Philippines' SM Development sets rights offer

MANILA, Sept 8 (Reuters) - Philippine real estate firm SM Development Corp (SMDC.PS) said on Wednesday its board approved a plan for a stock rights offer of 1.83 billion shares, with proceeds to finance land acquisition and project development.

The company's rights offer could raise 13.3 billion pesos ($300 million) at Wednesday's close of 7.26 pesos per share. The firm, a unit of conglomerate SM Investments Corp (SM.PS) owned by the Philippines' richest man Henry Sy, told Manila's stock exchange it planned to offer one share for every three shares held.

It did not disclose its offer price and did not give the timing of the share sale.

Shares of the company, with a market value of about $904 million, fell 0.6 percent on Wednesday against the 1.05 percent fall in the property sub-index .PSPR.

($1=44.3 pesos)

(Reporting by Erik dela Cruz; Editing by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))