Philippine conglomerate SM Investments Corp said Thursday it has raised 4.5 billion pesos from issuing redeemable preferred shares, exceeding the 3.0 billion pesos the company was looking at.  SM Investments chief financial officer Jose Sio said the share sale was oversubscribed, prompting the company to increase the offer size.

SM Investment said the proceeds will be used for general corporate purposes.  ‘We are pleased with the continued vote of confidence from large institutional investors who subscribed to the issue, the pricing of which was at the lowest end of the indicated range,’ Sio said in a statement. 

BDO Capital & Investment Corp and ING Bank Manila were the joint issue managers and bookrunners for the share sale.  SM Investments is the holding company of Filipino business tycoon Henry Sy who controls several listed companies like mall operator SM Prime Holdings, Banco de Oro-EPCI Bank and China Banking Corp.