Henry Sy’s SM Investments Corp. boosted its net profit last year by 16.3 percent to P24.7 billion on a double-digit rise in earnings across its banking, retailing, shopping mall and residential development businesses.
Tycoon Henry Sy seeks to cement his leading position in the Philippine retailing and shopping mall businesses by forging an alliance with the Waltermart group of the Lim family.
The SM group isn’t too eager to celebrate—at least not yet—its latest milestone.
Local stocks began 2013 trading with an all-time high finish on Wednesday, riding on the global euphoria arising from a fresh US budget deal that avoided the US’ fall into a much-feared fiscal cliff.
“Deeper and messier” was how some people in the know describe the tug-of-war between Ayala Land Inc. and SM Investments for control of OCLP Holdings, the holding firm of the land-rich but fragmented Ortigas family.
The board of Ayala Land Inc. (ALI) has approved a strategic partnership with a group led by Ignacio Ortigas for the purpose of allowing the property giant to invest in privately held OCLP Holdings, the parent company of urban property developer Ortigas & Co.
The acquisition by tycoon Henry Sy’s SM Investments of a controlling stake in closely held urban property developer Ortigas Holdings has been a bit delayed by some opposition from one faction within the Ortigas family.
Asian markets rebounded on Thursday after a three-day sell-off as renewed fears over eurozone debt were soothed with the European Central Bank indicating it could step in if needed.
The local stock index slumped sharply on Tuesday, weighed down by tycoon Henry Sy-led companies after the group’s banking arm Banco de Oro announced a $1-billion stock rights offering.
The local stock barometer extended gains on Tuesday as the market snapped up selected blue chips still led by the Philippine Long Distance Telephone Co. (PLDT) and the ShoeMart (SM) stocks.
