Maniolas

After buying majority stake in Philweb MANILA, Philippines – Businessman Gregorio Ma. Araneta III is seeking exemption from the mandatory tender offer requirement in relation to his acquisition of businessman Roberto Ongpin’s stake in PhilWeb Corp. In a disclosure to the Philippine Stock Exchange (PSE), PhilWeb said the parties involved in the transaction are now seeking approval from the Securities and Exchange Commission (SEC) for the exemption. A source from the SEC’s Market Regulations Department, however, said the transaction was covered by the mandatory tender offer requirement under the Securities Regulation Code (SRC).  The SRC requires mandatory tender offers when a person or group of persons intends to acquire 35 percent of the outstanding voting shares of a public company in one or more transactions within a period of 12 months. Ongpin sold his 53.76 percent stake in PhilWeb, equivalent to 771.65 million shares, at P2.60 per share or a total of P2 billion. According to the sale and purchase agreement, the sale will be in two tranches. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  The first tranche of 653.15 million shares will completed through a special block sale and for approval by the PSE, while the second tranche will consist of 118.5 million shares that need to be registered for listing at the PSE. The second tranche is scheduled as soon as the registration of these shares at the PSE is completed and will be transacted at the same price as the special block sale for the Read More …

MANILA, Philippines – The Asian Development Bank (ADB) has partnered with the Citi Group to mobilize $100 million worth of loans to microfinance institutions in developing Asia under its Microfinance Risk Participation and Guarantee Program.  ADB’s microfinance program enables it to fill the gap by sharing risks with commercial banks that lend to microfinance institutions (MFIs). The bank promotes local currency lending to minimize the exposure of microfinance firms to foreign exchange risks.  “We’re excited to partner with Citi, an established player in microfinance in many countries in developing Asia,” said Christine Engstrom, director of the ADB’s Private Sector Operations Department, in a statement.  “Our partnership will help further expand the microfinance program, which has already facilitated more than $370 million in local currency loans across the region since 2012. Together, Citibank and ADB will improve access to financial services to even more low-income families and small-business owners, especially in rural and remote areas in Asia and the Pacific,” she added.  The multilateral lending institution noted many MFls fail to expand operations because of inability to raise funds from the commercial market.  Under the program, ADB selects partner financial institutions that has the capacity to provide local currency loans to ADB-approved MFIs.  ADB guarantees the default risk of these MFIs, thereby catalyzing private sector participation and mobilizing additional funds for the small lenders. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The program is ultimately aimed at supporting the growth of small businesses and help generate employment. This particularly benefits Read More …

MANILA, Philippines – Asia-Pacific based airlines flew more international passengers in August as more tourists traveled within the region, the International Air Transport Association (IATA) reported. According to the latest data from the IATA, international traffic carried by Asia-Pacific airlines, measured in revenue passenger kilometers (RPK), grew  5.6 percent. Their capacity also increased by 6.8 percent, while load factor slipped  0.9 percentage points to 81.9 percent. Asian passengers continued to exhibit wariness due to terrorism in Europe, so most of them instead are going to destinations closer to home, IATA said. “There are signs of Asian travelers continuing to be put-off by recent terrorism in Europe. Traffic on Europe-Asia routes grew just 1.5 percent in July, the most recent month for which route-specific figures are available, while international traffic growth on routes within Asia accelerated to 9.9 percent,” the IATA added. Meanwhile, global passenger traffic rose 4.6 percent but slower than the 6.4 percent increase recorded in July. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Capacity increased by 5.8 percent, while load factor slipped 0.9 percentage points to 83.8 percent. “Growth in passenger demand dipped to 4.6 percent. While that’s disappointing compared to the previous month’s performance, it is still healthy growth. And although terrorist attacks in Europe have dampened demand, the impact is ebbing,” IATA director general and CEO Alexandre de Juniac said. All regions exhibited growth in international traffic during the period, led by Middle Eastern carriers posting a 10.3 percent passenger growth.