Posted on November 27, 2014 10:48:00
PM
By Daphne J. Magturo, Reporter
SM Prime Holdings, Inc., the holding
company for tycoon Henry Sy, Sr.’s real estate businesses, said it raised P18
billion ($400 million) from the placement of treasury shares.
The proceeds will bankroll its capital
expenditures and potential acquisitions, including a freshly-minted alliance
with the Ayala group for Ortigas properties, it said in a series of regulatory
filings.
“The transaction involved a successful overnight bookbuilding process, which saw strong interest from high quality institutional investors in Asia, Europe and the United States,” SM Prime said in a press statement issued on Thursday.
In a special meeting on Wednesday, the company’s board of directors approved the transaction, which involved the sale of 1.06 billion shares at P17 each, the company said in its disclosure to the Philippine Stock Exchange.
The price represents a 4.9% discount to the P17.88-per-share closing price on Wednesday when the transaction was made. Shares were last traded at P17.02 each, down 4.8%.
J.P. Morgan Securities Plc. and Macquarie Capital Securities (Singapore) Pte. Ltd. were the joint bookrunners, while BDO Capital & Investment Corp. was the domestic lead manager.
On Nov. 7, SM Prime and Ayala Land, Inc. said they had agreed to drop all cases related to their ownership dispute for the vastly landed OCLP Holdings, Inc., deciding instead to enter into a “strategic alliance” and give each other equal control.
OCLP is the holding firm of Ortigas & Co. that owns the Greenhills shopping complex in San Juan, Tiendesitas and Capitol Commons.
SM Prime also earlier said it plans to open four to five shopping malls next year, including one in China, to boost the group’s gross floor area by an annual 8%.
Its commercial unit, meanwhile, said it earmarked around P4 billion in capital expenditure next year to finance ongoing construction of its E-Com buildings at the Mall of Asia complex, as well as two new developments in Quezon City and Ortigas district.
The entire group has set P60.9 billion in capital expenditure this year.
“The transaction involved a successful overnight bookbuilding process, which saw strong interest from high quality institutional investors in Asia, Europe and the United States,” SM Prime said in a press statement issued on Thursday.
In a special meeting on Wednesday, the company’s board of directors approved the transaction, which involved the sale of 1.06 billion shares at P17 each, the company said in its disclosure to the Philippine Stock Exchange.
The price represents a 4.9% discount to the P17.88-per-share closing price on Wednesday when the transaction was made. Shares were last traded at P17.02 each, down 4.8%.
J.P. Morgan Securities Plc. and Macquarie Capital Securities (Singapore) Pte. Ltd. were the joint bookrunners, while BDO Capital & Investment Corp. was the domestic lead manager.
On Nov. 7, SM Prime and Ayala Land, Inc. said they had agreed to drop all cases related to their ownership dispute for the vastly landed OCLP Holdings, Inc., deciding instead to enter into a “strategic alliance” and give each other equal control.
OCLP is the holding firm of Ortigas & Co. that owns the Greenhills shopping complex in San Juan, Tiendesitas and Capitol Commons.
SM Prime also earlier said it plans to open four to five shopping malls next year, including one in China, to boost the group’s gross floor area by an annual 8%.
Its commercial unit, meanwhile, said it earmarked around P4 billion in capital expenditure next year to finance ongoing construction of its E-Com buildings at the Mall of Asia complex, as well as two new developments in Quezon City and Ortigas district.
The entire group has set P60.9 billion in capital expenditure this year.
