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PLDT-Sky Cable merger unplugged
Telco giant PLDT Inc. will no longer pursue its P6.75-billion buyout of Sky Cable Corp., marking the second time a deal between the two was called off......»»
MPIC to pursue buyout of Ayala stake in LRT-1
Metro Pacific Investments Corp. plans to buy out the 35 percent stake of the Ayalas in the operator of Light Rail Transit Line 1 to beef up MPIC’s portfolio for its eventual bid for other railways......»»
Spencer Dinwiddie joins Lakers as he teams up with LeBron James – The Daily Guardian
Spencer Dinwiddie, a highly sought-after player on the buyout market, has officially signed with the Los Angeles Lakers, according to sources. The former Dallas Mavericks.....»»
BDO completes Keppel buyout in Podium complex
BDO Unibank Inc. has completed the buyout of the 50-percent stake of the Keppel Group in the Podium complex in Ortigas Center......»»
Is Grab’s Foodpanda buyout a potential disruption?
In Southeast Asia’s thriving food delivery scene, Grab Holdings, a prominent regional tech company and owner of super app Grab, is reportedly considering the acquisition of Foodpanda, a widely-used food delivery platform......»»
$1.8-billion Aboitiz, Coke deal still under PCC review
The Philippine Competition Commission or PCC is monitoring the recently reported intention of Aboitiz Equity Ventures Inc. or AEV to acquire minority stakes in Coca-Cola Beverages Philippines or CCBP under a $1.8-billion cash joint venture deal with Coca-Cola Europacific Partners or CCEP. In an email on Friday, the competition watchdog said it is still determining if the parties involved have properly met the required threshold for their transaction. As of the end of the first quarter, all mergers and acquisitions that breach a P7-billion size of party and P2.9-billion size of transaction should be reviewed by the PCC. The PCC’s merger review thresholds are adjusted annually relative to the size of the economy. While this is ongoing, the PCC likewise noted that it may also ask its Mergers and Acquisitions Office or MAO to conduct an initial assessment if the effects of the transaction warrant a motu proprio review. “This review will determine if the transaction may result in a substantial lessening of competition in the relevant markets,” it said. The PCC’s MAO provides pre-notification consultations for parties contemplating a merger to address queries about the merger review process. During consultations, the parties may seek non-binding advice on the specific information needed for the notification. Early this month, AEV and CCEP signed a non-binding Term Sheet with The Coca-Cola Company, which is currently divesting its CCBP interests. The parties are now in advanced discussions regarding the potential joint transaction, where CCEP would be the majority owner with a 60 percent stake. AEV, on the other hand, would take up the remaining 40 percent non-controlling interest. The AEV, however, clarified that since the buyout is still subject to several conditions, the transaction has no guarantee that it would proceed until closing. These conditions include satisfactory completion of confirmatory due diligence which is well underway, receipt of AEV and CCEP’s board approvals, and the parties signing the definitive agreements. However, assuming that the plan pushes through, AEV expects that the deal could be closed by the end of the year, subject to the approval of the Philippine Competition Commission. CCEP is a global consumer goods company serving 600 million consumers and helping 1.75 million customers across 29 countries grow their businesses. On the other hand, the AEV of the Aboitiz family has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence. In the first half of the year, AEV reported an 11 percent decline in its net income. It only booked a bottom line profit of P10.5 billion during the period, from last year’s P11.8 billion. The post $1.8-billion Aboitiz, Coke deal still under PCC review appeared first on Daily Tribune......»»
