SMIC has investments in a portfolio of companies that cover a wide range of industries in commercial center operations, retailing and merchandising, financial services and real estate development. It is owned entirely by the Sy family.
In a statement issued yesterday, SMIC said it has appointed Dutch giant ABN-AMRO, JP Morgan and Salomon Smith Barney as financal advisors for its proposed bond offering in the international market.
SMIC said it "aims to explore opportunities in the international capital market for term financing under the current low interest rate environment."
No other details were disclosed by the company, SMIC, however, promised to make the necessary disclosure once the terms of the bond offering have been firmed up.
The SM Group of Companies, one of the largest conglomerates in the Philippines, is composed of SM Prime Holdings Inc., Shoemart Inc., Banco de Oro Universal Bank and SM Development Corp.
Last week, retail tycoon Henry Sy purchased 175 million common shares in food and drink giant San Miguel Corp. at P55 a share, for a total price of P9.63 billion. The move is seen as part of the SM Group’s effort to broaden its investment portfolio in the Philippines.
The shares acquired represent 6.2 percent of the outstanding share capital of San Miguel, entitling the SM Group to one board seat.
Commenting on the SM Group’s recent acquisition of San Miguel shares, Sy said San Miguel is a good investment considering the company’s proven track record of achievements and profitability.
The SM Group, through Shoemart Inc., is also slated to undertake an initial public offering late this year or next year to raise the needed cash to fund its massive expansion program in both urban and provincial areas.