SY family-led SM Investments Corp. (SMIC) said Tuesday that its board of directors had greenlit the property-for-share swap with its subsidiary Intercontinental Development Corp. (ICDC).

"The respective board of directors of the SMIC and ICDC deemed it necessary and advisable to enter into the transaction for optimal utilization and development of the properties and to align with their respective broader business strategies," SMIC said in a filing with the stock exchange.

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