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SM and Waltermart Joint Venture

Waltermart Supermarket, Inc. (WSI), a corporation mainly engaged in the business of

supermarket retailing, was registered with the SEC in January 1994. It opened two
stores in 2012 and another two stores in 2013 bringing the total number of stores to
twenty-two as of the end of the year. It plans to grow its store network by at least one to
two stores annually. In January 2013, WSI entered into a joint venture with SM Retail
Inc., a company incorporated and domiciled in the Philippines. SM Retail owns 51% in
WSIs issued share capital. WSIs revenues in 2013 for the twenty two stores amounted
to P10.7 billion. For the year ended December 31, 2013, WSIs issued share capital
amounted to P380 million, with 380,000,000 authorized, subscribed and paid up shares
at a par value of P1.00 per share.
SM Prime Holdings Inc. expects to complete the acquisition of Walter Mart Malls in
September, a company executive said Friday. SM Prime chief finance officer Jeffrey Lim
said the company was set to acquire 51 percent of Walter Mart Malls, which operates 17
community malls. The two parties are discussing the final cost of the acquisition,
according to Lim. Walter Mart operates 17 shopping centers in Central Luzon, Metro
Manila and Calabarzon. SM Retail earlier completed the acquisition of a 51-percent
stake in Walter Mart Supermarket for P3.57 billion. Walter Mart Supermarket is now a
subsidiary of SM Retail, after the transaction was completed, based on the filing of SM
with the stock exchange. SM Prime and SM Retail signed joint venture agreement with
the Walter Mart Group of Companies in January to boost the groups retail business,
which is facing stiff competition from the aggressive expansion of Puregold Price Club
Inc. of taipan Lucio Co. Walter Mart, owned by the Lim family, is the first community
shopping center format in Southern Luzon. Its 17 community malls are strategically
located in Batangas, Laguna, Cavite, Metro Manila, Bulacan, Pampanga and Nueva
Ecija. The Lim family also owns Abenson, a chain of appliance stores with over 75
outlets nationwide. It owns a concept store called Avant, which carries the latest highend technology products currently available in the market, as well as Electroworld and
Home Plus. SM Retail has 229 retail stores, consisting of 46 SM department stores, 37
SM supermarkets, 38 SM hypermarkets, 86 SaveMore stores and 21 Waltermart
supermarkets as of end-June. SM Retails revenues grew 6.4 percent to P83.6 billion in
the first half from P73.8 billion in the same period last year, following the acquisition of
Waltermart Supermarket and opening of new stores. The non-food group accounted for
40.9 percent of SM Retails first half sales while the food group contributed the
remaining 59.1 percent. SM Retail plans to add more one department store, one
supermarket, 11 SaveMore branches and six hypermarkets in the second half.