SM Investments raises $151 million from top-up placement

Philippine conglomerate SM Investments Corp SMIC has raised Ps6.37 billion $151 million from a top-up placement, which it says it will use to fund its expansion plan. The fundraising is notable since it comes just seven months after the company sold $250 million worth of convertible bonds. The controlling shareholder, the Sy family, is also viewed to be extremely reluctant to dilute its stake in SMIC, which acts as the holding company for the entire group.

Back in February, sources said the company had chosen to do a CB partly because it allowed it to raise equity at a significant premium to a share price that at the time...