SM Prime sells $150-M worth of shares


Posted at Oct 13 2010 07:15 PM | Updated as of Oct 14 2010 03:15 AM

HONG KONG - SM Prime Holdings Inc, the Philippines' biggest mall developer and operator, is selling shares worth about $150 million, according to a term sheet obtained by Reuters on Wednesday.

SM Prime, a unit of conglomerate SM Investments Corp., owned by the country's richest man Henry Sy, is selling 569.6 million shares, or about 4.27 percent of the total existing shares, at 11.5-11.98 pesos each - a discount of 0 to 4 percent to the closing price on Wednesday.

The company had an upsize option to sell an additional $75 million worth of shares, the term sheet said.

Macquarie is the sole bookrunner for the placement.