SM Investments Corp. (SMIC) established a wholly owned subsidiary in Singapore to invest in overseas companies.

In a disclosure on Friday, the Sy family-run conglomerate announced the formation of SMIC SG Holdings Pte. ltd.

“The company has been incorporated as an investment holding company for potential minority stakes in foreign companies,” the listed company said.

He did not specify any other plans for the newly launched company.

“Little information has come out since I just saw this, but it looks like this will be the company’s vehicle for making new investments internationally,” said Regina Capital Development Corp’s chief sales officer. , Luis Limlingan.

According to SMIC’s recent annual report, it has stakes in various local industries, including commercial buildings, recreation, logistics, food manufacturing and mining. These include Belle Corp., Atlas Consolidated Mining and Development Corp., 2GO Group Inc., Goldilocks and CityMall Commercial Centers Inc.

The Sy-owned group saw its net profit attributable to the parent company rise 27% to 12 billion pesos in the first quarter, from 9.5 billion pesos a year earlier. This was supported by its leading figures, which climbed 16% to 112.2 billion pesos for the period.

“While there are still headwinds from geopolitical risks, we continue to see consumer confidence gaining ground,” SMIC chief executive Frederic Dybuncio said earlier.

Most or 49% of its net income was contributed by its banking segment. This was followed by real estate and retail businesses at 29% and 16%, respectively, while portfolio investments accounted for the remaining 6%.

At the end of March, its total assets and liabilities stood at 1.350 billion pesos and 726.83 billion pesos respectively.

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