8990 Group fails to buy out Seacem minority stockholders

 Economy
Jul 262013
 
8990 Group fails to buy out Seacem minority stockholders

MANILA, Philippines – The new controlling group in dormant holding firm Southeast Asia Cement Holdings Inc. (Seacem) failed to buy out the minority shareholders in a mandatory tender offer. In a regulatory filing, mass housing developer 8990 Group of Companies said the minority shareholders refused to let go of their Seacem shares. “A total of 72,119 shares were tendered and accepted,” 8990 Group said. The tender offer ran from June 17 up to July 12. The purchased shares, however, represent a mere 0.01 percent of the 709.54 million common shares the 8990 Group planned to buy at P0.4083 a piece. Given the low offer price, minority shareholders held on to their stocks. During the tender offer period, Seacem shares traded at P1.02 to P1.30 each. In June, IHoldings Inc., Kwantlen Development Corp. and Januarius Resources Realty Corp. – collectively known as the 8990 Group – entered into a purchase agreement to buy 89.87 percent of Seacem from Calumboyan Holdings Inc., Lafarge Philippines Holdings Philippines Inc. and Seacem Silos Inc. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 8990 Group, one of the leading low-cost housing developers in Visayas and Mindanao, spent P2.75 billion for the acquisition. A mandatory tender offer is triggered when an investor buys more than 35 percent stake in a public firm. The acquiring entity should then offer to buy all shares held by minority stockholders. In April, Seacem finalized the divestment of its 1.11 billion shares worth P11.35 billion in listed cement firm Lafarge. The Read More …

NGCP completes Naga substation expansion

 Economy
Jul 262013
 
NGCP completes Naga substation expansion

MANILA, Philippines – The National Grid Corp. of the Philippines (NGCP), the operator of the country’s power transmission highway, has completed the P704-million Naga substation expansion project. The project involves the installation of one unit of 100-megavolt ampere transformer, nine 230 kilovolt and three 69-kv power circuit breakers and corresponding substation accessories. “The new installation will increase the substation’s existing capacity and add to its current 100 MVA transformer,” NGCP spokesperson Cynthia Alabanza said. By increasing the substation’s capacity, the facility will also be able to accommodate additional power supplies from generators, she added. NGCP said the Naga expansion forms part of the Luzon Substation Project 1, which will reinforce the capacity of the substations in Bantay, Bauang, Cabanatuan, Cruz na Daan, Laoag and Binan. NGCP has been expanding its facilities, including substations, as part of its compliance to the N-1 or single-outage contingency, a requirement of the Philippine Grid Code. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 This Philippine Grid Code requirement refers to the ability of the grid to withstand the loss of a major system component with minimal disruption to the grid, NGCP said. The project will address the N-1 requirement for the Naga substation, which caters to the power requirements of the region. “The Bicol region has been steadily increasing its power demand, partly due to its development as an ecotourism destination. In response to that, NGCP saw the need to reinforce its transmission facilities to accommodate both supply and demand growth. Naga substation’s Read More …

Discovery World pushes through with P1-B IPO

 Economy
Jul 262013
 
Discovery World pushes through with P1-B IPO

MANILA, Philippines – The company behind upscale resort hotel Discovery Shores Boracay is pushing through with its P1-billion initial public offering (IPO) late next month. In a memorandum, the Philippine Stock Exchange (PSE) said it “approved the application of Discovery World Corp. for the initial listing of 764 million common shares.” Discovery World plans to sell 306 million common shares at P3.28 apiece to generate P1.003 billion in fresh capital. The shares to be sold represent 40.05 percent of the issued and outstanding common shares of Discovery World. Offer period will run from Aug. 12 to 19, which will be followed by the listing in the PSE on Aug. 29. The new schedule is roughly a month behind the original plan as the market  encountered volatility last month. Discovery World, the third company of the Tiu family to be listed in the PSE, tapped Abacus Capital & Investment Corp. as  issue manager and underwriter. The Tiu family owns i-Remit Inc. and TKC Steel Corp. Early this month, Discovery World secured the Securities and Exchange Commission’s approval to raise fresh capital from the local stock market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The net proceeds from the offer will be used for investments in new businesses, debt retirement and working capital purposes,” Discovery World said. Specifically, P575 million will be spent to develop a resort hotel in Palawan, refurbish boats for its cruise business and buy more shares in culinary, hotel and restaurant, and business administration institution Enderun Read More …

