SM Investments Corporation (PSE:SM) agreed to acquire 81% stake of Allfirst Equity Holdings Inc. on April 1, 2022. SM Investments Corporation will issue shares in exchange. SM Investments Corporation board approved the deal. The transaction will be subject to approval by SMIC shareholders at the company's ASM on April 27, 2022 and by regulators and is expected to be completed in the third quarter of 2022. During the Annual Stockholders' Meeting of SMIC held on April 27, 2022, the stockholders owning at least 2/3 of the outstanding capital stock of SMIC ratified and approved the merger of SMIC with Allfirst, with SMIC as surviving entity. On August 1, 2022, SM Investments Corporation (SMIC) received the approval from the Securities and Exchange Commission (SEC) on the merger of SMIC and Allfirst Equity Holdings, Inc., with SMIC as surviving corporation.

SM Investments Corporation (PSE:SM) completed the acquisition of 81% stake in Allfirst Equity Holdings Inc. on August 1, 2022.