SM Investments has obtained the approval of the Securities and Exchange Commission for the merger of Sy family-owned specialty stores into SM Retail Inc.

To be merged with SM Retail’s food and department stores are a wide ranging portfolio of leading local brands such as Ace Hardware, Watsons, Toy Kingdom, SM Appliances, Our Home, Baby Company, Kultura, Sports Central, Pet Express and other specialty retailers.

Billionaire Henry Sy founded SM Investments, one of the country’s largest publicly listed companies. The corporation comprises a group of banking, property and retail operations. Under the terms of the deal, more than 1300 retail outlets will be folded into SM Retail in exchange for shares of stock in SM Retail’s expanded net assets.

SM’s retail operations has a strong brand franchise consisting of non-food under The SM Store and food under SM Markets comprising of SM Supermarket, SM Hypermarket, and Savemore and other food retail stores under Waltermart and Alfamart.