groups, however, did not disclose the size of the transaction.

(Published in the Manila Standard Today newspaper on /2012/April/24)
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