Updated: 4/20/2011
Philippine giant to take China
malls public
Philippine shopping mall giant SM Prime Holdings said on Wednesday
that it hoped to raise $500 million by taking its expanding China
operations public.
that it hoped to raise $500 million by taking its expanding China
operations public.
The company, which operates three malls in China and is planning to construct
four more there by 2013, said in a disclosure to the Philippine Stock Exchange
that it could make the offering in China, Hong Kong or Singapore. In its disclosure,
SM Prime Holdings confirmed press reports quoting its chief financial officer Jeffery
Lim about the planned offering.
"Lim reiterated that the company plans to take its China malls public either through
a traditional initial public offering in China, Hong Kong or Singapore or through a real
estate investment trust offering in Hong Kong or Singapore."
It hopes to earn $500 million by 2013 through this offering although this will depend
on the valuation of its assets that time, the disclosure said.
SM Prime's China operations accounts for five percent of the company's revenues,
the disclosure added. Earlier, SM Prime declared a net profit of 2.12 billion pesos
($49 million) and revenues of 6.07 billion pesos in the first three months of the year.
The company also said it had earmarked about 18 billion pesos for continued expansion
in the Philippines and in China this year.
It already operates 40 malls in the Philippines and is due to open three more there by next
year.
SM Prime Holdings is owned by ethnic Chinese tycoon Henry Sy, who was listed by Forbes
magazine in 2010 as the wealthiest man in the country.
Source: http://news.ph.msn.com/regional/article.aspx?cp-documentid=4787812
four more there by 2013, said in a disclosure to the Philippine Stock Exchange
that it could make the offering in China, Hong Kong or Singapore. In its disclosure,
SM Prime Holdings confirmed press reports quoting its chief financial officer Jeffery
Lim about the planned offering.
"Lim reiterated that the company plans to take its China malls public either through
a traditional initial public offering in China, Hong Kong or Singapore or through a real
estate investment trust offering in Hong Kong or Singapore."
It hopes to earn $500 million by 2013 through this offering although this will depend
on the valuation of its assets that time, the disclosure said.
SM Prime's China operations accounts for five percent of the company's revenues,
the disclosure added. Earlier, SM Prime declared a net profit of 2.12 billion pesos
($49 million) and revenues of 6.07 billion pesos in the first three months of the year.
The company also said it had earmarked about 18 billion pesos for continued expansion
in the Philippines and in China this year.
It already operates 40 malls in the Philippines and is due to open three more there by next
year.
SM Prime Holdings is owned by ethnic Chinese tycoon Henry Sy, who was listed by Forbes
magazine in 2010 as the wealthiest man in the country.
Source: http://news.ph.msn.com/regional/article.aspx?cp-documentid=4787812
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