By Miguel R. Camus and Tarra Quismundo
Henry Sy’s SM Group has won a temporary court order preventing the Department of Transportation and Communication from transferring a railway “common station” in Quezon City from SM City North Edsa to a location near Ayala Land Inc.’s TriNoma shopping mall, which SM Group claimed had violated a 2009 agreement.
The SM Group insisted that a 2009 agreement it signed with the government over the location of a common railway station in Quezon City should be upheld, explaining that surprise changes to long-term infrastructure plans would make it difficult for the private sector to map out future developments.
By Miguel R. Camus
The transportation department announced Monday that a key government approval backing the SM group’s location for an elevated railway common station at its shopping mall in Quezon City had expired, but SM quickly responded that no expiry date provision existed.
By the staff
With the way all key business units in the SM group are consolidated and restructured, it looks like the estate planning of the country’s wealthiest man Henry Sy or “Tatang” is nearing its conclusion.
By Doris C. Dumlao
China Banking Corp., which is part of the SM group, has firmed up an P8-billion stock rights offering, its first capital-raising initiative of this kind in nearly two decades, at a price of P49.50 per share.