MANILA, Philippines - One of the strategies of the Sy group to counter the aggressive expansion of Lucio Co-led retailer Puregold is proceeding well.
On Monday, April 15, SM Investments Corp (SMIC) confirmed a report quoting its chief finance officer Jose Sio that the group is wrapping up its due diligence for, as well as its investments in, the 50-50 partnership with retailer Waltermart.
"We confirm that our investment for joint venture with Waltermart is proceeding positively," SMIC told the Philippine Stock Exchange. The two announced their joint venture deal in January. They had said then they need 6 months for due diligence work.
“We are proceeding with the investment for Waltermart,” Sio was quoted as saying.
The value of the deal has not been disclosed.
