Maniolas

MANILA, Philippines – Metro Pacific Investments Corp. (MPIC) is infusing P85 million in upscale property development company Landco Pacific Corp. to restructure the latter and make it more attractive for selling. In a disclosure to the stock exchange, the infrastructure conglomerate said it has entered into an agreement with Landco and its controlling shareholder to restructure and clean up the balance sheet of the company in preparation for an eventual sale to third parties. “The cash infusion will be to the extent of P85 million and conversion of receivables into equity to the extent of P79.8 million,” MPIC said. Through the agreement, MPIC said it expects to convert its preferred shares in Landco to common shares in the near future. Likewise, the conglomerate led by businessman Manuel V. Pangilinan intends to have additional subscription to non-voting preferred shares by way of cash infusion and conversion of MPIC’s receivables from LPC into equity, and spin off of non-performing assets of LPC to a separate company. “The foregoing steps will be implemented in different phases in the near future,” MPIC said.In 2010, MPIC sold 15 percent of its interest in Landco to AB Holdings Corp., reducing its equity in Landco to just 19 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Prior to that, MPIC already sold 17 percent of its stake in the property firm to AB Holdings, making the latter the majority owner with more than 80-percent interest in Landco. Landco is a developer of leisure communities, resort-inspired Read More …

MANILA, Philippines – Ateneo de Manila University (ADMU) has launched an electric jeepney (e-jeepney) shuttle system within its campus. According to the Electric Vehicle Association of the Philippines (EVAP), ADMU is the first educational institution to introduce an e-jeepney transport system. The Ateneo e-jeep shuttle system is operated by Meralco Energy Inc., a subsidiary of Manila Electric Co. (Meralco). For the shuttle system’s initial operations, it would utilize four units of 14-seater e-jeeps supplied by Philippine Utility Vehicle, Inc. The shuttle system would have 11 stops within the campus. Meralco for its part, designed and put up a power charging station which would allow e-jeepneys to run for about 100 kilometers (km) after charging overnight. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The adoption of electric vehicles by ADMU follows last month’s launch of Filinvest Alabang’s own shuttle system-Filinvest 360 Eco Loop – which also utilizes e-jeepneys. “More and more private institutions are now introducing their own eco-friendly transport systems to transform their establishments into green establishments,” EVAP president Rommel Juan said. Such move, he said, is supported by the EVAP. “EVAP hopes that many other commercial and even industrial establishments will soon follow suit in operating their own environment-friendly transport solutions,” he said. He noted that e-jeepneys are easier to maintain compared to units that run on diesel-engines. “An e-jeepney costs only P4.60 per km to operate as compared to a conventional diesel-powered jeepney which costs P6.70 per km to operate,” he said.

MANILA, Philippines – Ayala-led Globe Telecom Inc. and dominant carrier Philippine Long Distance Telephone Co. (PLDT) continued to expand interconnection links in the provinces, this time allowing subscribers in Ilocos Sur to call each other for free. Globe announced in a statement that the commercial activation of the interconnection deal with PLDT took effect last Dec. 10 allowing their landline customers to realize substantial savings as they no longer have to pay for long distance charges when calling one another. Landline subscribers of Globelines and PLDT were charged with long distance rate when making phones to one another. Globe general counsel Froilan Castelo said Globelines subscribers could simply dial the seven-digit telephone number to connect with PLDT and vice-versa. “The goal of the company has always been to offer products and services that are relevant to our customers. The expansion of our collaboration with competition further enhances our customers’ access to affordable telecommunication services especially for those that are residing in the provinces,” Castelo said According to him, Globe is also open for discussions for potential interconnection arrangement with other local exchange carriers. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Globe and PLDT have existing interconnection in Metro Manila, Cavite, Iloilo, Capiz, Batangas, Cebu, Negros Occidental, Negros Oriental, Bohol, Leyte, Davao City, Pampanga, Bulacan, Zamboanga, Laguna, Quezon, La Union, Nueva Ecija, and Benguet, General Santos/South Cotabato , Tarlac, Davao del Norte, and Pangasinan, Ilocos Norte and Zambales.

MANILA, Philippines – The joint venture undertaking the Mactan Cebu International Airport (MCIA) project has secured through debt more than half of the financing required for the airport’s rehabilitation and expansion. In a statement, the tandem of Filipino-owned Megawide Construction Corp. and Bangalore-based GMR Infrastructure said it has bagged 70 percent of the amount needed to finance the MCIA project through an omnibus loan and security agreement with a syndicate of six local banks. BDO Capital and Investment Corp. has been the lead arranger while the Bank of the Philippine Islands, Development Bank of the Philippines, Land Bank of the Philippines, Metropolitan Bank & Trust Co., and Philippine National Bank are the participants in the lending consortium. With the transaction, the joint venture called GMR Megawide Cebu Airport Corp. (GMCAC) said it has tied-in the required funding for delivering the improvements in Terminal 1 as well as the construction of a new Terminal 2. “Hence, this is an important milestone in GMCAC’s journey in turning MCIA into an airport of international standards and one that all Filipinos will be proud of,” GMCAC said. “This transaction, and the wide participation in it, is also a validation by the banking industry of the financial sustainability of the project as well as the value it creates for the local and national economy,” the Megawide and GMR team added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The joint venture that is 60 percent owned by Megawide and 40 percent owned by the Read More …