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Manila Bulletin devider Business devider SMIC bullish, declares P7.5-B dividend

SMIC bullish, declares P7.5-B dividend

Published May 2, 2022 02:54 pm

SM Investments Corporation is bullish about the outlook for business with the revival of economic activities in the country.

“We are encouraged by the continued recovery of our businesses which were severely affected by the pandemic. Our expansion plans remain on track and will accelerate as economic conditions improve,” SM President and CEO Frederic C. DyBuncio said.

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Reflecting this optimism, the company declared an increase in dividend payout to over P7.5 billion or P6.25 per share in favor of all stockholders of record as of May 13, 2022. The dividends are payable on May 26, 2022.

The dividend declaration represents a 47 percent increase from the previous year’s P4.25 per share.

Despite the challenges of the pandemic, SM opened 294 new retail stores in 2021. In particular, Alfamart surpassed 1,200 stores last year.

SM Prime Holdings for its part opened two new malls in the Philippines in 2021, SM City Daet, its first in Camarines Norte, and SM City Grand Central in Caloocan City. It also opened MOA Square, the expanded wing of SM Mall of Asia which houses the biggest IKEA in the world.

It launched eight new SM Development Corporation residential projects in the country composed of high-rise and mid-rise condominiums, as well as house and lot developments.

SM Hotels and Conventions Corporation likewise opened Park Inn by Radisson – Bacolod in the last quarter of 2021.

Among banks, BDO Unibank and China Banking Corporation opened a total of 75 branches in 2021.

SM Investments recently listed its P15 billion fixed-rate bonds at the Philippine Dealing and Exchange Corp. (PDEx) with investors snapping up the issue, a strong testament to investor confidence in SM’s credit standing.

The retail bond offering, which was 3.7 times over-subscribed to as much as P55 billion, was SM Investments’ biggest issue since 2016.

The offering forms part of SM Investments’ second tranche of P30 billion in debt securities registered with the Securities and Exchange Commission under a shelf registration.

As part of the company’s growth funding strategy, the net proceeds of the bond issue will be used to refinance debt that funded capital expenditure.

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Frederic DyBuncio SM Investments Corporation
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