SM Prime names 3 new independent directors

Shopping mall operator SM prime holdings inc. has appointed 3 new independent directors, including former Bangko Sentral ng pilipinas governor Amando M. Tetangco Jr.

in its annual stockholders’ meeting, the company’s long-time independent director Jose L. Cuisia Jr., also a former central bank governor, has stepped down after holding the position for 27 years.

Two other independent directors—former investment bankers gregorio U. Kilayko and Joselito h. Sibayan—have also given up their post.

They will be replaced by former pag-ibig Fund president and CEO Darlene Marie B. Berberabe and SGV and Co. Vice Chairman J. Carlitos g. Cruz.

Meanwhile, SM prime has allocated some p80 billion in capital expenditures (capex) this year, or the same as last year’s capex.

“This year’s capex is subject to review every quarter given the current situation but this will be used for mall and residential development as well as strategic landbanking,” Jeffrey C. Lim, the company’s president, said.

The company said it will open three malls in grand Central in Caloocan, Daet in Camarines norte and Roxas in Capiz.

The planned mall launches and expansion projects will add around 367,000 square meters of gross floor area to the group’s portfolio.

SM prime’s income last year dropped by more than half to p18 billion from p38.1 billion in the previous year as rental revenue from its properties fell due to the lockdown measures.

Consolidated revenues for the period fell 30 percent to p81.9 billion from the previous p118.3 billion.