August 17, 2023
The Philippine Stock Exchange, Inc. 6F PSE Tower 28th Street corner 5th Avenue BGC, Taguig City
Attention of Ms. Alexandra D. Tom Wong Officer-in-Charge, Disclosure Department
Gentlemen:
This refers to the news article posted in various online sites including BusinessWorld (Online Edition). The article reported in part that:
“SM PRIME Holdings, Inc. is looking to defer the market listing of its real estate investment trust (REIT) to next year due to market conditions, an official of its parent firm SM Investments Corp. (SMIC) said on Wednesday.
“They have always said that [the REIT] is subject to market conditions. As we are looking at things now... we may look to potentially do this a bit later than had initially been said,” said Timothy Daniel, SMIC head of investor relations, sustainability, and communications, said during the PSE STAR event.
“[In] the second half of this year, they will assess market conditions, and this is maybe something for next year,” he added.
. . . .
The company’s planned REIT offering is likely to be valued at around $3.5 billion to $4 billion and initially composed of 12 to 15 assets, which will come from the 82 malls it currently has as 30 to 35 malls are now fully matured.
“Perhaps they would list about a quarter of that, bringing in about $1 billion of revenue, particularly towards funding the reclamation efforts in Manila Bay,” Mr. Daniels said.
. . . . ”
In your letter dated August 17, 2023, you seek clarification and confirmation from us the two specific items quoted in the news article:
1. SMPH’s plan to defer the market listing of its real estate investment trust (REIT) to next year due to market conditions; and 2. The planned REIT offering valued at around $3.5 billion to $4 billion.
We confirm the two specific items.
Very truly yours,
JOHN NAI PENG ONG Chief Finance Officer |
Amendment: "In your letter dated August 17, 2023, you seek clarification and confirmation from us the two specific items quoted in the news article:
1. SMPH’s plan to defer the market listing of its real estate investment trust (REIT) to next year due to market conditions; and 2. The planned REIT offering valued at around $3.5 billion to $4 billion.
We confirm the two specific items. " |