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US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B
US pharmaceutical company Bristol Myers Squibb announced a $4.8 billion deal on Sunday to acquire cancer drugmaker Mirati Therapeutics. Bristol Myers Squibb will pay $58 per share in cash "for a total equity value of $4.8 billion," the companies said in a joint statement. In addition, a guaranteed value certificate (GVC) could provide Mirati shareholders with a potential additional $12.00 per share, or up to an additional $1 billion in total. The statement said that both companies' boards of directors had approved the agreement. "Through this acquisition, Bristol Myers Squibb will add KRAZATI, an important lung cancer medicine, to its commercial portfolio," the statement said. It said KRAZATI targets a specific type of mutation that makes up 14 percent of non-small cell lung cancer diagnoses. "With multiple targeted oncology assets including KRAZATI, Mirati is another important step forward in our efforts to grow our diversified oncology portfolio and further strengthen Bristol Myers Squibb's pipeline for the latter half of the decade and beyond," said Chris Boerner, the company's executive vice president and incoming CEO. The post US drugmaker Bristol Myers Squibb buys Mirati for $4.8-B appeared first on Daily Tribune......»»
Aboitiz chief tracks techglomerate journey
Aboitiz Group president and CEO Sabin Aboitiz brought a wealth of knowledge and transformative leadership insights to the esteemed 21st Forbes Global CEO Conference in Singapore on 11 September. The conference, themed “Sea Change,” provided a platform for Aboitiz to share his vision and expertise as he spearheads the Aboitiz Group’s journey toward becoming the maiden techglomerate in the country. The Forbes Global CEO Conference is an annual gathering of influential leaders and visionaries who engage in insightful discussions and brainstorming sessions about the global economic landscape. Approximately 500 distinguished CEOs, thought leaders, entrepreneurs and investors attended this year’s conference to navigate the ever-evolving waves of economic transformation. Aboitiz, standing alongside notable leaders in Asia, participated in a thought-provoking panel entitled “Captains Courageous,” which explored the themes of courage and leadership. Distinguished peers His fellow panelists included Binod K. Chaudhary, chairman of CG Corp Global; Mike Federle, CEO of Forbes Media; Nuno Matos, CEO of Wealth and Personal Banking at HSBC; and Arsjad Rasjid, president director of Indika Energy and chairman of the Indonesian Chamber of Commerce and Industry. The panel conversation delved into the intricacies of courage and leadership, offering profound insights into the mindset of successful CEOs and the principles that have shaped their illustrious careers. Forbes assistant managing editor Diane Brady posed thought-provoking questions encouraging panelists to share their most courageous decisions, reflect on moments when their courage faltered, and acknowledge the influential leaders who have guided their paths. Drawing upon his extensive and exemplary leadership experience across various roles and companies within the Aboitiz Group, Aboitiz imparted invaluable wisdom on the concept of courage. He emphasized that courage takes on different meanings depending on individual circumstances and available options. “Courage means different things to different people depending on who they are or what situation they’re in,” Aboitiz stated. “Just like being generous means different things to different people. Courage is what you’re willing to give up, depending on the situation you’re in. If you’ve got lots of options, then frankly, you’re not that courageous. If you have no options, the more you have to lose, the more courageous you are,” he added. Following his engaging participation in the high-profile conference, Aboitiz was interviewed by CNBC Asia where he provided insights on how the Aboitiz Group is embarking on its Great Transformation journey. There was also huge interest in the recent partnership of Aboitiz Equity Ventures Inc. with Coca-Cola Europacific Partners PLC to acquire Coca-Cola Beverages Philippines Inc. for $1.8 billion. It will be a joint venture where CCEP would be the majority owner at 60 percent while AEV will own 40 percent. This is in line with the direction to diversify a bit more into retail. “This goes back to our strategy to move a little out of one industry which is power and diversify a little bit into retail. Coca-Cola is the best brand in the world, so we thought that it would be the best way to move into the beverage and into more retail direction to be able to balance our portfolio,” Aboitiz explained. As the lead convenor of the Private Sector Advisory Council, Aboitiz also highlighted the importance of the private sector’s involvement especially in digitizing government services which President Ferdinand “Bongbong” Marcos Jr. had been advocating. The post Aboitiz chief tracks techglomerate journey appeared first on Daily Tribune......»»
