SM Investments Corp., the flagship investment holding company of the Sy Group, said Friday it has secured Securities and Exchange Commission approval for the valuation of the sprawling Muntinlupa City property it will acquire from subsidiary Intercontinental Development Corp.
In a deal reached last August, ICDC agreed to swap its 261-hectare property in Susana Heights for 7.04 million shares in SMIC, which have been valued at P6.2 billion, or P880.74 a share. The per share price was based on the 30-day volume weighted average price of SMIC as of 7 August last year.
The shares will be issued out of SMIC’a authorized and unissued capital stock. The transfer value of the properties is based on an agreed and negotiated valuation between SMIC and ICDC.
SMIC, which owns 96.75 percent of ICDC. Franklin C. Gomez and Atty. Arthur A. Sy sits as directors in both the boards of SMIC and ICDC.SMIC will increase its real estate assets through the acquisition of the Susana Heights property. SMIC said there is no material effect on the business, financial condition and operations as a result of the acquisition.
