BPI has no plans to form strategic alliances with international banks
At this time, BPI is not interested in forming strategic alliances with international financial institutions. BPI CEO TG Limcaoco said that the bank has a large number of foreign investors who have purchased shares in the bank and that the firm has no intentions to access the debt or capital markets this year.
Construction of the QC highway expansion is expected to begin shortly
NLEx Corp., a subsidiary of Metro Pacific Tollways, is to begin construction of a P2 billion, 2-kilometer highway linking the Mindanao Avenue toll plaza and the Quirino Highway in Novaliches as early as late August or early September. In the future, this portion will be connected to the NLEx extension to C5/C.P. Garcia, which will be located near Katipunan
MPI investigates the logistics unit’s focal point
Metropolitan Pacific International (MPI) is reorganizing its logistics division, MetroPac Movers, Inc., to concentrate on either warehousing or the last-mile component of the business. For the purpose of improving operations, MPI is also interested in purchasing current logistics players.
ALI unit to ensures that geothermal energy is supplied by the AP unit
DirectPower Services, Inc. (DPSI), a subsidiary of ALI, will receive 360MW of clean energy from geothermal facilities as part of the government’s green energy alternative plan (GEOP). DPSI is a retail energy supplier that serves the needs of 45 contestable customers, or consumers whose electricity use is high enough to enable them to choose among a variety of power suppliers. According to the Department of Energy, the primary source will be AP Renewables, Inc.
DDMPR keeps track of project disbursements
DDMPR informed the Philippine Stock Exchange that out of the P6.839 billion in net proceeds from its first public offering, P1.2 billion was released for the following properties: CentralHub Industrial Centers (P968 million); and Jollibee Towers (P1 billion) (P234mn).
GMA7 to undergo a transformation into a conglomeration of operations
By establishing GMA Ventures, Inc., GMA7 intends to convert its activities into those of a conglomerate, rather than as a single entity (GVI). GVI will discover, invest in, and/or create profitable and long-lasting enterprises. It will also be involved in mergers and acquisitions, tie-ups, and fund investments.
PNX increases its market share in the local market
According to statistics from the 25th of May, PNX has a 7.81 percent share of the local oil market, an increase from the 7.1 percent it had at the end of 2020. PNX CEO Fadullon said that the company’s April performance exceeded pre-covid levels.
EEI prepares preferred float
The board of directors of EEI authorized the offer of preferred shares with a base price of up to P4 billion (tentative) and an over-subscription option of up to P2 billion. The offer price would be P100 per share, and the offer will be made via a follow-on float. The move would aid in improving EEI’s contracting capability as well as mitigating the possibility of a prolonged cash conversion cycle on current contracts.
ACR registered its P1.4 billion in commercial papers (CPs) with the Philippine Depository Exchange (PDEx)
The IPO is part of a larger CP strategy that may amount up to P3 billion. All of the securities will be issued in one or more tranches having a three-year maturity date beginning on June 25, 2021. ACR has four power facilities in Mindanao with a combined capacity of 468MW. After completing its P4.5 billion, 14.5MW hydroelectric power plant in the Siguil River basin in Sarangani Province, which is scheduled to begin operations in early 2022, the company plans to build another one.
Mandaluyong condominium project was completed by the CDC
Pioneer Heights 1, a 24-story office, commercial, and residential condominium in Mandaluyong City, has been completed by CDC. The company is now running a promotion for instalment downpayments due over a period of up to 24 months with no interest charged.
HGP Group received P1/share in value from VUL for its share issue
In order to value the subscription of East Coast Mineral Resources Company Inc. (ECMRC, represented by Hilario G. Pagauitan & Sofia G. Pagauitan or HGP Group) to 5.18 billion common VUL shares at P1 per share, VUL multiplied the firm’s negative book value of P0.0009 per share by one. The issue will result from VUL’s application for an increase in authorized capital, which is expected to occur in the fourth quarter of this year. Following the completion of the deal, HGP Group will control 85.5 percent of VUL.
Initial public offering (IPO) approved
Del Monte Philippines’ P44 billion initial public offering (IPO) was approved by the SEC, with the offer period running from 9-13 August and the company going public on 23 August. The company would issue 699.33 million secondary shares at a price of P54.80 per share, with an over-allotment option of up to 104.899 million common shares.