Posted on November 06, 2013 10:47:34
PM [ BusinessWorld Online ]
SY-LED SM Investments Corp. (SMIC) is
set to expand its property investment portfolio as it signed a deal to acquire
assets in the Philippines of a Netherlands-based firm, the conglomerate said in
a disclosure yesterday.
The firm said it “entered into a share purchase agreement with CPI Asia
Ten B.V. for the acquisition of its entire stake in various property companies
in the Philippines.”
“The final amount of the consideration
shall be determined at a later date and shall be subject to the execution of
the proper implementing agreements,” the conglomerate said in its disclosure.
In a separate disclosure dated Nov. 5,
SMIC said its board of directors authorized the company “to acquire and
purchase from CPI Asia… its investments and share of stock” in 10 firms. The
companies were identified as Crescent Park 14-678 Property Holdings, Inc.;
14-678 Property Holdings, Inc.; Crescent Park 6-24 Property Holdings, Inc.;
6-24 Property Holdings, Inc.; Crescent Park 18-2 Property Holdings, Inc.; 18-2
Property Holdings, Inc.; Crescent Park 6-3 Property Holdings, Inc.; 6-3
Property Holdings, Inc.; Crescent Park 19-1 Property Holdings, Inc.; and 19-1
Property Holdings, Inc.
The board, likewise, authorized the
management of SMIC to “negotiate the terms and conditions of the acquisition of
the… shares…”
Company officials were not immediately
available for details.
SMIC’s net income rose 17.87% to
P18.08 billion in the first half from P15.34 billion the previous year.
Revenues jumped 16% to P122.11 billion from P105.14 billion, while costs and expenses
climbed 13.61% to P96.58 billion from P85.01 billion.
Last month, SM Group bagged the
Securities and Exchange Commission’s approval to merge SM Prime Holdings, Inc.
and SM Land, Inc. in a transaction that will leave the former as surviving
entity.
The regulator also cleared the listed
property developer’s increase in authorized capital stock to P40 billion from
P20 billion and issuance of common shares for acquisition of real estate
companies and properties held by SMIC through share swap.
The merger was approved after SM Land
-- a privately held company of the Sy family -- acquired condominium builder SM
Development Corp. and leisure property developer Highlands Prime, Inc.
Yesterday, shares of SMIC lost P22 or
2.73% to close P813 apiece from P835 on Tuesday, while those of SM Prime shed
40 centavos or 2.08% to end P18.80 each from P19.20. -- Claire-Ann Marie C.
Feliciano
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