Henry Sy still richest man in Philippines-A A +A
Tuesday, March 4, 2014
MANILA -- SM Prime Holdings founder Henry Sy still holds the wealthiest person in the Philippines title based on Forbes magazine's "The Philippines 50 Richest" ranking as of March 2014.
In its article, Forbes said Sy, who also topped first in 2013, "merged his vast property assets under mall operator SM Prime Holdings to create a company with a recent market cap of $9.3 billion."
It added that in November, Sy's property unit SM Land snatched a $1.2 billion contract to reclaim land in Manila, which is next to his Mall of Asia complex.
Forbes, however, said the founder's net worth of $11.4 dropped by $1.8 billion this year because some shares of his holding firm SM Investments tumbled 30 percent in 2013.
"They took a hit when the company sold some shares to institutional investors at a discount to market price. Son Henry Sy Jr. chairs SM Prime, while son Hans is group president," the magazine added.
The 89-year-old Sy graduated from Far Eastern University. He has six children and is now residing in Manila.
Below is the complete list of the top 50 wealthiest people in the Philippines: