SM Group forms finance company
By Jennifer B. Austria

Retail magnate Henry Sy has formed a financial holding company called Syntrix Holdings Corp. to assist in SM Group’s real estate transactions and developments.

Syntrix has an authorized capital stock of P5 billion.

Documents filed with the Securities and Exchange Commission show that Syntrix aims to acquire and sell properties of every kind and description, including bonds, debentures, promissory notes, shares of share of other securities created by any company.

It also plans to borrow or raise money necessary to meet the financial requirements of its business by the issuance of bonds, promissory notes and other evidences of indebtedness.

The company is also authorized to invest and deal with money and properties of the corporation and sell properties of the company.

Records shows that Syntrix has an authorized capital stock of P5 billion, divided into P2 billion shares of common stock with par value of P1 per share and P3 billion shares of redeemable preferred stock with par value of P1 per share.

Some P1.25 billion worth of common shares have been subscribed to by the Sy family. The company has a paid up capital of P312.5 million, 25 percent of the subscribed capital stock.

The Sy family, through holding company SM Investment Corp. has interest in retail merchandising, shopping malls, banking and financial services, real estate development and tourism.

SM Department Stores heads the retail merchandising arm with over 50 years of experience in the industry while SM Prime Holdings Inc. is the largest shopping mall developer, owner and operator in the country, combining shopping, dining, entertainment and leisure in one structure.

Banco de Oro Universal Bank and China Banking Corp., meanwhile, are in the top 10 in terms of assets, deposits and capital providing a wide range of corporate, commercial and retail banking services.

SM Development Corp. is the real estate development and tourism arm of SM. It offers middle market residential condominium units set within well-developed urban communities in the vicinity of SM Supermalls.

Higland Prime Inc. is the principal developer of high-end leisure properties within the Tagaytay Highlands and Tagaytay Midlands complex.