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Meralco finalizes equity investment in Ghana firm

Manila Electric Co. (Meralco) is finalizing its investment in Ghana’s power distribution utility to start operations and management by early next year......»»

Category: financeSource: philstar philstarDec 7th, 2018

Meralco to spend US$40M for stake in Ghana power utility

Philippine electric distribution giant MERALCO will cough up US$40 million on planned equity acquisition at an electricity distribution firm in Ghana. Meralco to spend US$40M for stake in Ghana power utility Source link: Meralco to spend US$40M for stake in Ghana power utility.....»»

Category: newsSource:  manilainformerRelated NewsDec 8th, 2018

BDO teams up with Archipelago Capital in ONB

The country's largest lender BDO Unibank has signed a deal to sell 15 percent of its rural banking arm One Network Bank Inc. (ONB) to a unit of Singapore-based private equity firm Archipelago Capital Partners Pte. Ltd. In a press statement on Monday, BDO said it had entered into an agreement with Archipelago's Osmanthus Investment Holdings Pte. Ltd., formalizing a working relationship between these parties. Since last year, Osmanthus has helped ONB in developing the framework for its micro/small and medium enterprise (MSME) lending business, leading to the establishment of the initial pilot test sites before the end of 2017. "The partnership with Osmanthus will further strengthe...Keep on reading: BDO teams up with Archipelago Capital in ONB.....»»

Category: newsSource:  inquirerRelated NewsOct 1st, 2018

Court case blocking Meralco project in Ghana junked

The high court of Ghana has dismissed a case filed by a Chinese firm case against a state agency that favored Manila Electric Co. as possible concessionaire for electricity distribution in that country's capital region. The case arose when BXC Co. (Ghana) Ltd. hailed in April Ghana's Millennium Development Authority (MiDA) to court after the agency declared Meralco the preferred bidder for the concession. As a result, the court ordered a stop to the concession process. In a statement, the management of MiDA said the high court in Accra [Ghana's capital] dismissed on June 9 the application for interlocutory injunction filed by BXC. "The substantive matter is to take its normal...Keep on reading: Court case blocking Meralco project in Ghana junked.....»»

Category: newsSource:  inquirerRelated NewsJun 12th, 2018

Basic Energy raises investment in 2 Thai firms

BASIC ENERGY Corp. on Tuesday said its board of directors gave the go-signal to increase the company’s equity investment in two Thai companies to 15%. “The equity investment will enhance the project portfolio of [Basic Energy] as a renewable energy and power company,” the listed firm told the stock exchange on Tuesday. The company is increasing […] The post Basic Energy raises investment in 2 Thai firms appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsMar 28th, 2018

Investment firm embarks on limestone mining

Investment firm Premiere Horizon Alliance Corp. has ventured into limestone mining exploration in Southern Palawan, seen to be its potential ticket to diversification into cement production. The board of Premiere Horizon approved a deal to acquire up to 85 percent of equity of Palawan Star Mining Ventures Inc. and Pyramid Hill Mining Industrial Corp., holders of mineral production sharing agreements (MPSAs) covering about 10,384 hectares. This MPSA area contains "probable commercial quality limestone deposits located in the mineralized area of Southern Palawan," it disclosed to the Philippine Stock Exchange. Premiere Horizon intends to fund the precommercial development of a "su...Keep on reading: Investment firm embarks on limestone mining.....»»

Category: newsSource:  inquirerRelated NewsMar 14th, 2018

ADB invests $32 M In microfinance firm for Asian women

MANILA, Philippines - Manila-based Asian Development Bank (ADB) signed yesterday a $32-million equity investment agreement with CreditAccess Asia (CAA), an A.....»»

Category: financeSource:  philstarRelated NewsMar 22nd, 2017

Power rates up in December

The Manila Electric Co. (Meralco) will increase power rates by P0.09 per kilowatt-hour (kWh) this month, the firm said on Monday. This means an upward adjustment of P10.1803 per kWh…READ The post Power rates up in December appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimesRelated NewsDec 10th, 2018

Meralco set to run Ghana franchise in first quarter

Meralco set to run Ghana franchise in first quarter.....»»

Category: financeSource:  thestandardRelated NewsDec 7th, 2018

Japan electronics company Pioneer bought by Hong-Kong fund

  TOKYO, Japan – Japanese electronics firm Pioneer said Friday it will become a wholly owned unit of a Hong Kong-based fund to rebuild itself in a deal worth $904 million. Pioneer, known for its audio equipment as well as car electronics systems, said Baring Private Equity Asia has agreed on ........»»

