SM Prime hits P1 trillion market cap
Southeast Asian property giant SM Prime Holdings Inc. (SM Prime) has hit P1 trillion in market capitalization at the stock market on Monday, making this Sy family-led company the first local firm to breach this milestone.
“SM Prime acknowledges the investment community’s unwavering support. This is a great moment for us to share this success as we continue to deliver our commitment to our shareholders,” SM Prime chief finance officer John Ong said in a press statement on Monday.
The success was credited to the integration of all the property businesses under SM Prime in 2013.
“The strategic move of SM Group enabled SM Prime to realize synergies among its business units, increasing efficiencies in operations and revenue in enhanced shareholder value. It also allowed SM Prime to pursue larger projects, from reclaiming land to long-term integrated developments,” the company statement said.
“SM Prime remains committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities that enrich the quality of life of millions,” it added.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.