Bank of Commerce sale falls apart

 Economy
Jun 222013
 
Bank of Commerce sale falls apart

MANILA, Philippines – Diversified conglomerate San Miguel Corp.’s (SMC) plan to unload subsidiary Bank of Commerce fell through after CIMB Group Holdings walked away from the supposed P12.2 billion transaction. In a disclosure to the Malaysian Stock Exchange over the weekend, CIMB said the parties failed to reach an agreement after extending negotiations when the sale and purchase agreement (SPA) lapsed. “As such, the parties will not proceed with the proposed acquisition, CIMB said. Surces said land issues were one of the factors blamed for the failed deal.  Under the Philippine Constitution, foreigners are barred from owning land in the country.       CIMB said the SPAs with sellers San Miguel Properties Inc., SMC Retirement Plan and Q-Tech Alliance Holdings Inc. lapsed in December while the deal with minority shareholders expired in February. In 2012, CIMB agreed to buy SMC’s 60-percent stake in BoC for P12.2 billion. SMC currently owns 84 percent of the mid-sized lender. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  Regulators Bangko Sentral ng Pilipinas and Bank Negara Malaysia had already approved the deal, which would have allowed CIMB to gain a foothold in the Philippines’ banking sector while giving SMC additional cash for its diversification projects. Early this month, SMC said the transaction would push through in July. CIMB is the second largest bank in Malaysia with presence in eight of 10 ASEAN nations (Malaysia, Indonesia, Thailand, Singapore, Cambodia, Brunei, Vietnam and Myanmar). It also has market presence in China, Hong Kong, Bahrain, India, Sri Lanka, Read More …

Basic Energy, Malaysian partner in talks for Indon oil venture

 Economy
Jun 202013
 
Basic Energy, Malaysian partner in talks for Indon oil venture

MANILA, Philippines –  Basic Energy Corp., said it is currently in discussions with Petrosolve Sdn Bhd of Malaysia for a project to manage and supervise oil wells in East Java, Indonesia. In a disclosure to the Philippine Stock Exchange, Basic Energy said it is in talks with its Malaysian partner for the assignment of rights to PT Basic Energi Solusi to manage and supervise certain oil wells in Indonesia. PT Basic Energi Solusi , a foreign investment company incorporated in Indonesia, is owned and controlled by Grandway Group Ltd., the joint venture company of Basic Energy and Petrosolve.  “The discussions involve the identification and selection of oil wells and the right to undertake some aspects of the management and operation of which shall be assigned by Petrosolve to PT Basic Energi Solusi,” Basic Energy said. When the assignment is finally negotiated and implemented, PT Basic Energi Solusi shall be poised to undertake the agreed upon aspects of the operations of the selected oil wells, which shall involve the mobilization of its financial, technical and operations resources, derived from the joint venture, Basic Energy also said. Last month, Indonesian authorities approved the investment of the Grandway Group in PT Basic Energi Solusi, to be used for projects involving the management and supervision of oil wells in Indonesia. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Basic Energy and Petrosolve announced their partnership in February, saying this would allow both companies to expand their respective operations globally. The partnership could be Read More …

Palace belies extradition claim from Kiram camp

 News
Jun 102013
 
Palace belies extradition claim from Kiram camp

Kirams ready to face the music. Princess Jacel Kiram, daughter of Sulu Sultan Jamalul Kiram III, talks to media at a press conference in Taguig City on Monday. Together with Sultan Jamalul Kiram III and Dr. Abdurahman Amin of the Moro National Liberation Front (MNLF), Princess Jacel said the family is ready to face any charge that the government may file against them for the intrusion in Sabah. Danny Pata Malacañang has downplayed claims from the camp of Sulu Sultan Jamalul Kiram III, whose followers were embroiled in deadly clashes with security men in Sabah three months ago while pressing their claim on the territory, that the Philippine government plans to extradite members of the clan to Malaysia. In a press conference Monday at the Kiram’s residence in Maharlika Village in Taguig City, the sultan’s daughter Princess Jacel Kiram claimed that the family had received information from sources “within the government” about plans to turn in the Kirams to the Malaysian government. In a report on GMA News TV’s Balitanghali, Jacel said the extradition plan was “very close na sa implementation.”   But presidential spokesperson Edwin Lacierda belittled the statement and said: “Claim lang ‘yon. Wala, we have not [discussed anything like that].” Some of the sultan’s followers are currently facing criminal cases in Sabah for the incursion last February. Meanwhile, the National Bureau of Investigation has yet to submit its report on the Sabah incursion to the Department of Justice, which will make its recommendation to President Benigno Aquino Read More …

