SM Prime finalizes acquisiton of China malls from Sy family

MANILA, Philippines- SM Prime Holdings Inc. on Friday reported that it has finalized the acquisition of three malls in China from the Sy family. The malls are located in the cities of Jinjiang, Xiamen and Chengdu. The malls, whose main tenants include Wal-Mart, McDonald's, KFC, and department store SM Laiya, were earlier said to be worth P10.8 billion. In a statement to the Philippine Stock Exchange, SM Prime said the acquisition will still have to be approved by the Securities and Exchange Commission and the PSE. The agreement will entail SM Prime issuing 372 million new common shares to Oriental Land Development Ltd. in exchange for 100-percent ownership of Mega Make Enterprise Ltd., a company that owns SM Jinjiang. SM Prime will also issue 540 million new common shares to Grand China International Ltd. in exchange for 100-percent equity of Affluent Capital Enterprises, which effectively owns SM Xiamen and SM Chengdu. - GMANews.TV