SM Investments Corp. said it has put up a $3 billion multi-issuer European medium term note (EMTN) program, in partnership with unit SM Prime Holdings.
The EMTN program will allow the two entities to tap the offshore bond market to fund its continued growth and expansion, the company said.
The borrowing program will be initiated through each entities’ Singaporean unit – SMIC SG Holdings Pte. Ltd. for SM Investments and SMPHI SG Holdings Pte. Ltd. for SM Prime Holdings.
Teresita Sy-Coson, SM Investments vice chairman, was earlier quoted as saying that the EMTN will help the company’s future requirements. SMIC last month said it has allocated P120 billion for its capital spending this year, with the bulk going to the property business that is set to open four malls in 2024.
The SM Group has reiterated its continued commitment to expand its presence nationwide to serve more Filipinos and communities.
SM said there are still many areas in the country which have yet to benefit from access to modern retailing, formal financial services and integrated property developments.
SMIC reported its net income grew 25 percent to P77.0 billion in 2023 from P61.7 billion in 2022.
Consolidated revenues increased 11 percent to P616.3 billion from P553.0 billion last year.
In terms of net income contribution, banking provided the largest share at 47 percent, while property accounted for 25 percent, retail contributed 19 percent and portfolio investments delivered 9 percent.