NBI wrapping up probe on Sabah incursion

 News
Jun 042013
 
NBI wrapping up probe on Sabah incursion

The National Bureau of Investigation (NBI) is about to wrap up its three-month investigation on the supposed incursion of a group of Sulu Sultan Jamalil Kiram III’s supporters to Sabah, which resulted in fierce armed clashes between the group and Malaysian authorities. NBI director Nonnatus Rojas confirmed to GMA News Online on Tuesday that his agency has not yet finished their investigation on the incident, but said they are already putting together various reports on the incident from other government agencies. “That is because we are still consolidating the NBI, Department of Justice, and Criminal Investigation and Detection Group’s final reports,” Rojas said. Kiram’s followers, who engaged in sporadic clashes with Malaysian authorities in early March, went to Sabah in February supposedly to assert their historical claim on the disputed territory. Sabah, located in the island of Borneo close to southwestern Mindanao, is territorially disputed by the Philippines and Malaysia. A Philippine claim for sovereignty over it has lain dormant for decades, but Malaysia continues to pay a yearly rent to the heirs of the Sultan of Sulu, who claim to be the descendants of the original Filipino sultan who had control over the territory for centuries. President Benigno Aquino III had earlier asked for an investigation on the incursion, believing that Kiram was part of an effort to sabotage the ongoing peace talks between the government and the Moro Islamic Liberation Front (MILF). Nur Misuari, founder of the Moro National Liberation Front (MNLF) and a supporter of Kiram’s cause, Read More …

SMC, Lamco groups pay appeal fee for MRT-LRT ticket project

 Economy
May 302013
 
SMC, Lamco groups pay appeal fee for MRT-LRT ticket project

MANILA, Philippines – The Department of Transportation and Communications (DOTC) is set to look into the appeal filed by diversified conglomerate San Miguel Corp. (SMC) and Lamco Consortium that were disqualified from the bidding of the P1.72 billion automated and contactless single ticketing system for the Metro Rail Transit (MRT) and Light Rail Transit (LRT). Michael Arthur Sagcal, spokesperson of DOTC, said SMC and Lamco paid the appeal fee amounting to P8.6 million each as stated under the implementing rules and regulations of the Build Operate Transfer (BOT) law. The non-refundable appeal fee is equivalent to 0.5 percent of the total project cost as provided under the BOT law. Sagcal said Lamco paid the appeal fee last May 27 while SMC settled the amount last May 28. The DOTC has issued Special Bid Bulletin 05-2013 giving disqualified bidders of the Automated Fare Collection System (AFCS) project 15 days from the receipt of the notice of disqualification that were issued last May 7 to file an appeal and pay the non-refundable fee of P8.6 million. Another losing bidder, the MTD-PRLM consortium, failed to pay the appeal fee. The Mega Lucky United Consortium was also disqualified by the DOTC. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 SMC submitted qualification documents to the DOTC last April 12 through San Miguel Transport Solutions Consortium composed of Optimal Infrastructure Development Inc., Catchweight Holdings Inc., Deltacrest Holdings Inc., and Allcard Plastics Philippines Inc. to bid for the project. Its partners include Petron Corp., Philippine Read More …

Philippines suspends live shrimp imports

 Economy
Apr 302013
 
Philippines suspends live shrimp imports

MANILA, Philippines (Xinhua) – The Philippine government today suspended the import of all live shrimps and susceptible crustaceans to prevent the entry and spread of shrimp diseases such as Early Mortality Syndrome (EMS) in the country. The Philippine Department of Agriculture (DA) said it issued the suspension on the recommendation of shrimp disease expert Dr. Donald Lightner and after local shrimp operators expressed concern over the possible entry of infected shrimps from heavily-affected countries The DA said the Philippines remains free from EMS, a disease characterized by massive mortalities during the first 30 days. Infected shrimp samples show slow growth, corkscrew swimming, and pale coloration.   The government said it will closely monitor airports and seaports to ensure that infected shrimps from heavily-affected countries such as Thailand, Vietnam, and Malaysia will not enter the country.

