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MANILA—The Philippine Stock Exchange has approved the delisting of SM Development Corp. and Highlands Prime Inc. in line with the consolidation of SM property units into a single listed entity under SM Prime Holdings Inc.
In a memorandum posted on Friday, PSE president Hans Sicat said the voluntary delisting by SMDC and HP will take effect by November 5.
The consolidation is intended to create an integrated real estate company, which will allow the merged entity to undertake larger projects with the participation of all of its business units. The consolidation in effect will create Southeast Asia’s largest property firm with market capitalization of $13 to $14 billion.
This expanded scope, under a “simpler and more transparent” corporate structure, is also expected to “create efficiencies and further crystalize the value of the SMIC’s real estate businesses.