Conglomerate SM Investments Corp. is seeking the approval of the Philippine Competition Commission to acquire a significant stake in Philippine Urban Living Solutions Inc., a property developer that specializes in building dormitory-type dwellings for young urban professionals.
SM Investments chief finance officer Jose Sio said in an interview at the sidelines of BDO-Nomura Market Outlook Forum the company expected to secure PCC approval on the deal over the next two to three months.
Sio said SM Investments would not get a majority stake in PULS, which was developing dormitory buildings in major central business districts under the “My Town” brand. He said SM would only be a strategic investor in the company.
“We will invest not in majority because we will not manage it,” Sio said.
SMIC’s investment in PULS is expected to be in excess of P1 billion, because it is seeking the approval of PCC, which is tasked to review mergers and acquisitions worth P1 billion and above.
Sio said the conglomerate was attracted to PULS because of the latter’s unique offering. “It is a new idea, new business and its a real property business,” Sio said.