Russian-Swede on trial suspected spy
A Russian-Swede arrested last year in a dramatic dawn raid on his quiet suburban home goes on trial in Stockholm on Monday accused of passing Western technology to Russia’s military. Sergei Skvortsov, a 60-year-old dual national, has lived in Sweden since the 1990s where he has run import-export companies. He is to appear in a Stockholm district court charged with carrying out “unlawful intelligence activities” against the United States and Sweden for a decade until his arrest in November 2022. The prosecution believes Skvortsov and his companies provided a platform for “the Russian military intelligence service GRU and part of the Russian state system” to illegally procure Western technology, mainly electronic devices which were off-limits to Moscow due to international sanctions. Skvortsov faces up to four years in prison if found guilty. In detention since his arrest, he has denied the allegations. Sweden’s charge of “unlawful intelligence activities” is a notch lower than espionage. “There was a severe risk for national security interests, both in Sweden and the US,” prosecutor Henrik Olin told AFP last week when Skvortsov was formally charged, adding the implications reached even further. “You only have to look at the battlefield in Ukraine to see that there’s a real need for this from the Russian military industrial complex,” Olin said. In the indictment, the prosecution accused Skvortsov of gathering “information and the actual acquisition of various items that the Russian state and the defense forces could not acquire on the open market due to export rules and sanctions.” It accused him of “locating the items requested by the Russian state and the armed forces, negotiating and carrying out the purchase and further organizing the transport of the goods while concealing the actual end user.” with AFP The post Russian-Swede on trial suspected spy appeared first on Daily Tribune......»»
100 towers transferred to MIDC from Globe in latest closing milestone
MIESCOR Infrastructure Development Corporation, a joint venture between Manila Electric Co. subsidiary MIESCOR and leading global infrastructure investor Stonepeak, and Globe Telecom, Inc., have furthered their partnership with the completion of the fourth transfer of towers from Globe to MIDC. This follows the companies’ previous announcement that MIDC will acquire 2,180 towers and related passive telecom infrastructure from Globe under a sale and leaseback agreement valued at P26.2 billion. This latest transfer adds 100 towers with a value of approximately P1.2 billion into MIDC's growing network, and brings the total number of towers transferred to MIDC to 1,120 – still on track for completion in the third quarter of 2023. MIDC and Globe remain committed to their shared mission of improving digital infrastructure in the Philippines through the execution of forward-thinking strategies and the prioritization of innovation. The integration of these towers is aligned with the companies’ shared dedication to delivering sustainable and effective connectivity solutions across the country, in addition to ongoing efforts in constructing new towers nationwide. Helen Grace T. Marquez, President and CEO of MIDC, expressed, "We are excited about this milestone and the continuous progress we are achieving with Globe. Each transitioned tower signifies a step toward building a robust and widespread digital ecosystem. Our journey is a collective effort, and our commitment to advancement remains steadfast, one tower at a time." Ricky Steyn, Chief Operating Officer of MIDC, echoed this sentiment, stating, "This milestone underscores our commitment to enhancing our network while optimizing our operational efficiency. As we integrate these towers into our system, we are streamlining our processes to provide seamless connectivity experiences for our customers. Our core focus remains on delivering quality, reliability, and innovation." The post 100 towers transferred to MIDC from Globe in latest closing milestone appeared first on Daily Tribune......»»
