Tycoon Henry Sy’s SM Group is allocating a combined 2013 capital spending of P60 billion for all the property businesses it intends to merge within this year.
“Right now, what we have are the sum of parts of all the individual property companies [we will merge], and this year the total is about P60 billion,” Jeffrey Lim, SM Development Corp. president, told reporters after the SM Prime Holdings Inc. stockholders meeting held on Wednesday.
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