SM Investments increasing capital to P12b to fund infra
By Jenniffer B. Austria | Manila Standard Today | Tuesday | Posted on Mar. 12, 2013 at 12:01am
Conglomerate SM Investments Corp. is increasing its capital base to P12 billion from P7 billion to support ventures in the infrastructure sector and finance expansion projects.
SM Investments said in a filing with the Philippine Stock Exchange it would submit the proposed capital increase to its board of directors and stockholders for approval.
SM Investments chief finance officer Jose Sio confirmed in a text message the capital hike would support companys investments in infrastructure projects as well as expansion projects.
SM Investments was one of the companies that acquired bid documents for the P17.5 billion, Mactan-Cebu International Airport project. The conglomerate also teamed up with Metro Pacific Investments Corp. to build a P15.5-billion expressway project that will link the terminals of the Ninoy Aquino International Airport with each other and to the government-sponsored Pagcor Entertainment City.
SM Investments operating units are on the expansion mode. Its shopping mall unit SM Prime plans to launch SM Aura Premier in Taguig and SM City Cauayan in Isabela this year.
SM Retail is opening two department stores, two supermarkets, 19 SaveMore branches and seven hypermarkets.
The groups residential unit, SM Development Corp., plans to launch at least three new projects in Metro Manila.
SM Hotels is set to open Park Inn hotel in Davao this quarter while subsidiary SMX Manila will launch SMX Convention Center in Taguig next month.
SM Investments earlier reported a net income of P24.7 billion in 2012, up 16.3 percent from P21.2 billion in 2011.
Consolidated revenues increased 12 percent to P223.9 billion from P199.9 billion in the previous year.
Banking unit BDO Unibank Inc. accounted for the largest share of SM Investments consolidated net income, contributing 34.4 percent of the total. Retail operations accounted for 28.1 percent, followed by mall operations at 22.9 percent and property development at 14.6 percent.
The group has earmarked P65 billion for capital expenditures this year.
Source: http://manilastandardtoday.com/2013/...to-fund-infra/
By Jenniffer B. Austria | Manila Standard Today | Tuesday | Posted on Mar. 12, 2013 at 12:01am
Conglomerate SM Investments Corp. is increasing its capital base to P12 billion from P7 billion to support ventures in the infrastructure sector and finance expansion projects.
SM Investments said in a filing with the Philippine Stock Exchange it would submit the proposed capital increase to its board of directors and stockholders for approval.
SM Investments chief finance officer Jose Sio confirmed in a text message the capital hike would support companys investments in infrastructure projects as well as expansion projects.
SM Investments was one of the companies that acquired bid documents for the P17.5 billion, Mactan-Cebu International Airport project. The conglomerate also teamed up with Metro Pacific Investments Corp. to build a P15.5-billion expressway project that will link the terminals of the Ninoy Aquino International Airport with each other and to the government-sponsored Pagcor Entertainment City.
SM Investments operating units are on the expansion mode. Its shopping mall unit SM Prime plans to launch SM Aura Premier in Taguig and SM City Cauayan in Isabela this year.
SM Retail is opening two department stores, two supermarkets, 19 SaveMore branches and seven hypermarkets.
The groups residential unit, SM Development Corp., plans to launch at least three new projects in Metro Manila.
SM Hotels is set to open Park Inn hotel in Davao this quarter while subsidiary SMX Manila will launch SMX Convention Center in Taguig next month.
SM Investments earlier reported a net income of P24.7 billion in 2012, up 16.3 percent from P21.2 billion in 2011.
Consolidated revenues increased 12 percent to P223.9 billion from P199.9 billion in the previous year.
Banking unit BDO Unibank Inc. accounted for the largest share of SM Investments consolidated net income, contributing 34.4 percent of the total. Retail operations accounted for 28.1 percent, followed by mall operations at 22.9 percent and property development at 14.6 percent.
The group has earmarked P65 billion for capital expenditures this year.
Source: http://manilastandardtoday.com/2013/...to-fund-infra/