August 21, 2024 | 12:00am
MANILA, Philippines — SM Investments Corp. (SMIC), the investment holding company of the Sy family, has entered into a property-for-share swap deal with a subsidiary for assets in Muntinlupa City.
The transaction involves the transfer by Intercontinental Development Corp. (ICDC) of its landholdings in Susana Heights in exchange for new common shares of SMIC.
The assets for acquisition involve 184 hectares of land owned by ICDC.
With the acquisition, SMIC will increase its real estate assets.
“In accordance with applicable Securities and Exchange Commission (SEC) rules and regulations, the respective boards of directors of the SMIC and ICDC deemed it necessary and advisable to enter into the transaction for optimal utilization and development of the properties and to align with their respective broader business strategies,” SMIC said.
SMIC owns 96.75 percent of ICDC. SMIC senior vice president for finance Franklin Gomez and SMIC senior vice president for legal Arthur Sy serve as ICDC directors.
SMIC said the transaction is subject to approval and confirmation of valuation by the SEC.
Upon completion of all closing conditions, new SMIC shares will be issued to ICDC.
Shares of SMIC will be issued out of its authorized and unissued capital stock.
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