By Leslie D. Venzon
MANILA, Nov. 27 (PNA) — Property conglomerate SM Prime Holdings Inc. (SM Prime) has raised Php 18 billion from a placement of treasury shares, proceeds of which will partially fund its capital expenditures.
“The transaction involved a successful overnight bookbuilding process, which saw strong interest from high quality institutional investors in Asia, Europe and the United States,” SM Prime told the local bourse.
The conglomerate said the money generated from the placement would also fund potential acquisitions, including the partnership in OCLP Holdings Inc, the holding company of Ortigas & Co.
OCLP Holdings and Ortigas & Co. own strategic land bank and properties in key cities around Metro Manila.
J.P. Morgan Securities Plc and Macquarie Capital Securities (Singapore) Pte. Limited acted as joint bookrunners, and BDO Capital & Investment Corp. as the domestic lead manager for the placement. (PNA)