JFC-YIPI joint venture firm set up
(JFC, Php206.40; BUY, TP:Php:230.00)
Jollibee Foods Corp. (JFC) has officially filed with the Securities and Exchange Commission its 50/50 joint venture with Yoshinoya International Philippines, Inc. (YIPI) (SEC). The initial authorized capital stock of the joint venture firm would be Php130.0 million. The business will also have its own management, which will be primarily backed by JFC. With a long-term goal of establishing 50 shops, the company hopes to grow the Yoshinoya brand throughout the nation. Yoshinoya is JFC’s first Japanese food chain, and it would be an excellent addition to the company’s portfolio of international franchise brands in the country.
ACEN’s 120MW solar plant in Laguna commences operation
AC Energy Corp. (ACEN) has begun commercial operations at its 120MW solar farm in Alaminos, Laguna. GigaSol Alaminos is the country’s second biggest solar farm, capable of powering about 80,000 households.
ACEN’s electricity portfolio has a net attributable capacity of 1,200MW as of May, with renewables accounting for 56% of the total.
SMC to issue first tranche of registered bonds in July
(SMC, Php114.20; BUY, TP:Php131.00)
In July, San Miguel Corp. (SMC) will issue the first tranche of its shelf registered Php50.0bn fixed-rate notes worth Php30.0bn. The first tranche would be Php20.0 billion in fixed-rate bonds, with an oversubscription option of up to Php10.0 billion, consisting of six (6) year Series I bonds due in 2027 at a 3.38 percent annual rate, a put option on the third year, and optional redemption on the fourth (4th) or fifth (5th) year. The sale proceeds will be utilized to re-denominate existing dollar-denominated commitments. The bonds will be launched on July 8, 2021, with an offer period running from June 22 to June 28.
4. PIZZA & CNPF
PIZZA offers plant-based chicken nuggets
Shakey’s Pizza Asia Ventures, Inc. (PIZZA) has added plant-based “chicken” nuggets to its menu in collaboration with unMeat, a local plant-based product brand. The debut of its plant-based nuggets follows the launch of the company’s plant-based burger, “Goood Burger,” last year.
“The Goood Nuggets” will be offered nationally for Php179.00 and is a partnership between PIZZA and unMeat, a product of PIZZA’s sister business, Century Pacific Food, Inc. (CNPF).
DMPI FY2021 net income rose 33% yoy to Php4.6bn
Del Monte Philippines, Inc. (DMPI), a subsidiary of Del Monte Pacific (DELM), announced net income of Php4.6 billion in fiscal year 2021, a 33 percent increase year on year. Earnings increased as a result of a better revenue mix, lower costs, and operational efficiency.
Net sales increased by 8% to Php34.5 billion, with the Philippines accounting for two-thirds of the total. Sales in the nation increased by 10% to Php19.2 billion, as retail sales offset a decrease in food service sales.
Meanwhile, gross profit increased 21.5 percent year on year to Php10.4 billion.