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SM firms swapping P64-b shares today

By Jenniffer B. Austria | Posted on Aug. 12, 2013 at 12:01am |
Majority of the shareholders of SM Development Corp. and Highlands Prime Inc. agreed to exchange shares for the bigger, expanded and consolidated SM Prime Holdings Inc.
SM Prime chief finance officer Jeffrey Lim said in an interview nearly 99 percent of Highlands Prime shares and 98 percent of SM Development stocks were tendered during an offering period that ended
Aug. 2, 2013.
SM Land Inc. made the tender offer as part of the planned consolidation of the companies owned by the family of retail tycoon Henry Sy under SM Prime Holdings Inc.
A total of 7.146 million shares owned by SM Prime, SM Development and Highlands Prime worth P64 billion will be crossed today at the Philippine Stock Exchange to formalize the exchange of shares.
The acquisition of SM Development and Highlands Prime shares is the first step in the planned merger of the Sy family’s property assets.
Under the terms of the tender offer, SM Land is offering SM Prime shares for SM Development and Highlands Prime stocks.
SM Development shares were exchanged for 0.472 SM Prime share while every stock of Highlands Prime was swapped for every 0.135 of SM Prime share.
After the completion of the exchange offers, the second step of consolidation involves the merger of SM Land with SM Prime, with the latter as the surviving entity.
SM Prime will then acquire specific real estate companies and assets currently held by holding company SM Investments Corp. in exchange for new shares in SM Prime. One of the assets to be acquired is the 60-hectare Mall of Asia complex in Pasay City.

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