October 11, 2013 — The SM Group on Friday said it secured a Securities and Exchange Commission (SEC) approval to merge its property businesses under a single entity.

SM Prime Holdings Inc. told the Philippine Stock Exchange the SEC approved its merger with SM Land Inc. on October 10.

The regulator also approved its capital increase by 20 billion common shares – at a par value of P1 per share – to 40 billion common shares, and a change in its primary purpose to a mixed-use real property developer.

SM Prime will issue shares for the merger with SM Land, the share-for-share swap with SM Development Corp. and Highlands Prime Inc., and property-for-share swap with SM Investments Corp.

Last May 31, SM Group announced that SM Prime will emerge as the surviving entity in the consolidation of all property-related businesses with a market capitalization of $14 billion.

SM Prime executive vice president and CFO Jeffrey Lim earlier said the consolidation is expected to give the enlarged SM Prime the scale, agility and resources to pursue further developments. – DOR/VS, GMA News