Villar’s firm takes over MCX
Over a year since it signed the P3.8-billion acquisition deal, Prime Asset Ventures Inc or PAVI of the Villar Family has officially taken over the four-kilometer Muntinlupa Cavite Expressway or MCX from Ayala Corp. PAVI signed the implementing agreements for the transaction on Wednesday led by Vista Land Chairman Manuel Villar Jr. and Ayala Corporation president and CEO Cezar Consing. The signing came almost a month after the Department of Public Works and Highways had given its consent for the transfer of ownership from Ayala Corp. to the Villar Group just last 19 July. “This momentous event shows our resolve to provide our countrymen better services in the area of roads and tollways. You’ll be surprised by the many wonderful things to come in Villar City,” Villar said. Recycling capital As for Consing, the sale of MCX represented another example of recycling capital to benefit from opportunities core and emerging businesses. “Ayala developed MCX over a decade ago to connect Metro Manila to Imus, Dasmariñas and Bacoor in Cavite, which were experiencing rapid growth. “MCX succeeded in relieving traffic congestion and reducing the travel time between Metro Manila and Cavite,” Consing said. Under the parties’ deal, total consideration for the buyout should be paid in two tranches. The P3.219 billion should be paid upon the financial close of the transaction, while the remaining P581 million should be obligated upon the lapse of its lockup period as prescribed under the MCX concession agreement. The Villar Group continues to expand its investment portfolio from its core businesses on housing, retail, food, water, power and utilities, to integrated resorts and entertainment. The post Villar’s firm takes over MCX appeared first on Daily Tribune......»»
AEV eyes Coke under $1.8-B deal
Aboitiz Equity Ventures Inc., or AEV, the investment arm of the Aboitiz Group, signified its intention to acquire minority stakes in Coca-Cola Beverages Philippines or CCBP under a $1.8-billion cash joint venture deal with Coca-Cola Europacific Partners or CCEP. In Philippine Stock Exchange report on Wednesday, AEV and CCEP have signed a non-binding Term Sheet with The Coca-Cola Company, which is currently divesting its CCBP interests. The parties are now in advanced discussions regarding the potential joint transaction, where CCEP would be the majority owner with a 60 percent stake. AEV, on the other hand, would take up the remaining 40 percent non-controlling interest. Still iffy The AEV, however, clarified that since the buyout is still subject to several conditions, the transaction has no guarantee that it would proceed until closing. These conditions include satisfactory completion of confirmatory due diligence which is well underway, receipt of AEV and CCEP’s board approvals, and the parties signing the definitive agreements. However, assuming that the plan pushes through, AEV expects that the deal could be closed by the end of the year, subject to the approval of the Philippine Competition Commission. CCEP is a global consumer goods company serving 600 million consumers and helping 1.75 million customers across 29 countries grow their businesses. On the other hand, the AEV of the Aboitiz family has major investments in power, banking and financial services, food, infrastructure, land, and data science and artificial intelligence. The post AEV eyes Coke under $1.8-B deal appeared first on Daily Tribune......»»
Graft buster clears Cusi
Citing the presumption of regularity, the Office of the Ombudsman threw out the graft complaint of a New York-based billionaire against former Energy Secretary Alfonso Cusi, other Department of Energy officials, Davao City-based executive Dennis Uy, and several others over the sale of 90 percent of the shares of the Malampaya natural gas consortium. On 18 October 2021, US-based geologist Balgamel Domingo and Filipino-American anti-Duterte leaders Rodel Rodis and Loida Nicolas-Lewis filed charges against Cusi, Uy, and the others involved in the sale of the Malampaya stake to the Udenna group of Uy. In a copy of the ruling obtained by the Daily Tribune, the Ombudsman said it could not delve into the complaint on the legality of the transaction since “the authority to make such a determination belongs to the court.” “Seemingly, this complaint is in actuality a collateral attack on the validity of the Share Sale and Purchase Agreement,” it said. The decision declared that “matters of such tenor are not determinable in a preliminary investigation before the Ombudsman’s Office.” “Without any judicial determination decreeing the illegality of the Share Sale and Purchase Agreement, this Office is left with nothing but to acknowledge its validity,” the ruling said. The Ombudsman cited a precedent in the case of Teresita Buenaventura vs Metrobank, in a ruling that stated: “The burden of showing that a contract is simulated rests on the party impugning the contract.” “This is because of the presumed validity of the contract that has been duly executed,” the Ombudsman ruling read. “Wherefore, the criminal charges for violation of Section 3(e) and of Republic Act 3019 against the respondents are dismissed for lack of probable cause.” The ruling was signed by members of a Special Panel of Investigators composed of Ronald Allan Ramos, Josephine Mae Rosapapan, Francisco Alan Molina and Bonifacio Mandrilla. Prime takes