SM Investments Corp., the flagship investment holding company of the Sy Group, will acquire a 184-hectare property in Muntinlupa City in a property-for-share swap with Intercontinental Development Corp., a 96.75 percent stake of the listed company.
It is yet unclear how much the property located in Susana Heights is valued and how many shares SM Investments will issue to ICDC. The substantial acquisition will significantly increase SM Investments’ real estate holdings, but the company doesn’t anticipate any material impact on its business, financial condition, or operations.
The boards of both SM Investments and ICDC have endorsed the deal as part of their strategic plans, aiming to enhance the optimal utilization and development of the Susana Heights properties. The transaction is pending approval from relevant regulatory authorities, in accordance with Securities and Exchange Commission regulations.
SM Investments’ businesses include residential and office developments, and shopping mall and hotel operations.Franklin C. Gomez and Atty. Arthur A. Sy, who are ICDC directors, are also officers of SM Investments.
