Maniolas

MANILA, Philippines – Consumer technology firm Xurpas Inc. has received the Best Small Cap Equity Deal citation from Hong Kong-based institutional investment magazine Alpha Southeast Asia after holding one of the most successful initial public offerings (IPO) in the Philippines last year. “We tried to strike a healthy balance between retail and institutional orders in the process of determining the price ceiling and final allocation. While we wanted to price our offering aggressively, we also wanted to ensure that investors would draw a good profit from our offer—the result was Xurpas becoming six times oversubscribed and arguably one of the most successful local listings for the year,” said Xurpas president Nix Nolledo. Xurpas, which raised P1.37 billion from its IPO in December last year, won the regional award during the recent Annual Best Deal and Solution Awards 2014. On its maiden trading day, the company’s shares surged nearly 50 percent to P5.95 from its listing price of P3.97. It closed at P12.30 last Friday. “We are glad to receive a citation as early as the first two months of our life as a traded firm. The capital raised from our IPO puts us in an enviable position to take advantage of the growing technology opportunities in the Philippines and the region,” Nolledo said. In less than a month after its IPO, the company acquired a 21 percent stake in a Singapore registered game development studio called Altitude Games to boost its casual games portfolio. Business ( Article MRec ), pagematch: Read More …

MANILA, Philippines – A unit of International Container Terminal Services Inc. (ICTSI) of gaming and port mogul Enrique Razon has been affected by work stoppages and slowdowns in Portland, Oregon. A company statement said operations of ICTSI Oregon Inc. at the Port of Portland’s Terminal 6 has been hampered by work stoppages and slowdowns by members of the International Longshore and Warehouse Union (ILWU).  “The ILWU has escalated its efforts against ICTSI Oregon Inc. as of late, far beyond what other West Coast ports are experiencing,” the company said. ICTSI said ILWU engaged in approximately 36 work stoppages and slowdowns of various types and for varying durations during the Christmas holidays. It added that similar efforts, along with intentional labor shortages, have continued into the first month of 2015.  Last week, ILWU ordered a 12-hour work stoppage commencing at 7 a.m. and some members worked during the morning but walked off the job without notice at 1:15 p.m.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “Work stoppages like this cause serious hardship to truckers, shippers, and the general public,” ICTSI added. The port operator pointed out that productivity at Terminal 6 continued to fall well below acceptable historical levels.  ILWU labor was producing approximately 24.8 moves per hour prior to the labor dispute that started in June 2012. However, ILWU labor productivity fell 47 percent to 13.2 moves per hour in the last quarter of 2014.  “This level of production is far below industry as well as Terminal Read More …

Chan receives his trophy as he is inducted into the World Entrepreneur Of The Year Hall of Fame. MANILA, Philippines – Entrepreneur of the Year Philippines recently launched its 2015 search for the best Filipino entrepreneurs with the theme “Game Changers.” Entrepreneurs know that winning the game often means changing it for the better. Capitalizing on their strategic vision, they see the possibilities and opportunities that others cannot. They bring about positive transformation by applying creative innovation infused with dauntless determination. As game changers, entrepreneurs support a greater purpose, which is to improve the current business landscape. Ben Chan, Entrepreneur Of The Year Philippines in 2013, personifies these attributes.  The chairman of the board of Suyen Corporation represented the Philippines in World Entrepreneur Of The Year awards held in Monte Carlo in June 2014.  He looks back to the experience as a defining moment in his entrepreneurial career. Chan, whose fashion brand Bench embodies Filipino style, design ingenuity and world-class quality, joined top business leaders from 60 countries at the prestigious event.  He relates, “Taking things on a global scale raises the bar all together. It was truly a proud moment, but surreal at the same time, to be in the company of an elite group of global entrepreneurs specializing in various industries. I was just in awe learning about their own businesses, how they started and got to where they are. It was such an unforgettable moment.” Most memorable to him was when the country winners were introduced at Read More …