EastWest Bank to issue another P5-B LTNCDs

 Economy
Jul 262013
 
EastWest Bank to issue another P5-B LTNCDs

MANILA, Philippines – EastWest Banking Corp. will issue another P5 billion worth of long term negotiable certificates of time deposits (LTNCDs), the bank disclosed to the Philippine Stock Exchange yesterday. EastWest Bank said it is now in the process of seeking regulatory approval for the LTNCD issuance. The Gotianun-led bank issued last November P5 billion worth of LTNCD and is expected to complete the offering next month. As this developed, Philippine National Bank (PNB), the financial arm of the Lucio Tan Group, said it had completed the public offering of its P5 billion LTNCDs in record time. PNB was able to raise its intended volume in the morning of July 25, the same day it announced the start of the offer period, making it one of the fastest offerings in the Philippine capital market.  With an oversubscribed book early in its offering, the 5.5-year deposit was priced at three percent, the lowest ever coupon for an LTNCD instrument.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The public offer period was supposed to run for three days, from July 25-29, but was closed the same morning as its launch due to strong demand.  “We are overwhelmed by the confidence and support of our investors in PNB.  This fundraising exercise will allow us to support our asset growth, and make us even more competitive in the banking industry.”  PNB president and CEO Omar Mier, said in a statement. For his part, HSBC Philippines president and CEO Wick Veloso said: “Raising Read More …

DTI spends P2.46 M for 3 shared service facilities in Sorsogon

 Economy
Jul 262013
 
DTI spends P2.46 M for 3 shared service facilities in Sorsogon

MANILA, Philippines – The Department of Trade and Industry (DTI) has spent P2.460 million for three shared service facilities (SSF) to help food processors in Sorsogon and coconut farmers in Laguna. The DTI said in a statement yesterday that it has launched two new projects under the SSF program in Sorsogon. These projects are the Sorsogon City Food Processing and Packaging Facility which was given to the Sorsogon State College, and the Prieto Diaz Deboned Danggit Processing Project provided to producers SEAMANCOR Eco-Developers. Sorsogon State College and SEAMANCOR Eco-Developers oversee the operation of the facilities housed in their respective properties. “A total of P1.5 million worth of equipment were given for free, which will benefit almost a hundred food manufacturers in the province and expected to generate 250 jobs,” the DTI said. DTI-Bicol regional director Jocelyn Blanco said a total of P49 million has been allocated for 43 SSFs in the region this year. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Apart from the two SSFs launched in Sorsogon, four more are to be rolled-out in the province this year, which are expected to benefit handicraft weavers as well as those engaged in the bamboo industry. The DTI has also awarded a new SSF to the Lingap sa Nayon ng Barangay Anglas Multi-Purpose Cooperative which groups coconut farmers in the province of Laguna. The SSF consist of a gas engine-powered decorticating machine, a baling machine, a gas engine-driven winnowing or peat screening machine, a 300-kilogram digital weigh scale, Read More …

Hundreds protest China’s ‘bullying’ of PHL

 Entertainment
Jul 252013
 

MANILA, July 24, 2013 (AFP) – Hundreds of Philippine activists on Wednesday accused China of “gunboat diplomacy”, demonstrating at a noisy Manila protest against the Asian giant’s moves to stake its claims in the South China Sea. Riot police cordoned off the entrance to an office building housing the Chinese consulate as an estimated one […]

 Older Entries  Newer Entries