Sy-blings to keep expanding family-operated businesses despite lingering challenges
Business

Sy-blings to keep expanding family-operated businesses despite lingering challenges

SM Investments Corp. (SMIC), the holding company of the ultra bilyonaryo Sy-blings, has reaffirmed its commitment to further invest and expand its services to benefit a wider client base.

SMIC president and CEO Frederic C. DyBuncio said the conglomerate is up optimistic about its prospects this year amid a gradual resumption of economic activity.

“We’ve always invested to expand even in challenging years, knowing the long term opportunities that the Philippines holds. We also know that we can fulfill the growing needs of millions to underserved Filipinos with a modern retail, integrated property development, financial access, or other emerging services,” SMIC president and CEO Frederic C. DyBuncio said during the company’s stockholders’ meeting Wednesday.

Last year, SMIC raised its stake in 2Go Group Inc. to 52.9 percent and in bakeshop chain Goldilocks to 74.1 percent.

“We believe these companies have strong assets, strong growth potential, and synergize well with our other businesses. This group of businesses now account for 7 percent of consolidated earnings, and we’re looking to grow the portfolio for shareholder consideration shortly,” DyBuncio said.

Early this month, SMIC announced taking full ownership of Philippine Geothermal Production Co. in a P15.7 billion in an all-share transaction. Under the deal, SMIC will raise its stake in the renewable energy company to 81 percent.

To enhance shareholder value, SMIC approved a 46 precent increase in dividend payout to over P7.5 billion or P6.25 per share in favor of all stockholders of record as of May 13, payable on May 26.

 

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