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MANILA - The SM Group's offer to acquire 34 percent of Ortigas & Co. Ltd. Partnership stands despite talks between the Ayala Group and one branch of the Ortigas family.
On the sidelines of the PLDT-Mall of Asia Arena contract signing, Hans Sy, SM Prime Holdings Inc. president, told reporters that the offer for the stake held by HSBC in OCLP is still on the table.
"But we're still waiting for some of the formal decision. We haven't seen anything formal yet so we could not answer yes or no to the situation," Sy said.
He said the SM group placed the offer but the Ortigases have yet to reply formally.
"Ayala may have gotten but we have not gotten our reply yet," Sy said.
Earlier, Ayala Land Inc. disclosed it was earmarking P15 billion for the "strategic alliance" with OCLP through the group led by Ignacio Ortigas.
This alliance will allow ALI to develop OCLP's real estate assets. OCLP is the parent firm of Ortigas & Co., which in turn owns and manages Greenhills shopping complex, Tiendesitas, Market! Market!, subdivisions such as Valle Verde, the Ortigas Business District and several tracts of land from Pasig to Quezon City.
Sy said the SM group would want to gain control of OCLP but this would depend on the outcome of the bid for the 34 percent stake.
"If we would get it, then we try to go and make our moves," he said.
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