SMIC acquires 61.21 % of dormitory buildings operator

April 24, 2017

SM Investments Corp. said it has acquired 61.21 percent of Philippines Urban Living Solutions, which operates dormitory buildings under the My Town brand. In a disclosure to the Philippine Stock Exchange on Monday, SM Investments Corp.said the acquisition, done on April 21, allows it to buy 674, 895,291 common shares of Philippines Urban Living Solutions, which was established in 2012. The amount was not disclosed but the disclosure said it was less than 10 percent of SM Investments Corp.’s book value. My Town’s dormitories, the disclosure said, “are equipped with attractive amenities and targeted retail facilities that allows its tenants to save on travel time and transportation cost.”  DMS