control The operation of the Malampaya project was recently assumed by the Razon group’s Prime Energy which bought a 45-percent stake from Malampaya Energy XP, or MEXP, of the Udenna group. MEXP had bought the shares of Shell Philippines Exploration B.V., or SPEX, in the consortium. The Department of Energy had branded the complaint a political move since the two Fil-Am lawyers in the suit were prominent in the “Oust Duterte” movement in the United States. The complaint alleged that Cusi and other energy officials had granted “unwarranted benefits and advantage” to Uy’s UC Malampaya in the buyout of Chevron’s share in the consortium. Udenna, through spokesperson Raymond Zorilla, said there is “no law requiring approval of the transfer of shares of companies that have an interest in Malampaya.” Zorilla said the transfer of Chevron and Shell shares underwent strict bidding processes and due diligence by both multinational oil and gas players. “The share sales were above board and legal and had to pass scrutiny by Philippine regulators, international lenders, and the said private multinationals involved,” Zorilla added. Cusi, in an interview with Daily Tribune, had said the DoE was not involved in choosing the buyer of the shares of Shell and Chevron in the Malampaya project. “The DoE did not get involved in the sale (of shares). We don’t know that they are selling. Our question was what their standards are for choosing Udenna. Why didn’t you choose the big companies, and why Udenna?” he said. Industry experts said the sale of shares was a private transaction that the accusers, who are US lawyers, should have been very familiar with. Cusi said the DoE, during his watch, went beyond its mandate by reviewing the technical, legal, and financial aspects of the transactions, the results of which were provided to the public. Political agenda The complaint, he said, had an underlying political agenda connected to his being the head of President Rodrigo Duterte’s Partido Demokratiko Pilipino-Lakas ng Bayan or PDP Laban. “It is not only political propaganda against me, but it also has a destabilization background… because I’m the president of the PDP.” The complaints, in turn, stemmed from the unending Senate inquiries on the Malampaya deals. The DoE said the Senate probes and the controversies that resulted from them had caused costly delays in the review process that would ultimately affect the country’s energy security. To refute a recent remark by Senator Sherwin Gatchalian, the DoE, in a statement said: “The inquiries of Senator Gatchalian are causing undue delay to the timeline of the consortium corporations, and this may eventually take its toll and put our energy security at risk.” The DoE’s approval of the sale of shares of stock of Chevron Malampaya LLC, one of the three corporations in the Malampaya Gas Field Project Consortium, had been dubbed by Gatchalian, chairman of the Senate Committee on Energy, as “lutong Macau.” It also backed the Udenna assessment that the deals were above-board. “When the sales were made, both Chevron Philippines, which owned Chevron Malampaya, and Shell Petroleum NV, owner of SPEX, followed rigorous global standards,” the DoE said. Nicolas-Lewis was part of a 25-person delegation from the US-Philippines Society, a private group comprising business executives and diplomats, who met with Duterte a week before his inauguration as president in 2016. Nicolas-Lewis was then accompanied by former Philippine Ambassador to the US Jose Cuisia, PLDT chair Manuel V. Pangilinan, retired American diplomats, and executives of Coca-Cola, SGV, JP Morgan, and other top corporations. Nicolas-Lewis is the sister of former National Anti-Poverty Commission chairperson Imelda Nicolas, who was one of the “Hyatt 10” Cabinet members who turned against then-President Gloria Macapagal-Arroyo in 2005. Imelda and most of the Hyatt 10 members ended up getting key posts in the administration of President Benigno “Noynoy” Aquino III. Imelda was made head of the Commission on Filipinos Overseas. Nicolas-Lewis plot bared In February 2018, former President Duterte bared intercepted conversations that indicated Nicolas-Lewis was behind efforts to push the International Criminal Court, or ICC, to probe his war on drugs. Duterte revealed a recorded conversation between Lewis and another political opponent whom he did not name. “I was listening to the tapes of their conversation. It was provided to me by another country, but the conversation was somewhere in the Philippines and New York,” Duterte said. He said that among the recordings was one in which Lewis allegedly told another person: “See you in the headquarters when the case is filed.” Duterte then said in a public address that he was aware of developments on the ICC case and that lawyer Jude Sabio, the main complainant in the case, was a paid hack of Magdalo Senator Antonio Trillanes IV and Rep. Gary Alejano, both failed putschists. Sabio withdrew his complaint before the ICC and revealed that the case was the handiwork of the dirty tricks factory of Trillanes. In 2016, Duterte pointed to Lewis as the financier of an alleged destabilization plot against his administration. Nicolas-Lewis invested heavily in the failed presidential campaigns of Liberal Party bets Mar Roxas in 2016 and Vice President Leni Robredo in 2022. The post Graft buster clears Cusi appeared first on Daily Tribune......»»
