SM Investments Corp. (SMIC), the holding firm of the Sy family, on Thursday said it has redeemed early P3.33 billion of its series F bonds listed at the Philippine Dealing and Exchange Corp.
“Trading of the Bonds ceased on May 17, 2021 (the record date) and its listing with the Philippine Dealing and Exchange Corp. has been terminated upon the full payment of the Bonds on May 19, 2021,” the company said in its disclosure.
The said paper had a fixed rate of 5.6125 percent which should have fallen due in 2024.
The company said it informed Philippine National Bank-Trust Banking Group in April of its intention to exercise its option for the early redemption of the said paper at a price of 102 percent of the principal amount.
SMIC earlier said its income for the first quarter fell 5 percent to P9.5 billion from P9 billion last year, partly as a result of its cost-reduction measures.
Consolidated revenues in the first quarter stood at P96.9 billion, lower by 13 percent from P111.2 billion in the same period last year, due to the retail slump.
Banking accounted for 54 percent of SMIC’s reported net earnings from core businesses, followed by property at 33 percent and retail at 13 percent.
“As our businesses adapt to a challenging operating environment and broader economic uncertainties, we continue to innovate and find new ways to service our customers’ needs. We have reduced our operating costs and are benefiting from the high levels of cost efficiency that we focused on during the last twelve months,” SMIC President and CEO Frederic C. DyBuncio said.
“We continue to invest in the well-being of our employees with our upcoming free vaccination initiative and provide critical support to our business partners, who are mostly small and medium enterprises. We strongly support health recovery efforts and remain optimistic about a strong recovery in due course.”
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