MANILA, Nov 18 (Reuters) - SM Prime Holdings Corp, a unit of SM Investments Corp, said on Wednesday it would open five malls in the Philippines next year, bringing its total shopping malls all over the country to 41.
The company, the Philippines' largest mall developer and operator and owned by the country's richest man Henry Sy, expects to expand the total gross floor area of its malls to 4.7 million square metres by the end of 2010, up 9.3 percent from about 4.3 million at the end of 2008.
SM Prime also said it would open its 36th Philippine mall in the town of Rosario in Cavite province southwest of the capital on Friday. SM Prime also operates three malls in China.
It has previously said it planned to set up seven more shopping malls in China in the next five years.
SM Prime posted revenue of 14.6 billion pesos ($312 million) in the first nine months of 2009, up 14 percent from year ago.
Company officials have said they aim to grow 10 percent every year.

(Reporting by Raju Gopalakrishnan; Editing by Rosemarie Francisco)

((raju.gopalakrishnan@thomsonreuters.com; +632 841 8914; Reuters Messaging: raju.gopalakrishnan.reuters.com@reuters.net)) Keywords: SMPRIME/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.