Life insurance: Straightforward tool in preparing for death, taxes
Estate planning is crucial as it ensures the smooth transfer of assets from one person to his heirs and intended beneficiaries. In the Philippines, death and its financial consequences are among the most sensitive topics to discuss. Oftentimes, any talk about preparing for these eventualities is aborted for being too “taboo” or too complicated. This brings about the need for simple solutions to this overwhelming task. In this area, life insurance is a superstar — offering numerous benefits to policyholders and their beneficiaries. It allows individuals to provide an equitable inheritance to their beneficiaries, regardless of how their assets are distributed under the law. For instance, if one child inherits a business or property, while another child does not, the life insurance proceeds can help compensate for the disparity. Or when equalizing the shares of legitimate and illegitimate children, considering that the latter’s lawful shares are only half of the former’s. This reduces potential conflicts and helps maintain harmony within the family and preserves relationships. It preserves the estate because it can be used to cover ongoing expenses such as mortgage payments, maintenance costs, or business expenses. By having a source of readily available funds, the estate can continue to function smoothly. This ensures that assets can be retained within the estate, generating income, and supporting the financial needs of the beneficiaries, without rushing into hasty divestiture. For business owners, a well-structured life insurance policy can provide funds to facilitate the buyout of the deceased owner’s share by surviving partners or family members. This smoothens the transition of ownership and prevents any disruptions in business operations. One can designate a charity as a beneficiary, ensuring that a portion of their estate is allocated for charitable purposes. By including a charitable organization in the life insurance policy, individuals can leave a lasting legacy and support causes that are important to them. Life insurance also provides liquidity. Upon the policyholder’s death, life insurance offers a lump sum payout that can be used to settle outstanding debts, estate taxes, and other financial obligations. Hence, the estate can be settled without the need to sell assets quickly, potentially resulting in lower returns. It provides a cushion to cover immediate financial needs without disrupting the estate’s stability. A unique advantage of life insurance is that upon death, insurance proceeds are released TAX-FREE directly to any irrevocable beneficiary. Section 85-E of the Tax Code provides that proceeds of Life Insurance shall be included in the computation of the gross taxable estate to the extent of the amount receivable by any beneficiary designated in the policy of insurance, except when it is EXPRESSLY stipulated that the designation of the beneficiary is irrevocable. Oftentimes, any talk about preparing for these eventualities is aborted for being too ‘taboo’ or too complicated. This is not the case with traditional deposits or investment instruments where funds are frozen upon the death of the depositor/ investor and released only upon the settlement of estate taxes and the issuance of clearance by the BIR. Section 97 of the Tax Code provides that if a bank has knowledge of the death of a person, who maintained a bank deposit account alone, or jointly with another, it shall not allow any withdrawal from the said deposit account unless the Commissioner has certified that the taxes imposed thereon by this Title have been paid. Clearly, life insurance is an underrated trick that should be in everyone’s estate planning playbook. It empowers one to plan for his family’s future beyond his life concerning the material assets he will leave behind. The estate owner can provide for the payment of estate taxes and other transfer fees and ensure an orderly transfer to his loved ones in the proper and legal way, that will not require him to prematurely relinquish control over his assets or engage in under-the-table dealings, either with government agencies or private financial institutions, in a relatively more cost efficient and straightforward manner. The post Life insurance: Straightforward tool in preparing for death, taxes appeared first on Daily Tribune......»»