Russian spies arrested, charged
A suspected Russian spy in Sweden accused of passing Western technology information to Moscow was charged on Monday while another allegedly recruited by Israel has been arrested in Lebanon. Swedish-Russian Sergei Skvortsov, 60, was formally charged with carrying out “unlawful intelligence activities” against the United States and Sweden for a decade until his arrest in November 2022, court documents showed. In the indictment filed with the Stockholm district court, the prosecution accused Skvortsov of gathering, through companies he ran, “information and the actual acquisition of various items that the Russian state and the defense forces could not acquire on the open market due to export rules and sanctions.” Prosecutor Henrik Olin told AFP the products involved were “mainly electronic devices,” “a lot of (which) emanate from the US.” According to the prosecution, Skvortsov had been acting against US interests since 1 January 2013 until his arrest in November 2022, and against Swedish interests since 1 July 2014. Skvortsov was arrested last year in a spectacular helicopter raid on his suburban Stockholm home. Meanwhile, the Iran-backed Hezbollah group reported the unnamed spy to Lebanese security forces for staging a reconnaissance mission of their headquarters in the southern suburbs of Beirut and south Lebanon, an official told AFP. Security forces arrested him around two weeks ago at Beirut airport while he was trying to flee with his wife and child, the official said. It came after Hezbollah told security forces that the suspect had tried to break into an apartment in Beirut’s southern suburb, a stronghold for the group. On Saturday, the Russian embassy in Beirut said it was “aware” of the arrests and “taking the necessary steps to clarify the details of the circumstances,” according to state-run news agency RIA Novosti. WITH AFP The post Russian spies arrested, charged appeared first on Daily Tribune......»»
Microsoft and Activision add time to seal gaming deal
Microsoft and video gaming giant Activision Blizzard on Wednesday agreed to give themselves more time to complete a blockbuster transaction that still needs a sign off from UK regulators who had earlier rejected the deal. The two companies had previously set 18 July as the cut off point to finalize the $75 billion deal for Microsoft to acquire Activision, which now gets pushed by three months to 18 October. In return, Microsoft agreed to pay Activision an increased break-up fee in case either side walks away from the deal that could reach as high as $4.5 billion, a filing showed. Both sides said they remained firmly committed to the deal and were emboldened by a major victory in a US court which rejected an attempt by the Federal Trade Commission to squash the sale. "The recent decision in the US and approvals in 40 countries all validate that the deal is good for competition, players, and the future of gaming," tweeted Lulu Cheng Meservey, Activision Blizzard's head of corporate affairs. Microsoft President Brad Smith said the extension gave "ample time" to close the sale and that he was "confident about our prospects for getting this deal across the finish line." The acquisition of Activision by Microsoft will create the world's third biggest video-gaming giant and has faced significant scrutiny by antitrust regulators. The companies made substantial commitments to regulators in the European Union and other antitrust authorities in order to win their approval. These answered concerns that Microsoft would bar their rivals access to some of Activision's most popular games, including Call of Duty, one of the world's most popular gaming titles. In April, the UK rejected the deal over its threat to the still developing cloud gaming sector, but agreed to take another look after the FTC's defeat in a US court. The post Microsoft and Activision add time to seal gaming deal appeared first on Daily Tribune......»»
