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Fined by Philippine agency, SM Prime claims timely filing for 51.27B-peso JV

SM Prime Holdings Inc. said it filed within the required time period the notification form for its 51.27 billion-Philippine-peso joint venture agreement with state-owned Bases Conversion Development Authority for the development of the 33.1-hectare Bonifacio South Pointe project in Taguig City, Philippines.

The Filipino developer made the clarification March 19 after the Philippine Competition Commission asked the partners to pay a 2 million-peso fine for filing the notification beyond the 30-day limit under the mergers and acquisition rules of the independent, quasi-judicial competition body.

SM Prime maintained that the penalty could not be imposed since it was able to file the necessary notification documents by Sept. 10, 2018, despite the papers being returned afterward because of incomplete documentary requirements.

Manila Standard reported March 17 that the companies should pay the penalty within 45 days, following the declaration of the decision. In the filing, the property company clarified that the fine is appealable within 15 days after March 6.

As of March 19, US$1 was equivalent to 52.84 Philippine pesos.