Maniolas

MANILA, Philippines – Century Pacific Food Inc. of the Po family has pegged the selling price of its shares at P13.75, the upper end of the indicative price range. The country’s largest canned goods producer stands to raise P3.16 billion in the second initial public offering (IPO) this year. In a text message, Eduardo V. Francisco, president of underwriter BDO Capital & Investment Corp., said the final offer price is near at the high end of the P12.50 – P14.50 target. Century Pacific will raise P3.157 billion in fresh capital from the sale of 229.654 million shares from April 23 to 29. The company’s shares will debut on the main board of the Philippine Stock Exchange on May 6. Proceeds of the IPO will be used to pay short-term obligations, complete a tin can manufacturing factory and dairy mix plant facility in Taguig, and support general working capital given an intensified marketing and sales initiative or possible acquisition. Nisha S. Alicer, research strategist at DA Market Securities, said Century Pacific is a value stock, with the P12.50 P14.50 price range representing a 18.6x-21.9x 2014 price-to-earnings ratio, lower than the industry average of 22.9x. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Century Pacific is banking on its market leadership in the consumer-based Philippine economy, and multi-category, multi-brand product portfolio with a strong record of product innovation and successful new product introduction. The company also has a “multi-pronged growth strategy through cost improvement, expansion of distribution network and achieving economies Read More …

MANILA, Philippines – Listed real estate firm Philippine Realty Corp., fresh from exiting a court-assisted corporate rehabilitation, has recorded its second consecutive year in the black. In a regulatory filing, Philrealty said its net income hit P39.35 million last year, up from P4.22 million in 2012 and a reversal of the  P212.6-million net loss in 2011. Income from rent, real estate sales, management fees, interest income and commission sank 23 percent to P364.27 million from P475.22 million in 2012. “Sales of Skyline Tower slowed down as fewer units became available to buyers while new sales were booked on sale of Icon Plaza units which is 74.28 percent completed as of yearend,” Philrealty said. Rental income of subsidiary PRHC Property Managers Inc. improved due to escalation in rental rate, the firm said. However, Philrealty said its costs and expenses eased at a faster pace to P325.59 million, down 32 percent from P482.74 million a year ago. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Reeling under debt for 12 years, the property firm exited a corporate rehabilitation program early this month and committed to capitalize on a resurgent real estate market. To regain its prominence as a leading high-end property developer, Philrealty is fasttracking the completion of the second of five towers to rise at the P250-billion Andrea North in New Manila, Quezon City. The company needs to raise P700 million to complete construction of Sky Villas, which will offer about 108 units in 31 floors and targeted for turnover Read More …

A ROADMAP detailing the country’s export strategy for the last three years of the Aquino administration is expected to be complete next month, officials of the private-public sector Export Development Council (EDC) said over the weekend.

How sweet is rest after fatigue! How sweet will heaven be when our journey is ended?—George Whitefield The pearly gates of heaven — that is, if we believe in heaven — reopen every Easter, the feast of the resurrected Christ. It is always a happy event. As the story was told and continues to be told, the entrance was closed to mankind from the time Adam and Eve were driven out of the Garden of Eden for flagrantly disobeying God. And Jesus had to become man and act in perfect obedience to the will of the Father to make up for the first couple’s sin to once again open the door to eternal life. No one has really come out to describe with conviction and definitiveness what heaven really looks like. Of late, though, we have a number of accounts sharing what it is. We have heard of near-death experiences detailing heaven as a place where angels play sweet harp music, where dead relatives and friends reunite with a possible new entrant, and where everything is white and bright. And we have also come across children’s books and pieces of poetry portraying it as nirvana — rainbows exuding vibrant colors, exotic animals roaming around in perfect harmony, peaceful towns, bluish surroundings and people playing and laughing. Everyone has a verbal and visual image of heaven. Most religions do, too, and they should all be respected. Colton Burpo is a four-year-old boy who seemingly died and whose soul made a short Read More …