SM, Waltermart join forces
By Doris C. Dumlao
10:01 pm | Monday, January 7th, 2013
Tycoon Henry Sy seeks to cement his leading position in the Philippine retailing and shopping mall businesses by forging an alliance with the Waltermart group of the Lim family.
In a disclosure to the Philippine Stock Exchange on Monday, SM Investments said it had entered into a joint venture with the Waltermart group through its subsidiaries SM Retail Inc. and SM Prime Holdings Inc.
The terms of the partnership are still being finalized and thus cannot be disclosed yet, said Cora Guidote, head of investor relations at SMIC.
“This is an opportunity to further strengthen our position in both the mall and retail business,” Guidote said.
The Waltermart group of the family of Wilson Lim has been in the retailing business for over 20 years. Based on its website, it has 17 community malls located in Batangas (Tanauan), Laguna (Sta. Rosa, Calamba and Makiling), Cavite (Carmona, Dasmariñas, General Trias and Trece Martires), Metro Manila (Sucat, Makati, North Edsa and E. Rodriguez), Bulacan (Plaridel, Guiguinto and Santa Maria), Pampanga (San Fernando) and Nueva Ecija (Gapan).
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