(14 October 2010 – Philippines) — SM Prime Holdings Inc. (“SM Prime” or “The Company”; Stock code: SMPH), the leading mall developer in the Philippines, announced that it has raised Php6.55 billion (US$150 million) from an equity placement.

The equity placement comprised 569,608,700 common shares, with the placement price set at Php11.50 per share following a successful overnight bookbuilding process which saw strong interest from high quality institutional investors in Asia, Europe and the United States.

It is the first placement of SM Prime shares since its listing in July 5, 1994 on the Philippine Stock Exchange. The proceeds raised from the placement will be used to finance its strategic expansion program in the Philippines and China, as well as for general working capital of the Company.

“This placement is expected to broaden our shareholder base and increase trading liquidity. The strong uptake of the placement affirms investor confidence in SM Prime as one of the best property development companies in the Philippines,” says SMPH President Hans Sy.

“The majority of the proceeds raised from the placement will be used to finance the development of shopping malls in the Philippines and China. The growth of our mall portfolio will further strengthen our geographical reach, increase market share, and thus create longterm value to all our shareholders. This equity fund raising, together with the proposed SM Prime REIT IPO which will be pursued as soon as the implementing rules are finalised, will put SM Prime in a very strong position to continue growing our businesses,” says SMPH Executive Vice President and CFO Jeffrey C. Lim.

Macquarie Capital (Singapore) Pte. Limited and CLSA Asia Pacific acted as Joint Bookrunners for the placement.

-End-

For further inquiries:
Mr. Jeffrey C. Lim
Executive Vice President
SM Prime Holdings, Inc.
E-mail: [email protected]
Tel. no.: 831.1000 loc. 1401

Date: 

Thursday, October 14, 2010

Source: 

Investor Relations