Manila disputes report of killings near Malaysia

 News
Apr 252013
 
Manila disputes report of killings near Malaysia

Associated Press 6:48 pm | Thursday, April 25th, 2013 MANILA, Philippines— The Philippine military disputed a newspaper report that its naval and coast guard forces killed 35 gunmen to stop them from entering the Malaysian state of Sabah. Malaysia’s The Star quoted Malaysian Defense Minister Ahmad Zahid Hamidi as telling a news conference Thursday in Penang that Philippine troops shot the gunmen from southern Sulu province before they could enter Malaysian waters, after the gunmen had refused to turn back. Philippine regional naval commander Capt. Renato Yonque says the border with Malaysia has been “very quiet,” and “we have no information on that.” Hamidi and his aides did not immediately answer calls to their cell phones. Since March, Malaysian troops have battled armed followers of Sultan Jamalulu Kiram III of Sulu who is claiming Sabah. Follow Us Recent Stories: Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines. Tags: Malaysia , Malaysian state , Sabah , Sabah Crisis , Sulu Factual errors? Contact the Philippine Daily Inquirer’s day desk. Believe this article violates journalistic ethics? Contact the Inquirer’s Reader’s Advocate. Or write The Readers’ Advocate:

Kiram brother still in Sabah but on the move

 News
Apr 182013
 
Kiram brother still in Sabah but on the move

The brother of Sulu Sultan Jamalul Kiram III is still alive and in Sabah but is on the move, the sultan’s daughter claimed Thursday. Princess Jacel Kiram said Raja Muda Agbimuddin Kiram is “safe” but is constantly mobile for his safety, radio dzBB’s Rowena Salvacion reported. Agbimuddin had led an armed group to Sabah last February and engaged Malaysian security forces in a three-week standoff that ended in deadly clashes last March 1 and 2. The deadly clashes prompted Malaysian forces to mount offensives against Kiram’s followers. Princess Jacel also claimed as many as 400 supporters of Kiram had gone to Sabah. On the other hand, Princess Jacel said they will likely wait for the next administration to pursue a peaceful resolution to the Sabah row. Malaysia ups tourism pitch Meanwhile, Malaysia is intensifying its tourism pitch to improve perceptions about Lahad Datu, Malaysia’s The Star Online reported. Tourism Malaysia deputy director-general Datuk Azizan Noordin said this should allay fears of prospective visitors. “We are also working with the various embassies and high commissions hoping that they will drop their advisories against travel to these areas. The situation in the areas is currently under control, and is not expected to deteriorate,” he said. — LBG, GMA News

Malaysian authorities detain 9 more with suspected Kiram links

 News
Apr 102013
 
Malaysian authorities detain 9 more with suspected Kiram links

At least nine more people with suspected links to Sulu Sultan Jamalul Kiram III—two of them local residents—were arrested in Sabah Tuesday and Wednesday, Malaysian police said. Sabah Police Commissioner Datuk Hamza Taib said the nine were picked up in Beluran, according to a report by Malaysia’s state-run Bernama news agency. Confiscated from them were weapons, documents and about RM1,000 (P13,511.60), he added. “There was, however, no exchange of gunfire when they were arrested,” Hamza said. Hamza said the nine, whose ages ranged between 20 and 50, were arrested 8 p.m. Tuesday and 10 a.m. Wednesday, and are detained under the Security Offenses (Special Measures) Act of 2012 (Sosma). Malaysian forces have been flushing out Kiram’s followers since March 5. Kiram’s followers had engaged Malaysian forces in a nearly-three-week standoff that culminated in deadly clashes on March 1 and 2. 32 ‘politicians’ still probed Hamza also said they are still quizzing 32 Filipinos intercepted off Sabah waters from Mindanao on Monday. However, the Department of Foreign Affairs (which places the group’s number of members at 33), said that the Filipinos are set for release. “Last night the order for the release was given at the behest of the Foreign Minister of Malaysia and the Defense Minister of Malaysia. Administrative procedure and the papers are now being handled for their actual release,” said DFA spokesperson Raul Hernandez in a press briefing Wednesday. Also still being investigated are “Datuk Seri” Clarence Luing Karl a.k.a. Muhammad Khalil John Karl, who was caught on Read More …

15 Pinoys, Malaysian cop to face court Friday for Sabah intrusion

 News
Apr 102013
 
15 Pinoys, Malaysian cop to face court Friday for Sabah intrusion

Fifteen Filipinos and a Malaysian police officer will face a high court on Friday over the standoff and fatal clashes in Sabah between followers of Sulu Sultan Jamalul Kiram III and Malaysian security forces. The 16 had been tentatively charged before the magistrate’s court due to the Lahad Datu incident, Malaysia’s state-run Bernama news agency reported Wednesday evening. Of the 16 who will be brought before the Tawau High Court Friday, eight are facing a possible death penalty as they were slapped the additional charge of waging war on the King. The other Filipinos face charges of terrorism, harboring terrorists and recruiting people to join terrorist groups, the Bernama report said. The policeman is charged with concealing information on terrorist activities. Armed followers of Kiram led by Kiram’s brother Raja Muda entered Sabah last February and engaged Malaysian forces in a two-week standoff that resulted in deadly clashes March 1 and 2, which in turn prompted Malaysian forces to mount offensives against Kiram’s followers starting March 5. — BM, GMA News

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