MANILA - SM Development Corp. (SMDC), a company controlled by shopping mall magnate Henry Sy, said on Tuesday it had set a price of P3.50 per share for its rights offer worth P4.8 billion.

The price represents a 13.25% discount to the 15-day volume-weighted average price of SMDC shares from the trading days covering October 30 to November 20, 2009, the company said in a statement to the Philippine Stock Exchange.

SMDC shares were down 2.33% at P4.20 at 0344 GMT on Tuesday, while the main stock index was up 0.79%.

The 1-for-3 rights offering will start on January 4 for shareholders on record as of December 7, 2009.

Proceeds from the stock rights offer will be used to acquire more real assets and finance other corporate purposes.

BDO Capital & Investment Corp. is the issue underwriter.

SMDC is a unit of SM Investment Corp., the holding company of Sy's empire, which includes shopping malls under SM Prime Holdings and banking under Banco de Oro Unibank Inc.