SM Investments setting aside P25B for ’08 capex

Holding company SM Investments Corp. is allotting some P25 billion in capital expenditures for next year.

Jose Sio, SMIC executive vice president, told reporters on Wednesday that the company is looking to fund 60 percent of the capex from internally-generated funds. The remaining 40 percent will be financed through borrowings.

Sio also shrugged off concerns that the world economy will cool down in 2008, noting the positive support that the local economy will get from call centers, remittances and the growing middle class.

Meanwhile, Jeffrey Lim, SM Prime Holdings chief finance officer, told reporters that the retail giant will end 2007 with a total of 33 malls.

Lim added that the SM Prime will have a capex of P6 billion.

Cheryl Arcibal, GMANews.TV

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