SM Acquisition Approved - Paving The Way For Future Growth

Leading Philippine retail group SM Investment has announced that the country's Securities and Exchange Commission has approved the company's PHP13bn (US$252.3mn) acquisition of the SM supermarket and hypermarket chain in a share swap deal with the previous shareholders. Following this transaction, the retail segment will account for over 80% of SM's revenue and over 30% of the company's net profits. SM has business activities that cover a whole range of interests, from shopping mall management, banking and financial services to real estate and tourism interests, as well as 25 SM branded supermarkets, five Super SM hypermarkets and a department store

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