Money

Estate planning? Big Boy ‘slims’ down holdings in SM Investments

Henry “Big Boy” Sy Jr. has reduced part of his stake in his family’s holding firm.

In a report to the Philippine Stock Exchange, SM Investments Corp. pegged Big Boy’s shares in the company at 75.855 million shares or 6.297 percent as of June 30, 2020.

This is down by 13 percent from the SM Investments vice chairman’s 87.503 million stake (or 7.264 percent of the company) as of March 31, 2020.

But market observers believe this is just part of Big Boy’s estate planning and that he has retained his stake, albeit indirectly, based on another disclosure where his total stake remained at 7.21 percent as of June 30.

On February 7, 2020, Big Boy shed 700,000 SM Investments shares at P924.50 or total value of P647.15 million.

On April 6, 2020, Big Boy reported transferring 11.647 million shares from direct to indirect holdings.

The other Sy-blings retained their respective shares in SM Investments as of June 30:

* Herbert Sy with 98.753 million shares (8.198%)

* Harley Sy with 87.604 million shares (7.273%)

* Tessie Sy-Coson with 85.44 million shares (7.093%)

* Hans Sy with 75.839 million shares (6.296%)

* Elizabeth Sy with 71.022 million shares (5.896%).

SM Investments is the country’s largest corporation with a market cap of P1.132 trillion.

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