MANILA, May 5 (Reuters) - Philippine property developer SM Prime Holdings Inc said on Monday its board has approved a retail offering of up to 25 billion pesos ($562 million) worth of fixed-rate bonds to finance its expansion projects.
The bonds will be offered with tenors of five years and six months, seven years and/or 10 years, it told Manila’s stock exchange.
SM Prime, one of Southeast Asia’s biggest property groups, said last month it would invest at least 400 billion pesos between 2014 and 2018 to expand its businesses in the Philippines and in China where it operates shopping malls.
The $10 billion company, which also builds homes and leases office space, is owned by the Philippines’ richest man, Henry Sy Sr.
($1 = 44.5 pesos)
Reporting by Erik dela Cruz; Editing by Matt Driskill