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AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
GSIS buys up 12% MPIC stake
State pension fund Government Service Insurance System, or GSIS, has accumulated shares in diversified Metro Pacific Investments Corp,, or MPIC, the flagship company of tycoon Manny V. Pangilinan which is up for bourse delisting. The state financial institution led by veteran investment banker Wick Veloso has amassed the MPI shares the past two weeks, buying a total of 2.5 billion shares from 23 August to 4 September. In a report to the stock market, MPIC said it received a letter from GSIS dated 4 September informing the company that from 23 August to 4 September, GSIS purchased 2,490,509,574 common shares of MPIC. GSIS also mentioned that as a result of these purchases, GSIS now owns 3,438,549,038 common shares which represents approximately 11.98 percent of the total outstanding common shares of MPIC. Strong challenge Analysts said the GSIS move poses a challenge to the MPIC proposal to leave the stock exchange. COL Financial research head April Lynn Tan said that with the purchases, MPIC share owners may not attain its target to acquire 95 percent of the company which is pivotal to the delisting plan. MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to push through with the plan. “The tender period will expire on 7 September, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said. In a social media post, Tan said the delisting option can still pull thorugh. “According to industry peers, there is still a chance that the delisting will push through. Since GSIS now owns 12 percent (more or less) it might not be counted in the public float based on PSE proposed amendments. This means that the tender offer might proceed if over 14.58 percent of share owners tender their shares,” she added. The post GSIS buys up 12% MPIC stake appeared first on Daily Tribune......»»
‘Here Lies Love’ co-producer says hit musical may soon be staged in Manila
After conquering Broadway with an all-Filipino cast, Here Lies Love, the musical created by David Byrne and Fatboy Slim about former First Lady Imelda Marcos, may soon be staged in the Philippines. It’s being talked about,” Don Michael H. Mendoza, a co-producer of the Broadway production, told Daily Tribune in an exclusive interview. He recently flew in from the United States for a vacation and to visit some family and friends. [gallery columns="2" size="large" ids="171941,171942"] “The hope is that the first international production will be in Manila. But they’re also considering Sydney. It’s very early in discussions, but there are plans to bring it abroad. We’ll just have to look for the right place that will house the show because the set is so different. It’s more probably like a studio space than a traditional theater.” Mendoza also confirmed having an all-Filipino cast in the planned touring production, hopefully with the current lineup led by Arielle Jacobs (as Imelda), Jose Llana (as Ferdinand Marcos Sr.), Conrad Ricamora (as Ninoy Aquino) and Lea Salonga (in a special guest role as Ninoy’s mother Aurora). “Of course, it depends on where people are at that point of time,” he pointed out. “If they haven’t moved on to other shows, what their schedules are like. So, hopefully… It would be great to bring the whole cast, but it depends on what they’ll have next.” Show vacancies In case of vacancies, the production may audition performers based in the Philippines, like it did before. This led to the question about Mark Bautista, who played Marcos in both the London and Seattle productions of Here Lies Love after it premiered off-Broadway in 2013 at The Public Theater in New York City. Jose Llana, who currently plays Marcos, originated the role off-Broadway. “We auditioned people from the Philippines,” Mendoza said of their casting process for the Broadway staging. “So I’m sure Mark auditioned. He was in high consideration.” The co-producer explained that Mark’s non-inclusion in the current cast doesn’t mean the Filipino singer-actor “won’t be in that later.” He shared the story of a friend of his who was able to join the cast months after auditioning and doing other shows. “It’s a never-say-never situation.” As for Salonga’s limited stay in the show, Mendoza said the Tony winner has another engagement, but “she might come back later down the road. But for now, she’s on until the 19th (of August).” About the unfortunate invasion of Salonga’s privacy in her own dressing room, “Lea handled it really well. The public opinion is on our side. We worked it out,” said Mendoza, adding that the production has tightened its security as a result of the incident. “Like Lea said, a ticket buys you access to the show, that’s it. Meet-and-greets, that’s because they’re nice, not because it’s in the contract. If they do a stage door greeting, that’s out of the goodness of their heart. They’re not contracted to do that, so they don’t have to entertain you after the show.” Positive reception Mendoza, who’s among the “at least 20” co-producers of Here Lies Love (aside from “five lead producers and three to four associate producers”) expressed joy and excitement when talking about how the Fil-Am community and Broadway theatergoers have received the musical. “It’s good, positive,” he said. “People are really enjoying the show. The lifespan of the show is 1945 to 1986, just after the Edsa Revolution. It is fun. It’s an enjoyable show. They liked that they learned something — even the people who really know the story, they also say that they learned something they didn’t know about Imelda or Ninoy or whoever. So, all positive. “The negative things we received are just about content. People [were] worried about watering down what actually happened, but, like I said in the interview, it’s supposed to be entertaining. It’s not a documentary, you know. If it gets you to think about something, we’ve done our job.” He also recalled the stellar opening night last 20 July, with celebrity attendees like actors Drew Barrymore and Daniel Dae Kim, comedian-TV host Stephen Colbert, filmmaker Spike Lee, singer-songwriter Shoshana Bean, hairstylist Frederic Fekkai and fashion icon Anna Wintour. “There were so many people that I heard were there, but I didn’t see them,” he said. But he didn’t miss seeing his fellow co-producers Jo Koy and H.E.R. at the opening. Mendoza said Here Lies Love has tickets open until January 2024 and its contract with The Broadway Theater, where it’s playing, is “open-ended.” So it can “keep going as long as tickets sales are up.” He then gave a satisfied smile: “So far, so good.” In the future, he said he hopes to produce more shows, including maybe an original Filipino musical or play on Broadway. “I think now that Here Lies Love has happened, it’s more possible. I won’t say it’s easy, I won’t say it’s easier. But I will say the door is now open for the others to follow.” The post ‘Here Lies Love’ co-producer says hit musical may soon be staged in Manila appeared first on Daily Tribune......»»
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