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Updated Friday, February 10, 2012 0:20 am TWN, AFP

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Philippines' richest person eyes deal for real estate firms, undeveloped land

MANILA--The Philippines' richest man is in talks to take control of one of the country's main real estate firms, which has major parcels of undeveloped land in the nation's capital, his company said Thursday.

The SM Group of ethnic-Chinese tycoon Henry Sy confirmed it was eyeing a majority stake in the holding company that developed Ortigas business district, an important financial hub in Manila.

“We confirm that SM Group is in the process of discussion for the acquisition of majority interest in Ortigas Holdings Inc.,” the company said in a disclosure to the Philippine Stock Exchange.

“The amount and details of the transaction are still under discussion and subject to finalization.”

The disclosure was issued after the Philippine Daily Inquirer newspaper reported that Sy was ready to acquire control of the Ortigas group for US$1 billion.

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