Prime placement from the Philippines' SM Group

Philippines' fourth largest company by market capitalisation brings one of the country's largest placements to fund its ambitious expansion plan.

SM Prime Holdings, the property arm of the Philippines' wealthiest family, raised Ps18.02 billion ($400 million) from a placement of Treasury shares on Tuesday. JP Morgan and Macquarie led the 1.06 billion share offering, which will fund the Sy family's ambitious Ps400 billion five-year capital expenditure plan.

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