Sy Group is buying minority holdings in foreign companies

18 June 2022

According to regulatory filings by listed conglomerate SM Investments Corp, the Sy Group is trying to buy minority holdings in foreign companies (SMIC).

However, it is unclear which industries SMIC plans to invest in, but the corporation has recently delved into industries other than its core businesses, such as shipping and energy.

SMIC announced yesterday that its proposed investments would be channeled through a Singapore-based entity.

SMIC obtained confirmation of SMIC SG Holdings Pte’s incorporation. Ltd. is a Singapore-based company.

SMIC Singapore Holdings Pte. Ltd. Ltd. is a newly formed company that is a wholly owned subsidiary of SMIC. The company was formed as an investment holding company with the intention of acquiring minority holdings in overseas enterprises.

Retail, property, and banking are among SMIC’s industries. The SM Store, SM Supermarket, SM Hypermarket, SaveMore, Walter Mart Supermarket Inc., and Alfamart are its retail subsidiaries, while SM Prime Holdings Inc. and SM Development Corp. are its property giants, and BDO Unibank Inc. and China Banking Corp. are its financial services.

SMIC has increased its sustainability initiatives and overall environmental, social, and corporate governance (ESG) in recent years.

SMIC said in April that it was expanding its geothermal presence by increasing its shareholding in Philippine Geothermal Production Co. Inc. (PGPC) from P15.7 billion to P100 billion.

The Tiwi and Mak-Ban steam fields in Albay, as well as Laguna and Batangas, are operated by PGPC.

SMIC approved the acquisition of an 81 percent stake in Allfirst Equity Holdings Inc (Allfirst), which operates the Tiwi and Mak-Ban steam fields, from related parties, according to a disclosure.