Something significant could happen within the City of Muntinlupa in the near future as SM Investments Corporation (SMIC) is acquiring 184 hectares of land there as part of a property-for-shares swap with subsidiary Intercontinental Development Corporation (ICDC), according to a Manila Bulletin business news report.
To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…
SM Investments Corporation (SMIC), the flagship of the Sy family, is acquiring 184 hectares of land in Muntinlupa City from a nearly wholly-owned subsidiary, Intercontinental Development Corporation (ICDC), through a property-for-shares swap.
In a disclosure to the Philippine Stock Exchange, SMIC said its Board has approved the swap of SMIC with 96.75 percent-owned subsidiary ICDC, which will convey to SMIC its lands in Susana Heights, Muntinlupa City, in exchange for new SMIC common shares.
“In accordance with applicable Securities and Exchange Commission (SEC) rules and regulations, the respective Boards of Directors of the SMIC and ICDC deemed it necessary and advisable to enter into the Transaction,” SMIC said.
It added that the swap aims to optimize the properties’ utilization and development and align with their broader business strategies.
SMIC said it will increase its real estate assets through the acquisition of the properties, although the acquisition will have no material effect on its business, financial condition, or operations.
One of the country’s biggest conglomerates, SMIC, reported a 10 percent improvement in consolidated net income to P40.2 billion in the first half of 2024 from P36.5 billion in the same period last year. The firm said this reflected a 13 percent growth in net income to P21.8 billion in the second quarter.
Consolidated revenues rose five percent in the first half to P301.4 billion from P286.7 billion year-on-year and grew six percent to P157.7 billion in the second quarter.
“SM’s double-digit growth in the first half results reflects a positive environment for our businesses,” said SM Investments President and CEO Frederic C. DyBuncio.
Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you think SMIC will start a major development of the 184 hectares of land in Susana Heights?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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