The owner of the country’s biggest shopping mall and bank said it will acquire about 261 hectares of land in Susana Heights, Muntinlupa, owned by Intercontinental Development Corp., one of its subsidiaries.
This is larger than the 244-hectare Filinvest City mixed-use development in Muntinlupa and is nearly four times bigger than its flagship Mall of Asia complex along Manila Bay.
The land is valued at approximately P6.2 billion. SM will pay for the property by issuing 7.04 million new shares to Intercontinental Development at a price of P880.74 each.
Based on recent filings, SM directly owns 97 percent of Intercontinental, with the remainder held through other entities.
The deal increases its landholdings for potential future developments.
The property is larger than the 184 hectares SM initially planned to acquire last August.
The conglomerate is seeking the Securities and Exchange Commission’s confirmation on the land valuation.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
