SM Group’s Highlands Prime Inc. and SM Development Corp. will no longer be part of the Philippine Stock Exchange (PSE) starting November, after the bourse gave its clearance to the delisting plan of these two companies.
The delisting plan of the two companies is in line with its property consolidation under SM Prime Holdings Inc. (SMPH).
“In its recent regular meeting, the board of the exchange has already granted the petition for voluntary delisting filed by Highlands Prime and SMDC, and accordingly ordered the delisting of the shares of the company from the official registry of the exchange [electronic board and ticker]effective November 5, 2013,” PSE said in a memorandum posted on its website on Friday.
Subject to the payment of the required voluntary delisting fee, the company’s shares shall no longer be tradable effective starting Tuesday.
Last month, the two Henry Sy-led firms SMDC and Highlands Prime filed for voluntary delisting from the PSE after complying with all the requirements.
In separate disclosures, both firms explained the delisting measure is part of the SM Group’s plan to merge all of its property development companies into one big real estate company.
Highlands Prime debuted in the local bourse in 2002, while SMDC made its first public offering in 2009.
A week ago, the Securities and Exchange Commission approved the consolidation of SM Land Inc. with SMPH, which will pave the way for the Henry Sy-led conglomerate’s plan to create a one big property company.
Also, the SEC approved the increase in the authorized capital stock of SM Prime by P20 billion. From P20 billion, the country’s largest mall developer will now have an authorized capital stock of P40 billion.
The commission also gave its approval for the change of the corporation’s primary purpose to a mixed-use real property developer.
The go-signal form the SEC came more than four months after the SM Group announced that it has decided to merge its property businesses into one real-estate giant firm, with SM Prime as the surviving entity.
Madelaine B. Miraflor