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Sunday, August 4, 2013

SM Shares Slide From Top-Up Placement

SM Investments Corp announced it raised $150 Million from a top-up equity placement. In its disclosure to PSE, the holding firm said it sold 7.25 million common shares at P900 each, representing a P6.4% discount from Thursday's closing price of P961.50.

Proceeds from the share sale would be used to refinance SM's existing obligations and for general corporate purposes. The transaction also boosted the company's free float and liquidity.

SM shares closed at P879 per share  Friday.

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