Conglomerate SM Investments Corp. (SMIC) has finalized the acquisition of the supermarket and hypermarket operations of its affiliate firms through a share-swap deal with majority shareholders.

In a letter to the Stock Exchange dated June 9, SMIC Executive Vice-President and corporate information officer Jose T. Sio said the company has already executed the transfer documents for the issuance of up to 56 million shares valued at about P12 billion to Supervalue, Inc., and Super Shopping Markets, Inc.

In exchange, SMIC would acquire 100% of the outstanding common shares of Supervalue, and 81% of Super Shopping Markets, Inc. Supervalue will keep the remaining 19% stake in Super Shopping.

Mr. Sio said the issuance of the SMIC shares would be done upon the approval of the Securities and Exchange Commission of the valuation of the exchange of shares, and the approval by the Philippine Stock Exchange of the additional listing.

Super Shopping operates five SM Hypermarkets, while Supervalue, which is the parent of Super Shopping, runs 25 SM Supermarkets. A hypermarket is a combination of supermarket and a department store.

ROSTER

SMIC earlier said the acquisition would add the supermarkets and the hypermarkets to the company’s roster of retail stores that includes 25 malls. Supervalue plans to open two to three stores while Super Shopping is eyeing four new stores this year.

Shares of SMIC closed P8 lower yesterday to settle at P210 per share.