SM Prime breaches P1-trillion market value

Sy-led SM Prime Holdings Inc. on Monday announced that it has breached the P1-trillion mark in terms of market value, driven by the favorable market outlook.

"SM Prime acknowledges the investment community's unwavering support. This is a great moment for us to share this success as we continue to deliver our commitment to our shareholders," SM Prime Chief Finance Officer John C. Ong said in an emailed statement.

As of posting time, the company has a market capitalization of P974.674 billion, with 28.879 million outstanding shares priced at P33.75 apiece.

"This makes SM Prime the first Philippine company to reach this milestone in the market," the company said.

In May, SM Prime offered P15-billion worth of Series G bonds, with an option to issue P5 billion more for additional demand. Proceeds will be used for the company's expansion plans.

SM Prime reported a 14-percent growth in its recurring net profit in 2016 to P23.8 billion, driven by higher revenues from the shopping mall and residential development businesses.

As of end-2016, SM Prime had a total of 60 malls in the Philippines, and seven shopping malls in China. It also has 33 residential projects, aside from hotels, convention centers, and leasable spaces.

Among the company's subsidiaries are SM Development Corporation, Costa del Hamilo Inc., Highlands Prime Inc., Tagaytay Resort and Development Corporation, SM Arena Complex Corporation, SM Hotels and Conventions Corp., and SM Land (China) Limited. —Jon Viktor Cabuenas/KG, GMA News