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...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222