IPO – Page 2 – Maniolas

SMC to unload banking, power generation business Conglomerate seeks more diversified investments

Economy

Jul 112013

SMC to unload banking, power generation business Conglomerate seeks more diversified investments

MANILA, Philippines – Conglomerate San Miguel Corp. (SMC) is far from over in its diversification process, its top executive said. SMC plans to unload shares in its banking and power generation businesses to pursue projects like cement manufacturing, oil and gas investments and airport development, among others. “We are still pursuing the diversification. Whenever there is a good opportunity to invest in something that will give a good return to SMC, we will pursue that,” said SMC president and chief operating officer Ramon S. Ang to reporters. “We are 60 percent of where we want to be,” Ang said, adding that SMC expects to “accomplish something in the next couple of years.” In 2007, the conglomerate started selling parts of key businesses to fund diversification from the mature food and beverage businesses into high-growth and capital-intensive sectors like power generation, mining, infrastructure and telecommunications. To fund new ventures, the food-to-power conglomerate is set to sell shares in existing units. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For instance, Bank of Commerce has received offers from numerous local and foreign investors for an equity infusion. “We have authorized shares that are not yet issued,” Ang said, adding that SMC is still studying an option to sell up to 40 percent of Bank of Commerce. Late in June, SMC’s plan to sell subsidiary Bank of Commerce fell through as it failed to close the P12.2-billion transaction with buyer CIMB Group Holdings of Malaysia. Its stake in power generation business SMC Read More …

Tugboat operator lines up P593-M IPO

Economy

Jul 022013

MANILA, Philippines – A local tugboat operator plans to join the roster of companies in the Philippine Stock Exchange (PSE) early next month, making it the fourth to list in the bourse this year. In a memorandum circular, the PSE said Harbor Star Shipping Services Inc.’s P593-million initial public offering (IPO) will be completed in August. The final price setting is scheduled on July 10, followed by the start of a domestic roadshow on July 11. The offer period will start on July 22 and end on July 26 while Aug. 2 will mark the “tentative listing date and commencement of trading on the PSE” under the ticker symbol TUGS, the local bourse said. Harbor Star plans to list 605.238 million common shares, of which 181.6 million will be sold to the public at a maximum price of P3.27 each. Net proceeds could reach P540.826 million, Harbor Star said, adding that P227.41 million will be used for the “acquisition of tugboats for domestic and international expansion and refleeting.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Harbor Star also allotted P120 million to buy barges for lighterage operations while another P120 million will fund the settlement of a bridge loan for the purchase of a vessel. The remaining P73.4 million will be used to pay existing debts, it added. It has tapped Abacus Capital and Investments Corp. as its lead issue manager and underwriter. Harbor Star started commercial operations with just one tugboat in 1998. After 10 years, it Read More …

Maybank mulls IPO option

Economy

Jun 292013

MANILA, Philippines – The board of Maybank Philippines Inc. (MPI) is studying options for the planned initial public offering (IPO) of the bank in the near term, a top official said. Maybank Philippines president Herminio Famatigan Jr. said, “the board level discussions are ongoing now in terms of when we need to do that. When you do an IPO you obviously want to do it and get the interest of the market. You line up all options available to you.” “They are now exploring all possibilities on how to conduct the IPO which under the law should be done by all foreign bank subsidiaries before end-2015,” he said. “We still have up to the end of 2015 to do that. There are so many possibilities. We can do an IPO or we can end up buying or merging with a bank that is listed. It’s another option to comply with the existing laws but not in the very near future,” he said. He said they have not selected a financial advisor yet for the IPO but they may consider their subsidiary Maybank ATR Kim Eng Capital Partners Inc. to take the lead in the fundraising exercise. However, Famatigan said they have to study carefully which is the most appropriate IPO scheme to undertake. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “There’s no rush for us to do it. 2015 is still 2 1/2 years away,” he said. Early this year, Malayan Banking Berhad (Maybank) said they would list Read More …

Robinsons shelves $800-M IPO of retail group amid volatile mart

Economy

Jun 282013

Robinsons shelves $800-M IPO of retail group amid volatile mart

MANILA, Philippines – The Gokongwei family’s Robinsons Retail Group is postponing its $800-million initial public offering (IPO), making it the second conglomerate to shelve plans of going public amid volatile market conditions. The country’s second largest retailer is waiting for the right timing for its IPO, intended to accelerate its expansion program, its top executive said. “I think you have to wait for the right timing,” said Lance Y. Gokongwei, president and chief operating officer of JG Summit Holdings Inc. “It’s more important that we have a successful IPO, so we’ll wait for the right time.” Robinsons Retail Group is a unit of property giant Robinsons Land Corp., whose parent firm is the Gokongweis’ investment holding firm JG Summit. After hitting its 31st all-time high this year at 7,392.20 on May 15, the benchmark Philippine Stock Exchange index has since slipped, ending at 6,465.28 yesterday. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 On June 13, the main index plunged 6.75 percent or 442.57 points to finish at 6,114.08, marking its deepest single-day drop since sinking by a record 12.27 percent on Oct. 27, 2008 at the height of the Lehman Brothers’ bankruptcy that resulted in the global financial crisis. Gokongwei said Robinsons Retail Group has filed an IPO registration with the Securities and Exchange Commission for the share sale, which was previously targeted late this year. Robinsons Retail Group is planning to sell around 35 percent of the company’s stocks to the public, Gokongwei said. The retail group Read More …

