Manila: Filipino-Chinese tycoon Henry Sy who owns a chain of malls nationwide and also in China is buying a 16ha Greenhills shopping centre in suburban San Juan for the amount of $1b, a local paper said.
"We confirm that the SM group is in the process of discussion for the acquisition of majority interest in Ortigas Holdings Inc. The amount and details of the transaction are still under discussion and subject to finalization," the Inquirer quoted SM Investments Corp. executive vice president and chief finance officer Jose Sio as saying at the Philippine Stock Exchange.
Rowell Recinto, president of Ortigas and Co. Ltd (OCLP) also said, "It is our understanding that some key shareholders are in dialogue and discussion with a prospective buyer but that a deal has not been concluded."
Biggest landholders
Members of the Ortigas family, one of the biggest landholders in Metro Manila, have reportedly agreed to sell the family jewel, the Inquirer said, adding that Hong Kong Shanghai Banking Corporation (HSBC) which holds 34 percent of OCLP has already signed documents for the sale.
Sy owns SM Group which has more than 40 major shopping malls in the Philippines. One of them is the Mall of Asia, which faces the scenic Manila Bay, and is the sixth largest malls in the world. Sy plans to have five malls in China.
Sy's Banco de Oro, bought from old owners in the early 2000s, became the country's largest banking group after its purchase of a big bank in 2006.
Since early 2010, Sy has been building mixed commercial-residential properties.
In the 40s, his business was a small shoe store in Manila's Quiapo district.
The US-based Forbes has listed Sy as the richest Filipino with $ 7.2 billion net worth.