Puregold buys 14 Divimart stores
Amid an ongoing business expansion, Puregold Price Club Inc., a supermarket chain owned by retail tycoon Lucio Co, has acquired 14 DiviMart branches nationwide. In a report to the Philippine Stock Exchange on Wednesday, the company disclosed that the buyout deal with DiviMart Supermarkets includes “leasehold improvements, furniture, fixtures, equipment and merchandise inventory.” The stores are located in Bulacan, Cavite, Laguna, Bataan, Cabanatuan, Nueva Ecija and Olongapo, as well as the cities of Pasig and Manila. Puregold pointed out that this new investment will provide the company instant access to Divimart stores that may eventually be converted into Puregold stores “under a sublease transaction.” 18 other branches evaluated Additionally, the company is also evaluating 18 other Divimart locations that can be transformed into Puregold stores. “The consideration for the acquisition is below 10 percent of the Corporation’s book value,” it also noted. In 2022, Puregold booked a double-digit increase in its bottom line due to the increase in consumer demand as economies reopened. The company’s net income increased by 13.5 percent to P9.287 billion from P8.180 billion the past year. It was Driven by a 12.3 percent to P184.303 billion net sales jump from P164.125 billion a year ago. The post Puregold buys 14 Divimart stores appeared first on Daily Tribune......»»
Vivant eyes wind energy for RE goal
After its recent buyout of a solar asset, Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, is now eyeing to venture into wind energy development to achieve its renewable energy targets. Vivant president Emil Andre Garcia, during an annual meeting this week, disclosed that the company has committed to help unlock the country’s budding wind power potential through investments. “Vivant Energy is committed to playing a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said. ESG at the forefront of company strategy “As we look back at the challenges and achievements that propelled us to continue to improve everyday living for the past 20 years, we put environmental, social, and governance, or ESG at the forefront of our strategy to achieve long-term sustainable profits,” he said. In demonstrating its commitment to sustainability, Garcia said Vivant Energy allotted P21 billion, or about 75 percent of its total spending up to 2030, to bankroll clean energy projects. The company targets to have 30 percent renewable energy in its power generation portfolio by 2030 — aligned with the company’s ESG framework. Vivant Energy recently acquired San Ildefonso Alternative Energy Corporation, which will develop a 22-megawatt or MW solar power plant in Bulacan. Another fully owned subsidiary, COREnergy, contributes to the renewable energy target by growing its rooftop solar business from 2 MW to 6 MW in 2022. Solar rooftop generation COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18MW of solar rooftop generation capacity by the end of the year. Notably, Vivant Energy’s recent acquisition of the shares of its partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas will also play a vital role in contributing to the entire group’s social and economic development. The company now has full ownership of Isla Mactan Power CCorporation, which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas, and Mindanao. The post Vivant eyes wind energy for RE goal appeared first on Daily Tribune......»»
