Philippines: SM Investments’ retail units merger approved

SM Investments Corp logo

Philippine-listed SM Investments Corp (SM) has received approval from the Securities and Exchange Commission for the merger of all its retail businesses.

The company disclosed the SEC signed the certificate of merger last Wednesday.

Under the terms of the deal, over 1,300 retail outlets will be folded into SM’s retail arm the SM Retail Inc in exchange for shares of stock of the latter’s expanded net assets.

The merger includes SM Retail’s affiliates Forsyth Equity Holdings Inc, HFS Corp, Morrison Corp, San Mateo Bros Inc, and Tangiers Resources Corp. They will all be merged into one entity – SM Retail.

The Sy family-owned specialty stores include wide-ranging portfolio of local brands such as Ace Hardware, Watsons, Toy Kingdom, SM Appliances, Our Home, Baby Company, Kultura, Sports Central, Pet Express and other specialty retailers.

“The merger is seen to be both value and earnings accretive given the stores’ competitive position, synergies with SM Supermalls and strong growth potential,” SM Investments said in its statement.

Macquarie Capital was the appointed advisor of SM for the merger.

SM is one of the larger publicly listed companies in the Philippines with businesses across sectors like banking, property and retail.

The company’s non-food retail operations are clubbed under The SM Store, while the food related retail comes under the SM Markets – comprising of SM Supermarket, SM Hypermarket, and Savemore and other food retail stores under Waltermart and Alfamart.

SM last traded at P999.00 since yesterday.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.