Pasay City, Philippines, 2016-Jul-13 — /EPR Retail News/ — SM Investments reported today that the company has obtained the approval of the Securities and Exchange Commission for the merger of Sy family-owned specialty stores into SM Retail Inc. Under the terms of the deal, over 1,300 retail outlets will be folded into SM Retail in exchange for shares of stock in SM Retail’s expanded net assets.
To be merged with SM Retail’s food and department stores are a wide ranging portfolio of leading local brands such as Ace Hardware, Watsons, Toy Kingdom, SM Appliances, Our Home, Baby Company, Kultura, Sports Central, Pet Express and other specialty retailers.
The merger is seen to be both value and earnings accretive given the stores’ competitive position, synergies with SM Supermalls and strong growth potential.
Macquarie Capital was the appointed advisor of SM Investments for the merger.
About SM Investments Corporation
SM Investments Corporation, founded by entrepreneur Henry Sy, Sr., is one of the country’s largest publicly listed companies with a sustainable group of businesses that thrives on synergies of its banking, property and retail operations. SM has grown into one of the most highly respected companies in the country owing to its progressive approach in business and its comprehensive sustainability programs for its host communities through SM Foundation and SM Cares.
SM’s retail operations enjoy a strong brand franchise consisting of non-food under THE SM STORE and food under SM Markets comprising of SM Supermarket, SM Hypermarket, and Savemore and other food retail stores under Waltermart and Alfamart. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc. (BDO), the country’s largest bank and China Banking Corporation (China Bank), the seventh largest bank
For more about SM, click here: www.sminvestments.com
For further information, please contact:
Ms. Corazon P. Guidote
Senior Vice President for Investor Relations
SM Investments Corporation
E-mail: cora.guidote@sminvestments.com
Tel. No. (632) 857-0117
Source: SM