SM Prime Holdings, Incorporated head Jeffrey C. Lim confirmed in his latest statement that his company is excited about this year.
The president of the property developer said that it is in their desire to boost their presence in more essential realms in the Philippines.
They intend to develop various urban areas located in the country’s provinces, he remarked.
Furthermore, the SM Prime Holdings president affirmed that they would engage in more property developments to achieve their aim for this year.
Lim described these forthcoming ventures of his company as unified and sustainable.
Besides, he cited that their projects target to further help in the expansion of the overall Philippine economy.
In line with these company goals, SM Prime Holdings is conducting a bonds issuance event. The firm considers this fundraising as a venture that will help in meeting its targets for 2020.
Philippine daily business newspaper BusinessMirror reported that the SM Investments Corporation affiliate group would issue five-year and seven-year bonds.
SM Prime Holdings announced on Monday that its Series K five-year debt papers are due on 2025.
These financial instruments have an interest rate of 4.8643 percent per annum. For bonds with a similar tenor, this number is higher compared to the present figure of 4.117 percent.
Meanwhile, the company pegged the interest rate for its Series L bonds at 5.0583 percent. These debt papers are due in 2027.
Plus, these seven-year bonds have an interest rate that is also greater than the 4.249 percent, which bonds with a similar tenor possess.
The largest property developer of the Philippines announced that it is offering fixed-rate bonds totaling to P20 billion.
The company remarked that such offering is a component of the shelf registration they turned in with the Philippines’ Securities and Exchange Commission.
This shelf registration amounted to P100 billion. SM Prime Holdings will issue the peso-denominated bonds on Wednesday, March 25.
Moreover, it is reportedly offering this series of peso-denominated retail bonds to the public for the seventh time.
SM Prime Holdings assigned joint issue management to China Bank Capital Corporation and BDO Capital and Investment Corporation.
Aside from serving as joint lead underwriters, these two financial firms also acted as joint book-runners.
Furthermore, the other financial companies that joined them are SB Capital Investment Corporation, EastWest Banking Corporation, and RCBC Capital Corporation.
First Metro Investment Corporation and BPI Capital Corporation are also parts of this list.
Lim relayed that the proceeds from the company’s peso-denominated retail bond offering will permit his firm to pursue its growth agenda.
These plans are for SM Prime Holdings’ main ventures, specifically the company’s shopping malls initiatives.
These commercial establishments serve as one of the primary drivers of the shopping mall giant operator.
On Monday, March 2, 2020, SM Prime Holdings, Incorporated (PSE: SMPH) closed at P38.70 per share.
This last trade price of the shares of SM Prime Holdings is up by P0.40 or 1.04 percent from its previous close.
Furthermore, the total turnover value reached P476,052,830.00. The Philippine Stock Exchange recorded the 52-week high of the company at P43.35.
Meanwhile, its 52-week low is at P34.00.
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