SM Group nears deal to buy Ortigas Holdings

Posted at 04/23/2012 6:33 PM | Updated as of 04/24/2012 7:57 AM

MANILA, Philippines - The SM Group is close to sealing a deal to buy a majority stake in the private property holding firm of the Ortigas family.

"Everything is ready. The financing is ready. We're just waiting for final instruction," Henry Sy Jr., vice chair of SM Investments Corp., said on Monday.

Last February, SM Investments Corp. said it was in talks to acquire a majority stake in Ortigas Holdings Inc., which owns the Greenhills shopping complex.

Ortigas & Co Limited Partnership director Rafael Ortigas last week said both parties are still in talks. "We are talking but we have not concluded anything yet," he said.

Sy, however, said negotiations were "getting nearer and nearer".

The Ortigas group has vast properties in Mandaluyong, San Juan and Quezon City. It owns the 16-hectare Greenhills shopping center, where V-Mall houses 5 SM franchises namely Toy Kingdom chain, SM Appliance Center, Our Home, Watsons, and Ace Hardware.