Vivant Energy eyes wind dev’t foray
After its recent buyout of a solar asset, Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, is now eyeing to venture into wind energy development to achieve its renewable energy targets. Vivant President Emil Andre M. Garcia, during an annual meeting this week, disclosed that the company has committed to help unlock the country's wind power potential through investments. “Vivant Energy is committed to playing a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said. “As we look back at the challenges and achievements that propelled us to continue to improve everyday living for the past 20 years, we put environmental, social and governance, or ESG at the forefront of our strategy to achieve long-term sustainable profits,” he said. In demonstrating its commitment to sustainability, Garcia said Vivant Energy allotted P21 billion, or about 75 percent of its total spending up to 2030, to bankroll clean energy projects. The company targets to have 30 percent renewable energy in its power generation portfolio by 2030 — aligned with the company’s ESG framework. Vivant Energy recently acquired San Ildefonso Alternative Energy Corporation, which will develop a 22-megawatt or MW solar power plant in Bulacan. Another fully owned subsidiary, COREnergy, contributes to the renewable energy target by growing its rooftop solar business from 2 MW to 6 MW in 2022. COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18MW of solar rooftop generation capacity by the end of the year. Notably, Vivant Energy’s recent acquisition of the shares of its partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas will also play a vital role in contributing to the entire group’s social and economic development. The company now has full ownership of Isla Mactan Power Corporation, which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas and Mindanao. The post Vivant Energy eyes wind dev’t foray appeared first on Daily Tribune......»»
Vivant grows off-grid coverage with fresh investments
Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, will acquire the shares of partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas. In a stock report on Friday, Vivant said the planned buyout will effectively expand Vivant Energy’s investments in Small Power Utilities Group or SPUG to 63.3 megawatts in attributable installed capacity from 35.2 MW. Gigawatt Power Inc. owns half the shares in Delta P Inc., Calamian Islands Power Corporation, La Pampanga Energy Corporation and Culna Renewable Energy Corporation as well as 35 percent in Isla Norte Power Corporation. Market leader “One of our goals is to be the market leader in SPUG. But, over and above achieving that goal, this acquisition ties in with our (commitments to provide) stable and reliable power to drive local business growth,” Vivant Energy CEO Arlo A.G. Sarmiento said. Delta P owns a 31.1-MW bunker-fired power plant in Puerto Princesa City, Palawan. CIPC owns a 7.35-MW bunker-fired power plant in Coron and a 0.91-MW diesel power plant in Busuanga. Isla Norte operates a 23.3-MW diesel power plant in Bantayan Island, Cebu. LPEC will develop a 16.4-MW power plant in Porac, Pampanga while CREC will develop a hybrid power plant — combining solar, battery, and diesel — in the islands of Culion and Linapacan in Palawan. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas and Mindanao. The post Vivant grows off-grid coverage with fresh investments appeared first on Daily Tribune......»»
Cebu-based Vivant grows off-grid coverage with fresh investments
Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, will acquire the shares of partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas. In a stock report on Friday, Vivant said the planned buyout will effectively expand Vivant Energy’s investments in Small Power Utilities Group or SPUG to 63.3 megawatts in attributable installed capacity from 35.2 MW. Gigawatt Power Inc. owns half the shares in Delta P Inc., Calamian Islands Power Corporation, La Pampanga Energy Corporation and Culna Renewable Energy Corporation, as well as 35 percent of Isla Norte Power Corporation. “One of our goals is to be the market leader in SPUG. But, over and above achieving that goal, this acquisition ties in with our (commitments to provide) stable and reliable power to drive local business growth,” Vivant Energy CEO Arlo A.G. Sarmiento said. Delta P owns a 31.1-MW bunker-fired power plant in Puerto Princesa City, Palawan. CIPC owns a 7.35-MW bunker-fired power plant in Coron and a 0.91-MW diesel power plant in Busuanga. Isla Norte operates a 23.3-MW diesel power plant in Bantayan Island, Cebu. LPEC will develop a 16.4-MW power plant in Porac, Pampanga while CREC will develop a hybrid power plant — combining solar, battery and diesel — in the islands of Culion and Linapacan in Palawan. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas and Mindanao. The post Cebu-based Vivant grows off-grid coverage with fresh investments appeared first on Daily Tribune......»»
