• SM comfortable with minority ownership in other companies

The SM Group, which has been acquiring a wide range of businesses through the years, is willing to take minority positions in companies and just allow partners to grow the business.

SM vice chair Teresita SyCoson said the group doesn’t always need to own a controlling stake in a company.

“What we will be doing this time is to look at investments differently, allow it to grow with a little push and get some minority positions,” Coson said.

She said the SM Group is amenable to having some of the companies managed by the main proponent.

Sy-Coson cited the case of Goldilocks Bakeshop wherein SM Investments Corp. is willing to take a minority role instead of majority control as earlier planned.

Industry sources said the plan to acquire a majority role also did not sit well with the Philippine Competition Commission as it could give SM undue advantage over competitors, some of which are tenants of SM.

Sy-Coson did not disclose what companies or industries they are looking into for future acquisitions.

SMIC grew its first half net income by nine percent to P18.1 billion. Revenues rose 12 percent to P204.9 billion.

The property business contributed the most to consolidated net income at 45 percent, followed by banks with 33 percent and retail 22 percent.

SM Prime Holdings, meanwhile, grew its net income 16 percent to P16.6 billion in the first half as revenues expanded by 15 percent to P49.8 billion.

Mall revenues, which consist of rentals, cinema and event ticket sales and amusement revenues, went up 12 percent to P28.7 billion or 58 percent of the total revenues.

SM Prime now has 70 malls in the country and seven malls in China.

The group’s retail operations comprise food, non-food and specialty retail stores, while SM’s property arm, SM Prime is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels and convention centers as well as tourism-related property developments.

The Sy family also has interests in banking through BDO, the country’s largest bank, and China Bank.