SM Investments Corporation, based in the Philippines, has formed a consortium among its units for the development of an entertainment complex in the Philippines.
The company told the Philippine Stock Exchange that a consortium will be formed among SM Land, SM Development, SM Commercial Properties, SM Hotels and Premium Leisure and Amusement.
These units will jointly undertake the development of an integrated entertainment complex under Pagcor’s Bagong Nayong Pilipino Entertainment City project.
SM Investments also said it has appointed Jose Fino Lucas, executive vice president, and Jose Amantoy, vice president, to sign the consortium agreement on behalf of SMIC.
Commenting on the agreement, Jose Sio, SM Investments’ chief executive officer, said it grants a licence to the company to transform the 60-hectare Mall of Asia complex into a world-class business and entertainment hub.
"In the future, Pagcor will be building infrastructure support for the project," he said.
SMIC was one of three companies pre-qualified by Pagcor to develop the Bagong Nayong Pilipino. The two others were Travellers International Hotel Group and Aruze of Japan.