Cebu-based Vivant grows off-grid coverage with fresh investments
Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, will acquire the shares of partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas. In a stock report on Friday, Vivant said the planned buyout will effectively expand Vivant Energy’s investments in Small Power Utilities Group or SPUG to 63.3 megawatts in attributable installed capacity from 35.2 MW. Gigawatt Power Inc. owns half the shares in Delta P Inc., Calamian Islands Power Corporation, La Pampanga Energy Corporation, and Culna Renewable Energy Corporation as well as 35 percent in Isla Norte Power Corporation. “One of our goals is to be the market leader in SPUG. But, over and above achieving that goal, this acquisition ties in with our (commitments to provide) stable and reliable power to drive local business growth,” Vivant Energy CEO Arlo A.G. Sarmiento said. Delta P owns a 31.1-MW bunker-fired power plant in Puerto Princesa City, Palawan. CIPC owns a 7.35-MW bunker-fired power plant in Coron and a 0.91-MW diesel power plant in Busuanga. Isla Norte operates a 23.3-MW diesel power plant in Bantayan Island, Cebu. LPEC will develop a 16.4-MW power plant in Porac, Pampanga while CREC will develop a hybrid power plant — combining solar, battery, and diesel — in the islands of Culion and Linapacan in Palawan. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas, and Mindanao. The post Cebu-based Vivant grows off-grid coverage with fresh investments appeared first on Daily Tribune......»»
CPG buys out Mitsubishi in joint shelter venture
The Antonio Family’s Century Properties Group Inc., or CPG, will take full ownership of PHirst Park Homes Inc., or PPHI, once it completes the buyout of the shares of partner Mitsubishi Corp. in the joint venture. In a disclosure to the Philippine Stock Exchange on Wednesday, CPG will acquire the remaining 40 percent stake in the company. PPHI is a joint venture project between CPG and Mitsubishi Corporation with a 60-40 shareholding, respectively. “This acquisition is part of the group’s strategic move to consolidate interests in the business segment where the market is robust,” CPG executive chairman and Amb. Jose E.B. Antonio said. Battling backlog It will also allow the company to “serve the needs of Filipinos for decent, quality and affordable first homes while helping address the huge housing backlog that the administration is working on,” he said. For Mitsubishi Corp. executive vice president and Group CEO for Urban Development Group Takuya Kuga, the divestment will provide the company an opportunity to focus on expanding to other markets in the region. “The great outcome that we initially projected to achieve in 10 years has been substantially realized within five years,” Kuga said. “As Mitsubishi Corp. has already achieved its optimal goal for this particular investment, we believe that it is the ideal opportunity to pursue new seeds of growth in other emerging markets both in the Philippines and the Asian region.” PPHI was launched in 2017. It aims to launch 15 projects by 2023. Last year, CPG announced its plan to venture into socialized and economic housing as well as middle-income residential markets under Century PHirst Corp. The post CPG buys out Mitsubishi in joint shelter venture appeared first on Daily Tribune......»»
URC to acquire Don Pedro assets amid expansion
Gokongwei-led Universal Robina Corp. will acquire the idle sugar milling machinery and equipment of Central Azucarera Don Pedro Inc., a subsidiary of Roxas Holdings Inc., to expand the capacity of its Batangas mill. URC said Tuesday that the acquisition will expand the capacity of the company’s sugar mill in Balayan, Batangas to 8,000 tons daily from the current 5,000 tons. Therefore, it will cut the time needed to expand the Balayan mill from four to two years. Help farmers Likewise, URC noted that the buyout will also let the company accommodate more sugarcane farmers at its Balayan mill to help secure a source of livelihood for them. “The farmers are currently suffering from low sugar recovery on their sugarcane deliveries due to long waiting times in the truck yard,” the URC statement read. “(It) negatively affects their profits and may drive some of them to either stop farming or shift to other low-value crops,” it said. Mill as much sugarcane URC Sugar and Renewables general manager Rene Cabati earlier said URC will mill as much sugarcane as possible from planters displaced by CADPI’s permanent shutdown. Aside from acquiring CADPI’s machinery and equipment, URC’s Balayan mill will also extend its milling season, which normally ends in April until June. The post URC to acquire Don Pedro assets amid expansion appeared first on Daily Tribune......»»
