SM Investments—the holding company of the family of the late retail billionaire Henry Sy Sr—will spend $1 billion to buy back its shares, which are trading at a two-year low.

Following Sy’s death in 2019, his six children—Teresita, Elizabeth, Henry Jr, Hans, Herbert and Harley—inherited his fortune. The family is the richest in the Philippines with a net worth of $13 ...

Herbert Sy and Harley Sy. Third generation Sys who are currently holding key positions in the group include Jessica Bianca “Jica” Sy, head of design, innovation and strategy at SM Prime ...