PBBM thinks certain objections to MIF ‘laughable’
President Ferdinand Marcos Jr. allayed fears of fund mismanagement after signing the Maharlika Investment Fund into law on Tuesday, saying it will be independent of the government and should not be linked to politics. Marcos recalled reading and seeing the criticisms directed at the recently enacted law in the ceremonial signing at Malacanang Palace. He considered some of those objections "laughable." "I noticed that at the very beginning, I would hear some people commenting, 'When we have money like that, when we have those funds, they should be allocated to agriculture, infrastructure, they should be invested in energy development,'" Marcos said. "Well, I was watching television and I said, of course, I was talking to the TV. Where do you think they're thinking of putting it? Are we going to buy fancy cars? Are we going to buy a large yacht? That... it makes me laugh because that is so far from the truth," he added. For context, the bill has undergone revisions to address worries about how the fund would be managed and financed. Hence, Marcos said establishing an Investment Fund would enable the Philippines to reduce its dependence on borrowing for infrastructure development. “I assure you that the resources entrusted to the fund are taken care of with utmost prudence and intent,” Marcos said in a speech after signing into law what he described as an “extremely important” measure. The enactment of the Maharlika Investment Fund into law followed the actions taken by neighboring Asian countries such as Malaysia and Singapore and more recent efforts by Indonesia to establish sovereign wealth funds, although the outcomes have been varied. In Malaysia, the 1Malaysia Development Berhad (1MDB) fund became embroiled in a massive corruption scandal, resulting in significant political consequences. Marcos emphasized that the newly created fund would be entrusted to professionals and operate independently from political interference. To raise its capital, the fund will have the authority to issue a combined total of P500 billion in preferred and common shares, which the national government, state-run companies, and banks can acquire. It was not immediately clear when the fund will be launched. Nevertheless, it has the capability to allocate funds to assets such as foreign currencies, tradable commodities, fixed-income securities, and stocks with the intention of generating revenue to support the funding of infrastructure initiatives. The post PBBM thinks certain objections to MIF ‘laughable’ appeared first on Daily Tribune......»»
Toyota, Lalamove strike a deal
Toyota Motor Philippines, one of the leading mobility companies in the country, is joining forces with top-tier logistics firm Lalamove and its automotive division, Lalamove Automotive. The thrust of the collaboration is the introduction of the robust and efficient Toyota Lite Ace as a new transport partner to the commercial fleet. This initiative has been set in motion with the view to equip both aspiring and established Lalamove operators with the Lite Ace Panel Van variant, which will be available for purchase through Lalamove Automotive's Vehicle Ownership Program. The partnership underscores the commitment to bolster the ever-growing mobility demands of micro, small and medium enterprises. TMP is stepping up to the plate to address this need through a new, economically viable pricing scheme for the Lite Ace, offered via Toyota Taytay, Rizal and Toyota Financial Services Philippines. This concerted effort has resulted in an alliance with Lalamove to present this cost-effective pricing as an attractive proposition for partner operators, which can serve to enhance their transport and delivery services substantially. The strategic partnership was announced to both existing and potential operators during the TTR-Lalamove Automotive Business Roadshow in March. It shed light on the opportunity to leverage the capabilities of the Lite Ace as a logistics ally, geared towards the transport of goods and services for Lalamove's customers. The Lite Ace's Panel Van variant, in particular, offers a redesigned compact body and a highly efficient engine, ensuring a generous payload capacity for Lalamove vehicles. Clients can, therefore, trust the services booked through the Lalamove app, confident in the quality, durability, and reliability synonymous with the Toyota brand. Zellyn Lim, president of Toyota Taytay, Rizal, expressed her enthusiasm for the collaboration: “We are very happy and excited that Toyota Taytay, Rizal is part of this partnership with Lalamove Automotive, Toyota Financial Services and Toyota Motor Philippines. “We are privileged to assist our customers in enhancing their quality of life by expanding access through financing. By helping them acquire reliable Toyota mobility vehicles for their business, we hope to benefit more and more customers, leading to better livelihoods for more Filipinos and a stronger Philippine economy." In a drive to support the entrepreneurial aspirations of Filipinos, a series of caravans is being launched by TTR and Lalamove Automotive to connect with a larger pool of potential operators. Under the program, every Lite Ace purchase comes with comprehensive accident and repair coverage by Toyota Insure, plus a free Periodic Maintenance Service from the initial one kilometer until the 40km check-up. Plans are afoot to enhance this collaboration by potentially introducing vehicles from T-SURE, Toyota's Quality Pre-Owned Cars program, into the Lalamove operations. This move further testifies to the strength of the partnership and the mutual commitment to optimize operational capabilities. The Toyota Lite Ace, with its affordable price, easy operation and maintenance, is designed to become the go-to business partner for Filipino MSMEs. Whether it's the Panel Van, Pickup, Cargo or FX variant, the Lite Ace offers high efficiency, flexible load capacity, and low fuel consumption, enabling drivers and businesses to optimize their journeys and maximize savings. The post Toyota, Lalamove strike a deal appeared first on Daily Tribune......»»
