Billionaire Sy to Merge Real Estate Assets in SM Prime

Philippine billionaire Henry Sy will merge property units and assets under SM Prime Holdings Inc. this year that will create the country’s biggest developer with at least $14 billion in market capitalization.

SM Land Inc., a closely held unit, will offer existing shares of SM Prime for outstanding stocks of listed affiliates SM Development Corp. and Highlands Prime Inc., according to a joint e-mailed statement issued today by SM Prime and parent SM Investments Corp. SM Land will be combined with SM Prime, which will acquire other property assets of its parent, it said.