1. JGS

JGS changed the characteristic of its P2 billion preferred shares

JGS shareholders authorized the conversion of 2 billion non-voting preferred shares into voting preferred shares at a par value of P1 per share. In addition, the split feature of the preferred voting shares was changed to cash and property dividends equal to one-hundredth of the cash and property dividends declared for common shares, and stock dividends equal to the same rate for common shares.

2. BPI

BPI and BPI Family merger secures PDIC approval
(BPI, Php88.40; HOLD, TP:Php95.20)

The Philippine Deposit Insurance Corp. (PDIC) has approved the planned merger between Bank of the Philippines (BPI) and its wholly-owned thrift banking subsidiary BPI Family Savings Bank (BFSB), with BPI as the surviving company, subject to the following conditions:

  • PDIC’s consent would be valid as long as the MB’s approval is in effect; and submission by BPI and BFSB of notarized certifications to PDIC within 5 days of receiving BSP approval that their respective depositors and creditors have been duly notified of the approved merger and the full implication of the merger on both banks’ deposit liabilities as well as the rights of the depository institutions.
  • Aside from PDIC clearance, BPI must also get permission from other authorities such as the BSP, PSE, BIR, and the SEC. BPI intends to file regulatory files with the aforementioned authorities by the end of September.

3. SMC

SMC unit drops plans for 1,500- MW coal power plants
(SMC, Php118.00; BUY, TP:Php131.00)

SMC Global Power Holdings Corp., the power division of San Miguel Corp. (SMC), has abandoned plans to build coal power stations with a combined capacity of 1,500 megawatts (MW) as the firm changes its power production portfolio toward renewable energy.

The company presently maintains a diversified electricity portfolio that includes both conventional and renewable energy sources to guarantee that it can transition to greener energy sources while still fulfilling demand for cheap and reliable power.

SMC Global Power will invest more than Php1.0 billion in the construction of 31 new battery energy storage systems (BESS) with a total rated capacity of 1,000 MWs. These are scheduled to be finished by 2023, allowing SMC to integrate approximately 3,000 MWs of renewable energy sources into its portfolio.

4. FGEN

DOE targets 13.0mn MTPA of imported LNG capacity
(FGEN, Php29.20; BUY, TP:Php35.00)

The Department of Energy (DOE) is aiming for 13.0 million metric tons per year (MTPA) of imported liquefied natural gas (LNG) capacity via private-sector investments.

Previously, the DOE granted notice-to-proceeds (NTP) to several LNG import terminal projects, including those of Lopez led First Gen Corp. (FGEN), American firm Excelerate Energy, Atlantic, Gulf and Pacific Company of Manila, Inc. (AG&P), Lucio Tan’s Batangas Clean Energy project, A Brown Company Inc., and Shell Energy Philippines. The planned facilities would initially rely on floating storage and regasification units (FSRU), but project proponents want to establish onshore LNG terminals in the long run.

The project-sponsor companies aiming to come online first by next year in the LNG investment race are Excelerate Energy by 2Q2022 and the joint venture of FGEN and Tokyo Gas Co. Ltd. by 3Q2022.

5. FDC

FDC unit secures Metro Cebu bulk water supply deal

The Metro Cebu Water District has signed a 25-year bulk water delivery agreement with Filinvest Development Corporation’s (FDC) utility subsidiary, FDC Utilities, Inc. (FDCUI) (MCWD). FDCUI has been awarded for its unsolicited bid to build deasalination facilities that will serve Cebu City, Lapu-Lapu City, and Talisay City with a total of 80.0 million liters of potable water per day. MCWD generates 232,633 cubic meters of water per day to serve over 190,000 connections in its service region.

6. TUGS

TUGS ventures into ship maintenance and construction

The proposal to modify the 2nd Article of Incorporation to add the business of performing ship repair, construction, and breaking operations as a main objective was adopted by TUGS shareholders. There were no additional specifics provided.

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