SM Allots P50 Billion a Year for Malls, Residential Projects; New Officials Named

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SM PRIME Board of Directors led by founder now Chairman Emeritus Henry Sy Sr. The members include Henry T. Sy Jr., chairman; Jose L. Cuisia Jr., Gregorio Kilayko, Joselito Sibayan, Hans T. Sy, Jorge Mendiola, Jeffrey Lim and Teresita Sy-Coson.

 

PASAY CITY (via PhilAmPress) – SM Prime Holdings, Inc. has earmarked at least P 50 billion annually over the next two years to put up malls and residential projects in the provinces.In a disclosure to the Philippine Stock Exchange (PSE), SM Prime noted it would allocate 80 percent of its capital expenditure on mall and residential projects and the remainder on land banking.
SM Prime targets to end this year with 65 malls nationwide as it is set to open SM CDO Downtown Premier in Cagayan de Oro, SM Cherry Antipolo in Rizal, SM Center Tuguegarao Downtown in Cagayan, SM City Puerto Princes in Palawan, and SM City Lemery in Batangas.
SM Prime targetted 15,000 to 18,000 residential units  this year from its mid-rise and high-rise buildings and house and lot developments.
“SM Prime will continue to expand its mall and residential businesses which are the major revenue drivers,” SM Prime President Jeffrey C. Lim said.

“We will further reach out to provincial cities as an integrated property developer and as a strategic partner, given the tremendous opportunities in light of higher government spending on infrastructure development across the country,” he added.

Meanwhile, the country’s largest conglomerate SM Investments Corp. (SMIC) has appointed Jose Sio as new chairman of the board, taking over from SM founder Henry Sy Sr. who is now 93 years old.

SMIC also announced the appointment of Frederic DyBuncio as new SMIC president, taking over the post held by Harley Sy who will remain as executive director of the SMIC board.
Sy’s eldest children, Teresita Sy-Coson and Henry Sy Jr., will remain as vice chairpersons of the conglomerate.
Sy-Coson said as Sio had been with the group for a long time, knows the conglomerate very well and is in a good position to take over the post vacated by her father.
Cora Guidote, SMIC investor relations chief, said Sio was “highly instrumental in supporting the phenomenal growth of SM and its subsidiaries. He instilled strict financial discipline across all businesses that later helped the company achieve optimal results even as the whole group maintained a sound and stable financial position.”
Sio said the appointments were an indication that the Sy family was keen on professionalizing the organization in preparation for the future. He added that the group was also preparing the third-generation Sys for leadership position across the group.
SMIC created the position of chair emeritus for Henry Sy Sr. He was also given a special citation and a standing ovation during the stockholders meeting.
The new SMIC chair Sio was the executive vice president and chief finance officer of SMIC for a long time. He is also a Director of China Banking Corporation, Belle Corporation, and Atlas Consolidated Mining and Development Corporation. Sio is also Adviser to the Board of Directors of BDO Unibank, Inc. and Premium Leisure Corporation.
Sio holds a master’s degree in Business Administration from New York University, is a certified public accountant and was formerly a senior partner at Sycip Gorres Velayo & Co. He was voted CFO of the Year in 2009 by the Financial Executives of the Philippines (FINEX). He was also awarded as Best CFO (Philippines) in various years by several Hong Kong-based business publications.
DyBuncio brings with him wealth of experience in banking where he spent over 20 years with JP Morgan Chase and its predecessor companies. (PhilAmPress)

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