Senate targets 9 bills via LEDAC
The Senate has proposed nine more bills in the Common Legislative Agenda, on top of the 42 measures in the list. The bills were proposed by Senate President Juan Miguel Zubiri during the Legislative Executive Development Advisory Council or LEDAC meeting with President Ferdinand Marcos Jr. at the Malacañang on Wednesday. “It was a productive meeting, and President Marcos was very participative, with his questions on the problems and bottlenecks in some of the bills,” Zubiri said. Among the nine proposed bills for inclusion are the Philippine Defense Industry Development Act, the Cybersecurity Law, and amendments to the procurement provisions of the Armed Forces of the Philippines Modernization Act — which were all discussed during Zubiri’s working visit to Washington, DC, in June. “These bills will be vital in strengthening our AFP, and to our overall efforts to build a truly self-reliant defense strategy,” he said. Zubiri said the inclusion of PDIDA in the CLA would give the country the capability to manufacture defense equipment. “As we do that, we will be creating jobs, and courting foreign companies to invest as well,” he added. The amendments to the procurement provisions of the AFP Modernization Act, meanwhile, will allow the purchase of non-new equipment — “so we can acquire highly advanced, good-as-new equipment, at a lower price point. We want to buy smart, and not just buy what is new.” The post Senate targets 9 bills via LEDAC appeared first on Daily Tribune......»»
ACEN acquires Viet solar giant
Ayala Corp. energy unit ACEN completed the first phase of the acquisition of Super Energy’s Vietnam solar platform. ACEN said it will acquire 49 percent of the platform, which has 837 megawatts or MW of solar assets in Vietnam. The acquisition will be completed in four phases, with the first phase adding 141 MW of attributable capacity. This four-phased acquisition will bring ACEN’s renewables portfolio in Vietnam Lao PDR to 1,200 MW of attributable capacity. A strategic partnership has the potential for expansion of renewable energy developments across ASEAN 26 June 2023. Through its subsidiary, ACEN Vietnam Investments Pte. Ltd., the company signed the shareholders’ agreement and other definitive agreements for the closing of the acquisition of Super Energy Corporation Public Company Limited’s solar power business in Vietnam. Share purchase deal The strategic partnership follows the share purchase agreement signed by the two companies in 2022. SUPER currently owns and operates 837 MW of solar projects in Vietnam through Solar NT; ACEN will take up 49 percent ownership of Solar NT through a phased acquisition. Closing of the first phase of the transaction has just been completed, while the remaining phases are expected to be completed within the year, with a total consideration estimated at $165 million. Patrice Clausse, CEO of ACEN International, said: “The partnership with SUPER marks the beginning of a long-term collaboration as we will continue to look for new opportunities to grow our portfolio and jointly develop renewable energy projects across ASEAN.” ACEN and SUPER share the same belief about a sustainable future, and their combined strengths and extensive experience in renewable energy development will unlock new opportunities to grow the strategic partnership’s portfolio, create jobs and accelerate the energy transition. “This synergy will enhance SUPER’s growth potential and strengthen the renewable energy business structure, which will support our strategic partnership in many areas, including capital, personnel, technology, and networks for additional investment opportunities in the future,” Jormsup Lochaya, chairman and CEO of SUPER, said. This total strategic investment will bring ACEN’s Vietnam-Lao PDR portfolio to approximately 1,200 megawatts MW in attributable renewables capacity, further solidifying its position as a leading renewable energy player in Southeast Asia. The post ACEN acquires Viet solar giant appeared first on Daily Tribune......»»
