SM Prime sets P80 billion capex for 2021

ABS-CBN News

Posted at Apr 21 2021 01:09 PM

SM Prime sets P80 billion capex for 2021 1
Bike riders pass by the globe near the facade of the Mall of Asia in Pasay City on September 26, 2020. George Calvelo, ABS-CBN News/File

MANILA - SM Prime Holdings Inc said Wednesday it set an P80 billion capital expenditures for 2021 to highlight its mall and residential businesses with consideration to challenges brought by the COVID-19 pandemic. 

This year, SM Prime will open 3 new malls in the country as well as launch 15,000 to 20,000 residential units under SM Development Corp, it said in a disclosure to the stock exchange.

“We all know that the COVID-19 pandemic continues to challenge many companies around the globe, including SM Prime, but we remain committed to enhance the value of your Company for the benefit of all our stakeholders,” SM Prime President Jeffrey C.
Lim said.

SM Prime said it would rollout its vaccination program for employees in the coming weeks. It has also procured vaccines to be donated to the national government, it added. 

The group will continue assisting the government in its fight against COVID-19 while also continuously exploring opportunities and investments, SM Prime said.

The Sy-led group operates one of the country's biggest mall chains. Retail and mall operations were hit by the restrictions imposed to contain the spread of COVID-19.

Despite the challenge, SM Prime said it has approved the declaration of cash dividends of P0.082 per share, or a total of P2.368 billion for all stockholders payable on or before May 19, 2021.

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