Listed conglomerate SM Investments Corporation has paid about $346 million for a parcel of reclaimed land in Metro Manila from a UK-based investment fund while listed shipping firm Chelsea said its 2017 net income was boosted by its acquisitions.
Conglomerate SM Investments acquires prime property for $346m
Philippine-listed conglomerate SM Investments Corporation (SM) has acquired a prime seafront property from UK-based investment fund Ashmore for P18 billion ($346 million), according to an Inquirer report.
The acquisition, which involved a 10-hectare prime parcel of reclaimed land situated between SM’s sprawling Mall of Asia complex and the Solaire Resort and Casino, gives SM another space to build residential condominium towers.
SM has not officially made an announcement regarding the acquisition but the report quoted an unnamed official of the listed conglomerate.
SM earlier informed the Philippine Stock Exchange that its net profit surged by 6 per cent in 2017, led by robust earnings of its property and banking businesses. Its net income also reached P32.9 billion ($631 million) last year from P31.2 billion ($600 million) the previous year.
Acquisitions buoy Chelsea Logistics’ 2017 income
Chelsea Logistics Holdings Corp (CLC), the listed shipping business segment of Udenna Corporation, posted a 17.5 per cent net profit growth in 2017 on the back of its acquisition of shipping companies and related businesses.
In a disclosure to the Philippine Stock Exchange, CLC said its net profit last year reached P161 million ($3.1 million) in 2017, up from P137 million ($2.6 million) in 2016.
The company generated P3.9 billion ($75 million) in revenues last year, which it said was 140 per cent higher than 2016’s. It attributed the increase to the acquisition of a stake in 2GO Group, Inc., as well as Starlite Ferries, Inc. and Worklink Services, Inc.
The acquisitions resulted in additional freight revenues of P1.3 billion ($25 million), passage revenues of P800 million ($15 million), and P200 million ($3.8 million) from logistics services.