SPNEC starts after initial asset buyout
SP New Energy Corporation or SPNEC has kicked off its commercial operations following the initial acquisition of projects from its parent company Solar Philippines. SPNEC on Wednesday disclosed that it had signed a Deed of Absolute Sale last 15 May to acquire shares in Solar Philippines Tarlac Corporation and Solar Philippines Rooftop Corporation. The companies have a consolidated capacity of over 100 megawatts of operational solar power plants and another over 50 MW under construction. SPNEC expects to start generating revenue from these two operational companies. First batch of projects According to SPNEC, the recent acquisitions are part of the first batch of projects covered by a contract that SPNEC signed to acquire the entire shares of Solar Philippines in 17 companies using the proceeds of SP’s subscription of 24.37 billion shares of SPNEC. These companies are Solar Philippines Calatagan Corporation; Solar Philippines Tarlac Corporation; Terra Solar Philippines Inc.; Solar Philippines Batangas Baseload Corporation; Solar Philippines Tarlac Baseload Corporation; Solar Philippines Central Luzon Corporation; Solar Philippines South Luzon Corporation; Solar Philippines Southern Tagalog Corporation; Solar Philippines Eastern Corporation; Solar Philippines Western Corporation; Solar Philippines Visayas Corporation; Solar Philippines Southern Mindanao Corporation; Solar Philippines Batangas Corporation; Solar Philippines Retail Electricity Inc.; Laguna Solar Rooftop Corporation; and Solar Philippines Rooftop Corporation. Option agreement Recently, an Option Agreement was signed between Metro Pacific Investments Corporation, Solar Philippines, and SPNEC, which granted MPIC or its affiliates the option to invest in almost 43 percent of SPNEC for P23.75 billion. Once Solar Philippines Assets are consolidated, SPNEC will own projects with close to 1,000 MW of operating or under construction capacities and a total pipeline of over 8,000 MW with the country’s largest contracted capacity of renewable energy projects. SPNEC aims to become the largest renewable energy company in the Philippines. The post SPNEC starts after initial asset buyout appeared first on Daily Tribune......»»
MPIC hikes investment in Leviste’s power firm
Infrastructure investment firm Metro Pacific Investments Corp. now has the option to invest up to P23.75 billion in SP New Energy Corp., or SPNEC, in exchange for 19 billion shares. MPIC, SPNEC, and its parent firm Solar Philippines Power Holdings, Inc., last 5 May, signed definitive agreements granting MPIC or its affiliates the option to become the largest shareholder with approximately 42.82 percent of SPNECUnder the agreement, the MPIC Group can acquire up to 17.4 billion SPNEC shares up to 10 billion primary shares for up to P12.5 billion, and up to 7.4 billion secondary shares for up to P9.25 billion — subject to SPNEC’s increase in authorized capital stock from 10 billion to 50 billion shares. MPIC’s buyout of SPNEC shares This will be in addition to MPIC’s recent buyout from Solar Philippines of an initial 1.6 billion SPNEC shares for P2 billion last 27 March. “We have long seen a partnership with MPIC to be the key to unlocking the potential of our project pipeline,” SPNEC and SPPPHI CEO Leandro Leviste said. “We are humbled and grateful for this opportunity and believe that SPNEC now has the final ingredients to realize the value of our developments for the benefit of all stakeholders,” he added. With MPIC’s investment, SPNEC plans to expedite the acquisition of shares of SPPPHI in various entities and funding of its developments, to make SPNEC the largest renewable energy company in the Philippines. Largest solar project The largest of these projects is in Nueva Ecija, where SPNEC is developing what could be Asia’s largest solar project. Meanwhile, for MPIC Chairman and President Manuel V. Pangilinan, the company’s initial investment is “one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments.” Both companies support the government’s drive to increase the share of renewable energy in the country’s total energy mix to 35 percent by 2030 and 50 percent by 2040. Last year, renewable energy only took up 22.8 percent of the total mix. The post MPIC hikes investment in Leviste’s power firm appeared first on Daily Tribune......»»