Category: newsSource:  rapplerRelated NewsDec 7th, 2018

PLDT completes P1.6 billion investment in software firm

Telco giant PLDT Inc. has completed its investment in Multisys Technologies Corp. which is equivalent to nearly half ownership stake in the local software development and IT solutions provider......»»

Category: financeSource:  philstarRelated NewsDec 5th, 2018

Man City faces repercussions for misleading UEFA on finances

By Rob Harris, Associated Press LONDON (AP) — European soccer's leadership has an initial conclusion on leaked Manchester City correspondence: The club has been misleading UEFA over its finances. With the power to ban clubs from the Champions League, the consequences from UEFA could be severe for the Premier League champions. UEFA discovered from reading internal emails from City, which were published by German media outlet Der Spiegel last month, the extent of schemes by the club to allegedly cover up the true source of income in a bid to comply with Financial Fair Play regulations, a person with direct knowledge of the situation told The Associated Press. The person spoke on condition of anonymity because they were not authorized to discuss the situation publicly while UEFA conducts a review of the City case. City has been transformed into an English soccer power in the decade since being bought by Sheikh Mansour bin Zayed Al Nahyan, a deputy prime minister of the United Arab Emirates and a member of Abu Dhabi's royal family, winning the Premier League three times since 2012. But unfettered spending on players has been restricted by European soccer's governing body — regardless of the owners' wealth. City has already been punished by UEFA for violating FFP, striking an agreement in 2014 that saw the team fined rather than banned from the Champions League for inflated sponsorship deals with companies linked to the club or its ownership. UEFA publicly said last month that evidence from "Football Leaks" could lead to past cases being re-opened. The person with knowledge of the situation said it was more feasible to use the leaks to re-assess the candor of club executives and as a basis to judge City's compliance with FFP in the current three-year assessment period. That covers 2015 when Der Spiegel said emails were being sent internally at City showing the manipulation of sponsorship revue from Etihad Airways, the state-owned airline from Abu Dhabi, which is the naming rights sponsor of City's stadium and training campus as well as appearing on jerseys. The sponsorship was said to generate 67.5 million pounds (about $85 million) annually for City. But City's holding company — the state-backed Abu Dhabi United Group — channeled 59.9 million pounds back to Etihad, according to Jorge Chumillas, the club's chief financial officer, in an internal email to club director Simon Pearce. City has not disputed the authenticity of any emails published by Der Spiegel over the last month. Given the fresh insight into City's financial dealings, UEFA President Aleksander Ceferin has said there was a "public interest" in the correspondence being leaked, while questioning how it was obtained. "We are assessing the situation. We have an independent body working on it," Ceferin said Monday. "Very soon you will have the answers on what will happen in this concrete case." FFP was the flagship policy of Michel Platini, Ceferin's predecessor as UEFA president, and introduced at the height of the global financial crisis in attempt to prevent clubs from becoming unsustainable. Since July 2011, UEFA has monitored the accounts of all clubs entering its two club competitions. The first period UEFA assessed clubs for compliance with FFP was 2011-13, when owners were allowed to cover losses up to 45 million euros. The leaks showed how City allegedly tried to artificially raise its revenue, in one case by 30 million euros, according to emails from 2013 reported by Der Spiegel. Abu Dhabi United Group was alleged to be sending cash to a shell vehicle which was created to supposedly buy the right to use players' images in marketing campaigns. There were further examples that Sheikh Mansour could have been the source of sponsorship revenue for Abu Dhabi state-owned companies like investment firm Aabar. Der Spiegel cited a 2010 email to Aabar from Pearce, the City director who also works for Abu Dhabi's Executive Affairs Authority. "As we discussed, the annual direct obligation for Aabar is GBP 3 million," Pearce wrote. "The remaining 12 million GBP requirement will come from alternative sources provided by His Highness." Seeing internal City correspondence has given UEFA a greater insight into the conduct of the club and its officials. A 2014 email from City lawyer Simon Cliff to a colleague showed the death of UEFA's lead FFP investigator being celebrated: "1 down, 6 to go." UEFA is examining whether to open disciplinary cases against individuals at City involved in attempts to provide a misrepresentation of club finances to the governing body's FFP accessors, another person with direct knowledge of the situation said. The person, who did not identify any individuals, spoke to the AP on condition of anonymity because they were not authorized to publicly discuss the City case. A challenge for UEFA is getting City to provide information from related companies in Abu Dhabi that the leaks show are central to compliance with FFP. City has repeatedly declined to respond to the specific allegations in the leaks, dismissing a month of negative headlines by saying: "The attempt to damage the club's reputation is organized and clear." But City has had no such qualms using its website to cast aspersions on the reputations of other clubs over their ability to comply with FFP. City has used the media watch section on its website to cite unsubstantiated news reports, including a claim in 2016 that "Inter Milan are looking to circumnavigate FFP" and speculation this year that if Paris Saint-Germain "are found to have broken FFP regulations they face being booted out of the Champions League." Those pages were deleted from its website after City was approached for comment by the AP......»»

