HONG KONG Oct 13 (Reuters) – SM Prime Holdings Inc (SMPH.PS), the Philippines’ biggest mall developer and operator, is selling shares worth about $150 million, according to a term sheet obtained by Reuters on Wednesday.

SM Prime, a unit of conglomerate SM Investments Corp (SM.PS), owned by the country’s richest man Henry Sy, is selling 569.6 million shares, or about 4.27 percent of the total existing shares, at 11.5-11.98 pesos each – a discount of 0 to 4 percent to the closing price on Wednesday.

The company had an upsize option to sell an additional $75 million worth of shares, the term sheet said.

Macquarie is the sole bookrunner for the placement. ($1=45.1 pesos) (Reporting by Kennix Chim; Editing by Chris lewis)