SM group teams up with Waltermart
MANILA, Philippines - The SM Group is teaming up with the Waltermart Group, which operates supermarkets and community malls.
In a disclosure to the stock exchange on Monday, SM Investments Corp. said its subsidiaries SM Retail Inc. and SM Prime Holdings have entered into a joint venture with the Waltermart Group of Companies.
No other details were available.
The Lim family owns Waltermart Group of Companies, which includes malls, supermarkets and appliance stores.
Walter Mart Malls currently has 17 community malls located in Batangas, Laguna, Cavite, Metro Manila, Bulacan, Pampanga and Nueva Ecija.
Walter Mart Supermarkets began operating in the early 90s and has been in the Philippine market for 20 years. The supermarkets are located in northern Luzon, Laguna, Cavite and Metro Manila.
Walter Mart's affiliates include appliance and electronics stores Abenson and ElectroWorld.
Mall operator SM Prime has 46 malls in the Philippines and 5 in China as of end-2012.