SM Prime to launch 15,000 condo units, pays P2.67-B cash dividend

SM Prime Holdings, Inc. (SM Prime) is planning to launch 15,000 to 20,000 residential units this year to sustain the growth of subsidiary SM Development Corporation.

In a statement, the firm said this is an addition to the three new malls it will open in 2021 as part of its P80 billion capital expenditures slates for the year.

Meanwhile, SM Prime’s Board of Directors approved the declaration of cash dividends of P0.082 per share, amounting to P2.37 billion to all stockholders of record as of May 5, 2021, payable on or before May 19, 2021.

“We all know that the COVID-19 pandemic continues to challenge many companies around the globe, including SM Prime, but we remain committed to enhance the value of your Company for the benefit of all our stakeholders,” SM Prime President Jeffrey C. Lim said.

This 2021, SM Prime is scheduled to open three new malls in the Philippines provided that quarantine measures are eased and with utmost concern for people’s safety.

“SM Prime will continue assisting our national government in its efforts to combat the spread of COVID-19 in the Philippines, primarily in key areas such as Metro Manila, Bulacan, Cavite, Rizal and Laguna, where the number of cases are still high,” Lim added.

He said that, “At the same time, we will continue exploring opportunistic acquisitions and/or investments that are well within our core competencies and expand further in provincial areas where we can operate.”

In the coming weeks, SM Prime will start rolling out its vaccination program among its employees to protect them from COVID-19. The Company has committed to donate a portion of the vaccines it procured to the national government to support its programs.

Article and Photo originally posted by Manila Bulletin last April 22, 2021 6:00am and written by James A. Loyola.