‘Chicken crosses street’ to Google Workspace
Chicken rotisserie Chooks-to-Go has joined forces with Globe Business to revolutionize the poultry industry by empowering employees with flexibility and remote access using Google Workspace. This partnership helped the company, dubbed “Manok ng Bayan,” move its operations from an on-premise provider to a cloud-based productivity and collaboration platform, Google Workspace, to further its digital shift journey. The move to Google Workspace enabled employees to collaborate across multiple locations and stay connected to external clients and stakeholders. By providing over 400 Google Workspace licenses to Chooks-to-Go, Globe Business transformed its operations with an effective collaboration tool that allows efficient communication, employee engagement, and work flexibility. Ronald Mascariñas, president, Chooks-to-Go Inc., is confident that the move towards digital transformation will help build a resilient and expanding business in the era of fast-moving digitalization. “During the pandemic, Chooks-to-Go survived supply chain, distribution, and on-the-ground challenges. Those days continue to motivate us to strengthen our operations and acquire systematized business solutions that meet our operational needs, employees’ well-being, and customers’ demands to build a resilient and growing business in a fast-moving digital era,” Mascariñas said. With more than 2,000 retail outlets serving Filipinos good food, Chooks-to-Go continues to show its “PUSO PARA SA PINAS” with quality food selection and services through employee training and acquiring the right tech solutions. “This partnership is an exciting one for Globe Business. As a tech company, we continue to enable companies that normally don’t have digital transformation as a priority, such as the poultry industry,” said Tania Gil-Padilla, vice president for Enterprise Sales for Globe Business, during the contract signing event. “We are excited about the future of Chooks-to-Go, the poultry industry, and Globe Business’s role in enabling a digital-forward nation.” Globe strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 9, which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the 10 United Nations Global Compact principles and the 10 UN SDGs. Globe Business empowers enterprises like Chooks-to-Go to move towards successful horizons with its roster of solutions and reliable partners to streamline processes and future-proof businesses. The post ‘Chicken crosses street’ to Google Workspace appeared first on Daily Tribune......»»
NAIA privatization bid starts September
The Department of Transportation said it will start the bidding for the multi-billion pesos privatization of the Ninoy Aquino International Airport, or NAIA by September this year. At a press briefing on Thursday, Transportation Undersecretary for Aviation and Airports Roberto Lim said the agency is only awaiting the approval of the National Economic and Development Authority before it can officially kick off the bidding process. “If we get the approval of the NEDA in a month or a month and a half, by September we can publish the invitation so those who want to participate can acquire the kit that will define what they need to do and submit,” Lim told reporters. Lim said the DoTr has received an unsolicited proposal for the NAIA privatization, but noted that the agency also looks at launching a solicited bid, which will be more comprehensive and rigorous. “For the solicited mode, we have not yet talked to anybody because we are waiting for the NEDA to give its approval. However, there was also an unsolicited proposal submitted to the DoTr, led by the big companies,” he said. Last April, six of the country’s largest conglomerates together with a US-based infrastructure company formed a super consortium to renew the proposal to rehabilitate NAIA through a P100-billion bid. Dubbed Manila International Airport Consortium or MIAC, the group is composed of Aboitiz InfraCapital Inc., AC Infrastructure Holdings Corporation, Asia’s Emerging Dragon Corporation, Alliance Global–Infracorp Development Inc., Filinvest Development Corporation and JG Summit Infrastructure Holdings Corporation, along with Global Infrastructure Partners. MIAC said its proposal includes a significant upfront payment to the Philippine government on top of its commitment to modernize the airport facilities and bring in new technologies to transform NAIA into a global air hub. Lim said the DoTr will meet with the project proponents next week for initial discussions and clarifications about their bid. “We can have a result announced or the selection of the winning bidder by the first quarter of next year. Remember, there is a long process in the selection, this is a tech assessment and there will be negotiations. This is an estimate we believe is doable,” he added. According to Lim, the company that would take over the operations and management of NAIA, the country’s main air hub, would need to shell out at least P9.5 billion yearly to modernize its facilities. For the 15-year concession agreement that will be awarded, the company would need a total war chest of at least a whopping P141 billion in total investments. “Immediately, we would want to introduce digitalization as part of the process of managing the airport and the private sector can do it more quickly,” he said. The post NAIA privatization bid starts September 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......»»
