SM Prime Holdings Inc. (SMPH.PH) is budgeting PHP6.5 billion (US$ 141.2 million) for capital expenditure next year, which will primarily be used to build new retail complexes and upgrade existing ones, a senior vice president of the shopping mall operator said Thursday. 

SM Prime plans to open four new shopping malls next year, adding to the 30 that will be in operation by the end of this year, Jeffrey Lim told reporters on the sidelines of a business conference. 

SM Prime, which also budgeted the same amount for capital expenditure this year, earlier this month raised PHP4 billion from the issuance of five-year notes to fund capital spending.  Lim said he doesn’t discount the possibility that SM Prime will undertake further borrowing ‘if there will be (investment) opportunities.’