SMIC P15-B bond issue to fund growth plan, debt payment

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SM Investments Corp. (SMIC) said it intends to use the proceeds of its P15-billion bond issue for debt repayment and financing part of its P400 billion five-year growth plan. Eight days ago the enlarged SM Prime Holdings Inc., which is now the parent firm for all SM Group’s property assets, embarked on the five-year growth plan that involves P400-billion of total capital spending. At the company’s annual stockholders meeting, SM Prime Chief Financial Officer Jeffrey Lim unveiled the five-year plan for the Henry Sy-led group’s merged property firm. The plan involves the establishment of 32 additional SM malls, six of which are in China and 26 are in the Philippines, as well as the development of 20 more residential projects, four office buildings, five more hotels, and four additional leisure developments, all in the span of five years.

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