Herbert Smith has advised Macquarie Capital as placing agent in connection with the sale of 9.1 million shares in SM Investments Corporation, a Manila-based conglomerate listed on the Philippine Stock Exchange, under a top-up placing structure.
The sale of shares, including to institutional investors in the United States under Rule 144A, raised US$151 million for SM Investments. The sale benefited from significant investor interest in gaining exposure to the residential real estate, retail, banking and hospitality sectors in the Philippines.
The Herbert Smith team consisted of Kevin Roy, Siddhartha Sivaramakrishnan, Felipe Duque and Eric Victorson.
Siddhartha Sivaramakrishnan commented:
“We are delighted to have acted for Macquarie Capital on this transaction by one of the Philippines’ most renowned conglomerates. Southeast Asia continues to generate exciting capital markets and wider business opportunities for our key investment banking and corporate clients.”
