“SM PRIME Holdings, Inc., the country’s largest mall developer, has raised P5 billion from five-year floating rate notes to bankroll operations and expansion plans, the company told the local bourse yesterday.” —BusinessWorld Online
Several SM Malls like SM Marikina, SM Davao, SM Dasmariñas, and even other SM malls in China are going to be under the expansion plan of the SM PRIME Holdings, Inc. The said mall developer had already borrowed 5 B PhP for this expansion. Aside from the reconstruction of the mall itself, SM PRIME Holdings Inc. are planning to construct new branches of SM in Antipolo, Pampanga, and Olongapo City. The proceeds will reportedly fund capital expenditure and will also be used to refinance debt. They are really eager in putting the project into reality. We all know that SM is one of the biggest and wealthiest businesses in the country. In fact, as also said in the article, SM Prime’s consolidated net income jumped by 12% to P7.9 billion last year amid a strong economy and high level of consumption. I just hope that people are pushing this through without any harm in the mass and in the environment. The need for such expansion might not be a necessity right now but I just hope that this is a smart decision they made.
(Blog Entry #13)