Prime placement from the Philippines' SM Group

Philippines' fourth largest company by market capitalisation brings one of the country's largest placements to fund its ambitious expansion plan.

SM Prime Holdings, the property arm of the Philippines' wealthiest family, raised Ps18 02 billion ($400 million) from a placement of Treasury shares on Tuesday JP Morgan and Macquarie led the 1 06 billion share offering, which will fund the Sy family's ambitious Ps400 billion five-year capital expenditure plan

The deal was priced at Ps17 per share, which represents a 4 93% discount to the stock's Ps17 88 close This was the cheapest end of a range, which began flat to the close  

Pricing at this level is not very surprising given the deal represented a hefty 80 days trading volume When it opens on Wednesday, the stock may see some short-term selling pressure given...

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