Mall developer SM Prime Holdings Inc., in a disclosure to the Philippine Stock Exchange (PSE), announced that it has raised P6.55 billion (equivalent to US$ 150 million) from an equity placement.
The equity placement comprised 569,608,700 common shares, with the placement price set at P11.50 per share following a successful overnight bookbuilding process which saw strong interest from high quality institutional investors in Asia, Europe and the United States.
SM Prime said that it was the first placement of its shares since its listing on July 5, 1994 on the PSE.
The proceeds raised from the placement will be used to finance its strategic expansion program in the Philippines and China, as well as for general working capital of the company.
“This placement is expected to broaden our shareholder base and increase trading liquidity. The strong uptake of the placement affirms investor confidence in SM Prime as one of the best property development companies in the Philippines,†SM Prime President Hans Sy said.
“The majority of the proceeds raised from the placement will be used to finance the development of shopping malls in the Philippines and China. The growth of our mall portfolio will further strengthen our geographical reach, increase market share, and thus create long-term value to all our shareholders. This equity fund raising, together with the proposed SM Prime REIT IPO which will be pursued as soon as the implementing rules are finalized, will put SM Prime in a very strong position to continue growing our businesses,†SM Prime executive vice president and chief financial officer Jeffrey C. Lim said. - PNA
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