SMC unit allots $1.5 B for 2 power plants

Economy

May 212013

SMC unit allots $1.5 B for 2 power plants

MANILA, Philippines – SMC Global Power Holdings Corp., the power generation unit of diversified conglomerate San Miguel Corp., is investing $1.5 billion for the construction of two new power plants, its top official said yesterday. In a briefing with reporters on the sidelines of Petron Corp.’s annual stockholders’ meeting, SMC president Ramon Ang said the energy unit is spending about $1 billion for the construction of a 600-megawatt coal fired-plant in Bataan in northern Luzon and $500 million for another plant in Davao. Construction for the two plants has already started, he said. He said SMC Global may construct more power plants, depending on the viability and business climate. “We’re supposed to do more. We’re still evaluating the best option,” he said. The two plants should start operating in the middle of 2015, Ang said. He said there are no plans to borrow for the funding requirements for both projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The (funding) will be in-house. Madami kaming cash,” Ang said. He also confirmed plans to revive the initial public offering (IPO) of SMC Global, possibly within the year. He said there is an interested investor who wants to come in. “There’s really a very hot buyer who wants to invest in that business,” he noted. He said SMC Global may sell as much as 49 percent, equivalent to $500 to $800 million. In 2011, SMC Global filed an IPO application before corporate regulators. The power generation firm earlier planned to raise Read More …

SEC okays P9.68-B AUB IPO

Economy

Apr 232013

MANILA, Philippines – Commercial lender Asia United Bank (AUB) of the Rebisco Group has moved closer to debuting in the local bourse through a P9.68-billion initial public offering (IPO). The Securities and Exchange Commission (SEC) on Monday approved the listing of AUB, which will be the second IPO in the local stock market this year. In an en banc decision, the corporate regulator allowed AUB to sell 88 million shares, including an over-allotment option of eight million shares, at a maximum price of P110 per share. Hence, the IPO will generate as much as P9.68 billion for the lender. The final price of the shares up for sale will be announced on May 3, with the offer period to start on May 7 and end on May 14. AUB said its shares will be listed on the Philippine Stock Exchange on May 17. It will be the second IPO this year, following the P3.2-billion share sale of thrift lender Philippine Business Bank in February. AUB is owned by a consortium of Filipino industrialists, Taiwanese investment banks and Singapore venture capitalists. Republic Biscuit Corp. (Rebisco), the Philippines’ leading manufacturer, distributor, and exporter of snack food products, owns 44 percent of AUB. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “AUB has evaluated its capital in light of its business strategy and determined that the offer would further solidify the bank’s capital adequacy and financial strength and, more importantly, allow AUB to pursue its strategic growth initiatives,” the lender said. Specifically, Read More …

P-Noy signs IP Code amendments

Economy

Mar 072013

MANILA, Philippines – Now that President Aquino has signed a bill amending the Intellectual Property Code, there is no more limit to the entry of copyrighted products into the country for personal use. Cagayan de Oro City Rep. Rufus Rodriguez, a principal author of the bill, made this clarification yesterday amid apprehensions raised by overseas Filipino workers and travelers that the new law bans the bringing in of products covered by intellectual property (IP) rights. The confusion arose from the deletion of two provisions in the old law limiting the bringing in or importation of such products for personal use to only three copies. The President signed the amendments into law on Feb. 28. The new statute, denominated as Republic Act 10372, was published in The STAR yesterday. It takes effect 15 days after its publication in two national newspapers. Rodriguez said the deletion of the two provisions does not mean that the new law bans the bringing in of copyrighted products like books, music and films or movies. On the contrary, it means that there is no more limit to the entry of these products, provided that they are for personal use, he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The new law also allows religious, charitable and educational institutions to import more copies, “for as long as they are not infringing or pirated copies, so that more Filipino students in the country may use such works,” he said. He added that RA 10372 does not Read More …

PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

Economy

Feb 192013

PBB gains 15% in market debut Yao family eyes another IPO in softdrinks unit

MANILA, Philippines – Thrift lender Philippine Business Bank (PBB) listed its shares at the local stock exchange yesterday, the first listing for the year. Shares of PBB, which were sold at P31.50 apiece during the IPO, opened at P34.75 each, strengthening further to end the trading day at P36.35, an upside of 15.39 percent from the IPO price. “I guess the advantage that PBB has is we focus on small and medium enterprises (SME), the underserved market,” PBB president Rolando Avante told reporters. Juanchito Dispo, president of issue under writer First Metro Investment Corp. (FMIC), said the IPO, was more than four times oversubscribed amid robust demand from both institutional and retail investors. Avante said PBB expects a loan growth of 20-25 percent this year that can be used by SMEs for business expansion. PBB listed 343.33 million of its common shares at the Philippine Stock Exchange. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Underwriters FMIC and SB Capital Investment Corp. earlier trimmed the offer P31.50 per share from a maximum P41.94 earlier to give investors more leeway to earn from stock price appreciation. Fresh capital from the IPO will allow the bank to strengthen its foothold in the SME sector. PBB plans to put up 22 additional branches to reach a total 100 branches at the end of the year. As of end-September last year, PBB is the fifth largest thrift bank in the Philippines with P29.7 billion in assets last year. PBB, which ended last year Read More …

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