SM Investments Corp. was cleared to undertake a top-up placement to raise money that would be used to refinance the company's debt and widen its free float.
In a disclosure to the Philippine Stock Exchange, the Henry Sy-led conglomerate said it will sell primary common shares worth $150 million to institutional investors.
"Apart from raising additional funds for the company, the top up is meant to further enhance the free float and liquidity of SM shares," the company said.
The proceeds of the placement will be used to refinance some of the company’s existing obligations and for general corporate purposes.
SM has tapped Macquarie Capital (Singapore) Pte Ltd as the underwriter and placing agent.
Management was authorized to negotiate and finalize the terms and conditions of the share sale, including pricing and any increase in issuance amount, and execute any and all documents necessary, to implement the placement.
The SM group is in the business of shopping mall development, retail merchandising, financial services, real estate development, and hotels and conventions.
source: interaksyon.com
