San Miguel Properties, Inc. (SMP) was the surviving corporation in the merger of Monterey Farms Corporation and San Miguel Properties Philippines, Inc. in January 1998. On December 9, 2002, SMP merged with another subsidiary, HOC Realty, Inc., with SMP as the surviving entity. SMP is primarily engaged in the development, sale or lease of properties. Among the company's significant subsidiaries and associates are Legacy Homes Inc. (LHI), which is engaged in the development and sale of low and medium end residential housing projects, Excel Unified Land Resources Corporation (Excel), which engages in the acquisition, development and sale of high end real estate properties, and Bank of Commerce, which has been serving the Philippine banking community for 15 years and in which SMP owns 30% of its total and outstanding shares of stock. SMP and its subsidiaries LHI and Excel have completed the development of most of its projects and are presently focusing on marketing the remaining inventories of its residential subdivisions. Among the projects completed are the Buenavista Homes and Primavera Hills in Cebu, Villa de Calamba in Laguna, The Legacy in Paranaque, Maravilla and Bel-Aldea in General Trias, Cavite, and Wedge Woods subdivision in Silang, Cavite. Source: SEC Form 17-A (2008)