SM Investments Corporation (SMIC) and subsidiary SM Prime Holdings Inc. reported that they have jointly established a $3.0 billion Multi-Issuer European Medium Term Note (EMTN) Programme.
In a disclosure to the Philippine stock Exchange, SM Prime said the EMTN Programme was established through SMIC SG Holdings Pte. Ltd., a wholly-owned subsidiary of SMIC and SMPHI SG Holdings Pte. Ltd., a wholly-owned subsidiary of SM Prime.
“This EMTN Programme will allow SMIC and SMPH to tap the offshore bond market to fund its continued growth and expansion,” the firm said.
SM Investments is alloting capital expenditures of P110 billion to P115 billion this year, 44 percent higher than the P80 billion spent in 2023, even as it continues to be cautiously optimistic about its prospects.
According to SM Senior Vice President for Finance Franklin C. Gomez, the capex does not include the budget of its banking units BDO Unibank and China Banking Corporation.
He noted that, the bulk of the capex, amounting to P100 billion will be accounted for by property development arm SM Prime Holdings Inc. which is launching more residential units, opening new malls, and undertaking a massive reclamation project in Manila Bay.
SM Prime is looking at P100 billion for its capital expenditure program for 2024, 25 percent more than the P8 billion spent last year, as it remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people.
Of the P100 billion capex, about P20 billion is for this year’s budget for the ongoing reclamation project.