SM Group, the business empire of tycoon Henry Sy Jr., has decided to merge its property businesses into one real-estate giant firm, with the surviving entity, SM Prime Holdings Inc., having the biggest market capitalization of about $14 billion in the country.

The boards of directors of SM Investments Corp. (SMIC) and SM Prime announced that they are consolidating property-related businesses of SMIC, under SM Prime, the Philippines’ leading shopping mall owner and operator.

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