Manila, Philippines - SM Development Corp. (SMDC), the property development arm of the country’s richest man Henry Sy, will list today almost 900 million new shares in the local bourse.
“The Philippine Stock Exchange approved on June 15 the application of SMDC to list additional 842.835 million common shares,” the property firm said.
The new shares will cover the 10-percent stock dividend declared by SMDC to stockholders last month.
SMDC expects its earnings to surge between 20 to 25 percent this year from P4.18 billion a year ago.
In the first quarter, the condominium builder posted P3 billion in average monthly sales resulting in a 33-percent growth in net income to P1.21 billion.
SMDC targets to launch 17,300 units worth around P37 billion this year.