SM Prime Holdings, Inc., the country’s leading shopping mall developer and operator, in its stockholders’ meeting held April 26, 2006, declared a 25% cash dividend or P0.25 centavos per share amounting to P2.5 billion, fulfilling the Company’s commitment of declaring 50% of prior year’s net income.

SM Prime currently owns and operates 23 Supermalls across the country with a total gross floor area of 2.9 million square meters with an average occupancy rate of 95 %.  In 2005, three new Supermalls were opened — SM City San Lazaro, SM Supercenter Molino and SM Supercenter Valenzuela.  In the first quarter of 2006, SM City Sta. Rosa was opened sustaining the vision of expanding the Supermall network into the provinces. 

On May 21, 2006, the Company is set to open the Mall of Asia.  Located on a 60 hectare property overlooking Manila Bay, the 386,000 square meter complex consists of four buildings linked by elevated walkways – Main Mall, the North Parking Building, the South Parking Building, and the Entertainment Center Building.

The Main Mall will include shopping and dining establishments, the Food Court, and the country’s first Olympic size ice skating rink.  The North Parking Building will house the SM Department Store and half of the 5,000 parking spaces, while the South Parking Building will include the SM Hypermarket and more dining areas.  One of the Mall’s main attractions is the Entertainment Center Building, which will offer a spectacular view of the Bay from its row of trendy restaurants.  It will also house bowling and billiard facilities, and ten theaters including a Director’s Club and the country’s first IMAX theater.

Other malls scheduled to open in 2006 are SM City Clark, SM Supercenter Frontera Verde, SM North Edsa Annex Expansion and SM City Lipa.  Total gross floor area will increase to 3.6 million square meters by end 2006 from 2.8 million square meters as of December 31, 2005.