SM Prime to Invest P12B to build new malls

In a disclosure to the Philippine Stock Exchange, JEFFREY C. LIM, Executive Vice President of listed SM Prime Holdings, Inc.(PSE:SMPH), confirmed that SMPH, the country’s largest mall operator, will invest P12 billion this year to put up 11 new malls until 2011.

The Henry Sy-led firm is looking to tap the new Real Estate Investment Trust or REIT Law and secure about $300 million of funds to help finance the expansion… “[Capital expenditure] for this year will be about P12 billion. We are spending P8 billion for the Philippines and P4 billion in China,” Mr. Lim said


Source: PSE Disclosure Feb 4, 2010.