Latest News
SM focuses on expansion to serve more regions
PASAY CITY, Philippines, April 26, 2024 /PRNewswire/ — The SM group continues to expand its presence nationwide to serve more Filipinos and communities.
“We will continue to invest in growth in the Philippines and we are committed to being a catalyst for responsible development. We have a young, dynamic, higher-earning population who will help support and drive economic activity,” said SM Investments Corporation President and Chief Executive Officer Frederic C. DyBuncio.
There are many areas in the country which have yet to benefit from access to modern retailing, formal financial services and integrated property developments.
“Our strategy is to continue to expand coverage nationwide to create new markets that improve access to these sectors,” he added.
SM Prime Holdings, Inc. is opening four new malls, one in Metro Manila and three in the provincial areas in 2024.
SM Development Corporation (SMDC) is planning to roll out 8,000 to 10,000 residential units this year in the northern part of the Philippines and across Visayas and Mindanao.
SM Hotels officially launched its first Lanson Place property at the Mall of Asia Complex, Pasay City.
Alfamart, SM’s minimart grocery format, is set to increase its store expansion by at least 400 stores in 2024.
BDO also continues to expand coverage nationwide with BDO and BDO Network Bank planning to increase branches by a combined 100 to 120 this year.
Following its acquisition of the Philippine Geothermal Production Company (PGPC), SM is set to explore new steam fields with the aim to double the company’s current steam production of 300 megawatts within the medium-term.
These projects are set to generate around 2,000 jobs during exploration and development, which will boost livelihood in each respective locality.
2GO Group, Inc. added two new ships and will have 11 ships in its fleet, serving 19 ports of call.
Airspeed, another SM-owned logistics company, is also keen on expanding its distribution facilities in key cities in the regions along with opening more kiosks and collaborations with service providers to offer better customer options, wider network, and quicker delivery times.
About SM Investments Corporation
SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy.
SM’s retail operations are the country’s largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM’s property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM’s interests in banking are in BDO Unibank, Inc., the country’s largest bank, and China Banking Corporation, the fourth largest private domestic bank.
For more information, please visit www.sminvestments.com
Logo – https://mma.prnewswire.com/media/1880730/4673034/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/sm-focuses-on-expansion-to-serve-more-regions-302128477.html
Latest News
eWTP Arabia Capital’s Technology Fund I Recognized as Top Performing VC Fund in the Preqin League Tables
RIYADH, Saudi Arabia, May 19, 2024 /PRNewswire/ — eWTP Arabia Capital Technology Fund I (“Techology Fund I”), managed by eWTP Arabia Capital (“eWTPA”), one of the leading private equity firms in the Middle East, was listed in the Preqin League Tables as the the fifth top-performing VC funds in the US$250 Million to US$499 Million category by net Internal Rate of Return (IRR) for vintages between 2015-2020.
“We’re delighted by the recognition of our Technology Fund I as a top-performing VC fund in our sector,” expressed Jessica Wong, Founder and Managing Partner of eWTPA. “This milestone underscores the commitment of our team and the robustness of our investment strategy. It also underscores the significant growth potential of the Middle East and North Africa market, particularly in Saudi Arabia, warranting attention. As a pivotal driver of technological advancement in the region, we’re steadfast in our mission to empower entrepreneurs and deliver value to our investors.”
“Being recognized by Preqin validates our hard work and dedication to supporting and actively contributing towards building the Saudi digital ecosystem,” said Jerry Li, Founder and Managing Partner of eWTPA. “As eWTPA continues to grow and expand its investment portfolio, it remains committed to fostering innovation and driving positive change in Saudi, the GCC and the global emerging markets ecosystem.”
eWTPA has demonstrated exceptional performance, solidifying its position among industry leaders. This recognition underscores eWTPA’s commitment to identifying high-potential market opportunities and generating returns for its investors.
The Preqin League Tables are regarded as a comprehensive and authoritative ranking system for private equity and venture capital performance. Preqin, a leading data provider in the alternative assets industry, compiles these league tables based on various performance metrics, including net Internal Rate of Return (IRR) and other key indicators.
eWTPA’s success reflects its strategic approach to investing high-growth sectors in the MENA region. The firm’s portfolio includes a diverse range of companies poised to make a significant impact on their respective industries.
Acting as a bridge between Asia and the Middle East, eWTPA’s Technology Fund I has achieved significant success since its inception in 2019. The Fund has invested in over 18 companies, several of which have successfully established themselves in KSA, like J&T Express, Raha, Sahm and COFE.
About eWTPA:
Founded in 2019, eWTP Arabia Capital is an investment firm based in Saudi Arabia and China. Backed by marquee regional and international Sovereign Wealth Funds, Institutional investors, and family offices, eWTPA helps create robust local digital ecosystems in the MENA region by partnering with market-leading international businesses and providing a gateway for these companies to establish a strong and sustainable presence in the region. To date, eWTPA has invested in over 18 companies, 13 of which have already established themselves successfully in KSA.
Media contact:
Haile Liao
+966 0530868568
[email protected]
Photo – https://mma.prnewswire.com/media/2416426/eWTP_Preqin.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ewtp-arabia-capitals-technology-fund-i-recognized-as-top-performing-vc-fund-in-the-preqin-league-tables-302149554.html
Latest News
Revio, the young fintech winning over Old Mutual and MTN
Latest News
Basel Committee highlights rising risks from finance digitalisation in new report
The post Basel Committee highlights rising risks from finance digitalisation in new report appeared first on HIPTHER Alerts.
-
Latest News7 days ago
Al Hassan Ghazi Ibrahim Shaker Co. announces a strong start to FY24, reporting a 12.09% YoY increase in net profit to reach SAR 32.25 million in Q1-FY24
-
Latest News6 days ago
Newgen Recognized in the Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions 2023 Report
-
Latest News7 days ago
Major Korean pension fund invests in carbon solutions with Stafford Capital Partners
-
Latest News6 days ago
Precisely Showcases Critical Role of Trusted Data in AI at the Gartner® Data & Analytics Summit in London
-
Latest News6 days ago
One United Properties posts a consolidated turnover of 84.3 million euros and a gross profit of 37 million euros in the first three months of 2024
-
Latest News4 days ago
B Lab UK research reveals UK public back change to company law to put people, the planet and profit on more equal footing
-
Latest News4 days ago
Unleash a Wave of Opportunities this May with Bybit
-
Latest News3 days ago
Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware