MPI and DMC emphasized the recent MWSI-MWSS agreement: MPI and DMC informed the Exchange that Maynilad’s (MWSI) latest concession arrangement with MWSS includes, among other things, the following: (1) continuity of the agreement until 31 July 2037; (2) imposition of a tariff freeze until 31 December 2022; (3) exemption of corporate income tax from recoverable expenses and FCDA; and (4) enforcement of cost limits for water and sewerage facilities to 1.3x and 1.5x, respectively, of the previous regular rate.
FGEN plans to invest $530 million in capital expenditures in 2021, led by EDC ($280 million), a liquefied natural gas (LNG) terminal in Batangas ($120 million), and the Aya pumped storage plant in Nueva Ecija ($60 million).
ACEN and UPC Renewables have begun work on the P11.4 billion, 160 megawatt Balaoi & Caunayan wind farm in Pagudpud, Ilocos Norte. ACEN’s wind energy capability will be doubled until the project is finished in 4Q22. The addition of AC Energy International to ACEN will bring overall renewables power to over 2,000MW.
MBT announces an early end to its peso bond float: MBT announced an early close to its peso bond float on May 18, despite the fact that it was 1.9x oversubscribed. The deadline for submissions was set for May 24. MBT raised P19 billion from its P100 billion bond and CP scheme, with a tenor of 5.25 years and a 3.6 percent coupon. The deadline for PDEX submission is June 4th.
PHN invests in a Vietnamese cement business: PHN signed a term sheet with Song Lam, Vissai Ninh Binh Joint Stock Company, and Hoang Minh Truing for a $50 million preferred stock stake in Song Lam. The preferred securities cover a fixed annual dividend of 7.5 percent that is converted into common shares. Vissai is Vietnam’s largest privately held cement manufacturer, exporting to 37 nations, including the Philippines. Song Lam operates Vietnam’s biggest cement plant and will be a big supplier to PHN’s Philcement Corp, which it owns 60 percent of.
MONDE secures cornerstone investors: Monde Nissin (MONDE) has secured 11 cornerstone investors who will own approximately 61 percent of the company’s P56 billion IPO. The company’s initial public offering (IPO) was valued at P13.50 a share, with an offer period ending on May 25. The first day of listing is set for June 1st.