Got this news from my girlfriend.
That is why there are three spikes the past trading days.
The Philippine Daily Inquirer has this news banner today in regards to this move of SM.
SM confirms talks to buy Ortigas property company
By: Doris C. Dumlao
Philippine Daily Inquirer
3:05 pm | Thursday, February 9th, 2012
MANILA, Philippines—The SM group led by tycoon Henry Sy Sr. confirmed on Thursday that negotiations were going on for its acquisition of a majority stake in the property holding firm of the Ortigas family, one of the biggest landlords in the metropolis.
The Inquirer reported earlier that the SM group was nearing a deal to acquire a majority stake in the privately held Ortigas property group in a transaction worth around $1 billion. The deal is seen as a potential “game-changing” move that will expand the SM group’s urban landbank and give it control of the Ortigases’ crown jewel, the 16-hectare Greenhills shopping center.
“We confirm that the SM group is in the process of discussion for the acquisition of majority interest in Ortigas Holdings Inc. The amount and details of the transaction are still under discussion and subject to finalization,” SM Investments Corp. executive vice president and chief finance officer Jose Sio told the Philippine Stock Exchange.
SM’s shopping mall development unit SM Prime Holdings issued a disclosure with a similar content. (To read whole story click here)
The Ortigas business center has been one of the first business centers in the Philippines.
Situated nearly at the center of Metro Manila, it has been the converging point of most business. SM Megamall, one of the first supermall, is also situated in Ortigas.
Greenhills Shopping Center is also within the Ortigas business center and it is one of the known shopping center in the Philippines.
What could the retail king do to make this investment more profitable? That is the question I guess everybody might be thinking. Greenhills is known for affordable goods of good quality, jewelries, and watches.
Do you think SM will be a good buy with this new information? Your opinions are always welcome please share them by leaving a comment in the comment box.