SM Group renames property unit to SM Land

MANILA, Philippines - SM Investments Corp., the holding firm of the Shoemart retail brand, has renamed its property unit to SM Land, Inc. from Shoemart, Inc. In a disclosure to the Philippine Stock Exchange, SM investor relations vice president Corazon P Guidote said the move is in line with the SM Group's realignment of assets meant to simplify its corporate structure. "The realignment also aims to achieve greater transparency and the company's ability to unlock the value of specific assets," Guidote said. Aside from retail and property ventures, the SM Group, led by tycoon Henry Sy, also has interests in merchandising, mall operations, banking and financial services. - GMANews.TV