Category: sportsSource:  abscbnRelated NewsDec 5th, 2018

Jon Ramon Aboitiz dies at 70

MANILA, Philippines – Philippine tycoon Jon Ramon Aboitiz has died at age 70.  The chairman of listed firm Aboitiz Equity Ventures, one of the country’s most valuable family conglomerates, died Friday morning, November 30, but his death was confirmed to employees only in the evening through a company-wide email.  "His passing ........»»

Category: newsSource:  rapplerRelated NewsNov 30th, 2018

Voyager seals $175-M buy-in deal

Telco giant PLDT Inc. has beefed up its digital innovations arm’s war chest for the next two years with the financial closing of its transaction with global investment firm KKR and China’s Tencent Holdings Ltd......»»

Category: financeSource:  philstarRelated NewsNov 28th, 2018

Tencent, KKR complete $175-M investment in PLDT’s Voyager

CHINESE tech company Tencent Holdings Ltd. and investment firm Kohlberg Kravis Roberts & Co. (KKR) on Wednesday completed its $175-million investment in Voyager Innovations, Inc., according to PLDT, Inc......»»

Category: newsSource:  bworldonlineRelated NewsNov 28th, 2018

PLDT inks P1.6-billion investment deal with software firm

Telco giant PLDT Inc. is pushing through with its acquisition of nearly half ownership stake in a local software development and IT solutions provider......»»

Category: financeSource:  philstarRelated NewsNov 26th, 2018

International Finance Corp. investing $40 million in Voyager

The International Finance Corp., a member of the World Bank Group, and a fund managed by its wholly owned subsidiary are investing $40 million in Voyager Innovations Inc., joining global investment firm KKR and China’s Tencent Holdings Ltd. as new investors in PLDT’s digital innovations arm......»»

Category: financeSource:  philstarRelated NewsNov 26th, 2018

EEI makes P81-M investment in Japanese firm

EEI CORP. valued its investment in food manufacturer Biotech Japan Corp. at P81 million, as part of the company’s diversification strategy......»»

Category: newsSource:  bworldonlineRelated NewsNov 26th, 2018

PH may fall into debt trap with China funds, says firm

Turning to China for financing President Duterte's infrastructure program may lead the government to make the same mistakes made by other Asian countries that have fallen not only into a debt but also corruption trap, London-based Capital Economics said on Thursday.   "By seeking closer ties and increased investment from China, President Duterte of the Philippines risks repeating the mistakes made by other countries in the region. With the current account deficit already approaching unsustainable levels and given the corruption problems associated with Chinese investment projects elsewhere in Asia, the Philippines would be better off shunning Chinese investment," Capital Econo...Keep on reading: PH may fall into debt trap with China funds, says firm.....»»

Category: newsSource:  inquirerRelated NewsNov 22nd, 2018

AEON Credit’s P1 billion bonds first in Philippines with CGIF backing

A P1 billion bond issuance by a local financing firm, proceeds of which would provide livelihood and consumer loans for the underbanked, has been guaranteed by the Credit Guarantee and Investment Facility (CGIF), an entity established by several Asia Pacific countries......»»

Category: financeSource:  philstarRelated NewsNov 20th, 2018

Lopez Holdings nets P1.7B in July-Sept. period

LOPEZ Holdings Corp. reported a 24% increase in net income attributable to the equity holders of the parent firm of P1.74 billion during the third quarter, the holding firm said in a regulatory filing......»»

Category: financeSource:  bworldonlineRelated NewsNov 15th, 2018