Mall operator and developer SM Prime Holdings Inc. said Thursday it raised P6.55 billion or $150 million from an equity placement.

The equity placement included 569,608,700 common shares priced at P11.50 per share, according to SM Prime’s disclosure to the Philippine Stock Exchange.

SM Prime’s first equity placement saw “strong interest from high-quality institutional investors’ in Asia, Europe, and the US, the company said.

Majority of the proceeds raised from the equity placement — selling company shares to a small group of investors, instead of the open market — will finance the development of shopping malls in the Philippines and China, according to SM Prime chief finance officer Jeffrey Lim.

“The growth of our mall portfolio will further strengthen our geographical reach, increase market share, and thus create long-term value to all our shareholders,’ he said.

“The equity fund raising — together with the proposed initial public offering of SM Prime REIT [or real estate investment trust] that will be pursued as soon as the implementing rules are finalized — will put SM Prime in a very strong position to continue growing our businesses,’ Lim added.

“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,’ SM Prime president Hans Sy said in a statement.

Macquarie Capital (Singapore) Pte. Ltd. and CLSA Asia Pacific served as joint bookrunners for the placement. — JE/VS, GMANews.TV