source: http://www.smprime.com
The SM Group will be consolidating their real estate business by turning SM Prime(SMPH) the holding company of all their real estate related business.
The first step to create Southeast Asia’s biggest real estate firm is to delist two of its listed companies, SMDC(SM Development Corp.) and HPI(Highlands Prime Inc.). In a news article in Inquirer.net such step was made by filing for delisting in the Philippine Stock Exchange and a tender offer to the minority owners of the two companies.
source: http://business.inquirer.net
SMDC, Highlands Prime file for delisting
Philippine Daily Inquirer 11:38 pm | Friday, September 6th, 2013
Property developers SM Development Corp. and Highlands Prime Inc. have filed a petition for delisting from the Philippine Stock Exchange in line with the consolidation of SM property units into a single publicly listed entity under SM Prime Holdings Inc.
In separate disclosures to the local stock exchange, SMDC and HPI said they have filed the petition for voluntary delisting after the SM group, through privately held unit SM Land Inc., completed a tender offer to minority shareholders of SMDC and HP, executing the first step in the consolidation of property units to create Southeast Asia’s biggest real estate firm.
SM Land has acquired 98.9 percent of SMDC and 99.85 percent of HP.
This completes the first of three steps under the consolidation framework. SM Land used shares in SM Prime Holdings Inc., which will be the surviving entity after the merger of SM property units, as currency to pay for its purchase of shares in SMDC and HPI. Shares of SM Prime, SMDC and HP valued at a total of P64 billion were crossed on the local stock exchange last month in relation to this transaction.
To read whole article click here.
The same move has been made by some of the country’s top companies like that of LTG and Cosco Capital among others.
