SMIC eyes investments in foreign firms
SM Investments Corp. (SMIC) has established a 100-percent owned subsidiary in Singapore in preparation to invest in overseas companies.
In a disclosure on Friday, the Sy family-led conglomerate announced the incorporation of SMIC SG Holdings Pte. Ltd.
“The company was incorporated as an investment holding company for potential minority stakes in foreign companies,” the listed firm said.
It did not elaborate on other plans for the newly launched company.
“Not much information came out since I just saw this, but it looks like it will be the company’s vehicle to make further investments internationally,” Regina Capital Development Corp. head of sales Luis Limlingan said.
According to SMIC’s recent annual report, it has equity investments in various local industries, including commercial buildings, leisure, logistics, food manufacturing and mining. These include Belle Corp., Atlas Consolidated Mining and Development Corp., 2GO Group Inc., Goldilocks and CityMall Commercial Centers Inc.
The Sy-owned group saw its net income attributable to the parent firm grow by 27 percent to P12 billion in the first quarter from P9.5 billion the previous year. This was supported by its topline figures, which climbed by 16 percent to P112.2 billion for the period.
“While there are still headwinds from geopolitical risks, we continue to see consumer confidence gaining momentum,” SMIC president and CEO Frederic Dybuncio said earlier.
Bulk or 49 percent of its net income was contributed by its banking segment. This was followed by property and retail businesses at 29 percent and 16 percent, respectively, while portfolio investments accounted for the remaining 6 percent.
As of end-March, its total assets and liabilities stood at P1.35 trillion and P726.83 billion, respectively.
The business headlines in under one minute
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.