Daily TribuneThe company announced its repurchase of over P1.7 billion worth of shares under its broader share buyback program; it also reported the appointment of Cris Noel E. Torres as SM Prime executive vice president. A Wharton School of the University of Pennsylvania graduate where he earned his MBA, Torres was SVP-CFO at EEI Corporation, and had served for almost a decade at First Pacific Group where he started as AVP for Metro Pacific Investment Corporation.
SM Prime Holdings (SM Prime), the real estate arm of the Sy family’s SM Investments Corporation, announced that it has repurchased over P1.7 billion worth of shares to date as part of its broader share buyback program, alongside a leadership change.
In a Wednesday morning disclosure to the Philippine Stock Exchange, the company said it recently repurchased an additional 871,900 shares — 200,000 at P21.25 apiece and the remaining shares at P21.30 — totaling P18,561,470.
Market ‘mispricing’
The transaction forms part of SM Prime’s share buyback program approved by its board on 9 December 2024. The initiative was launched in response to what the company described as market “mispricing,” with management believing the stock is undervalued relative to the firm’s fundamentals and long-term growth prospects.
To date, the program has resulted in the repurchase of 81,099,600 shares worth P1,737,903,269, out of the P5 billion to P10 billion allocation.
SM Prime also announced the appointment of Cris Noel E. Torres as executive vice president effective 16 February.
New SM Prime EVP
A licensed mechanical engineer, Torres earned his MBA from the Wharton School of the University of Pennsylvania.
He began his career in corporate finance and advisory, working on mergers and acquisitions, financing, and strategic advisory transactions at a US-based middle-market investment bank focused on the technology and communications sector.
He later held roles in private equity and the consumer goods industry, expanding his expertise in investment management and operational strategy.
From 2011 to 2020, Torres was part of the First Pacific Group, where he gained experience in infrastructure, utilities, power generation, and portfolio management across the Philippines and Indonesia.
In 2020, he joined EEI Corp. as managing director and chief financial officer, serving until 2024. During his tenure, he led finance, treasury, business development and legal functions, and served as president or board member of nine subsidiaries.
Strategic shift beyond routine expansion
Torres’ appointment as SM Prime EVP signals a strategic shift beyond routine expansion, with his background suggesting a stronger focus on capital allocation, potential acquisitions, partnerships and complex growth initiatives.
The move aligns with SM Prime’s broader capital management strategy, including its ongoing share buyback program.
