Bacolod Court Denies SM Plea

The Bacolod Regional Trial Court has denied the petition of SM Prime Holdings Inc. (PSE: SMPH) to declare it the winning bidder of the 7.7-hectare prime property of the Negros Occidental provincial government in Bacolod City, Gov. Alfredo Marañon Jr., said Monday. The decision paves the way for Ayala Land Inc. (PSE: ALI), which was awarded the right to rent and lease the property in 2011, to begin its multibillion-peso development of the property adjacent to the provincial capitol in Bacolod City.

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Source: Philippine Daily Inquirer

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