Expensive errand boy
When confronted in a recent forum about the misdeals in his term primarily the Joint Maritime Seismic Undertaking among three oil companies of West Philippine Sea claimants, former Philippine National Oil Co. president Eduardo Mañalac reasoned that he was just taking orders from the top. In his potshots against the landmark Malampaya deal, who is he now taking orders from? Mañalac came out of the woodwork in an obvious well-funded attempt to torpedo the extension of Service Contract 38 that will allow 15 years more for the Malampaya consortium to operate and explore the natural gas field, which has so far generated at least $10 billion in government revenue. Due to the priorities of its parent company, the former operator, Shell Philippines Exploration, did not infuse money in the search for new wells since 2017. The tripartite Joint Maritime Seismic Understanding or JSMU which Mañalac brokered and packaged would have allowed state-owned oil company China National Offshore Oil Corp. and government-operated PetroVietnam to survey for oil or gas deposits on a 142,886 square kilometer area in the West Philippine Sea inside the Philippines’ exclusive economic zone. During a forum on the West Philippine Sea dispute, Mañalac’s excuse for spearheading the deal that the Supreme Court found unconstitutional in a recent ruling was that it was part of the “government’s effort to acquire or reach energy independence for the people.” JMSU, he said, came at a time of “high dependence on imported petroleum and rising oil prices in 2004.” It was, he said, part of an “ambitious” five-point plan to reach energy independence. In short, Mañalac wanted the people to believe that he was merely following instructions. “It is not my idea. It is the idea of the government as part of its energy independence strategy,” he said. Since he is used to taking orders, the former PNOC chief must be making his move as part of a demolition campaign which should be a reprisal of his role in the previous regime when he was instrumental in the PNOC-Exploration Corp.’s withholding of its consent on the sale of the Spex shares. As a 10 percent partner in the consortium, the approvals of PNOC-EC were necessary for any sell-out of the partners in the energy project. The illegal JMSU has Mañalac as a signatory for the Philippines which makes him liable for the unconstitutional deal. JMSU, the former energy official insisted, did not allow exploration but “data gathering.” The deal isn’t a treaty but simply a “commercial and operative agreement between three national oil companies to jointly acquire seismic data.” Still, the SC did not share the appreciation of Mañalac on the deal. The Tribunal voted 12-2-1 in voiding the agreement. The SC debunked the argument of Mañalac as it ruled that the JSMU is unconstitutional for allowing wholly-owned foreign corporations to participate in the exploration of the country’s natural resources without observing the safeguards provided in Section 2, Article XII of the 1987 Constitution. The term “exploration” pertains to a search or discovery of something in both its ordinary or technical sense and the JMSU involves the exploration of the country’s natural resources, particularly petroleum, according to the ruling. “That the Parties designated the joint research as a ‘pre-exploration activity’ is of no moment,” the Court added. A Constitution offender’s motive would hardly be in line with the interest of the public such as in Mañalac’s case. The post Expensive errand boy 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......»»
InLife receives its 18th LOMA Excellence in Education Award
Insular Life has received its 18th Life Office Management Excellence in Education Award for strongly promoting industry knowledge among its employees. The country’s largest Filipino life insurance company recently topped the 2023 recipients of this award for talent development through LOMA's professional designation programs. “InLife provides optimal learning and development opportunities to our employees so they can acquire and reinforce industry knowledge and skills, and in turn deliver competent service to our customers and stakeholders. InLife also supports industry-related professional education to help strengthen the industry,” InLife President and CEO Raoul Antonio E. Littaua said. With 18 LOMA Excellence in Education Awards, InLife has received the most number of this industry recognition than any other life insurance company worldwide. From the roster of awardees since 2018, only two other companies based in the US and India followed InLife with their 14th and 11th recognition, respectively. InLife’s latest LOMA Excellence in Education Award also positions the company among only 8% of the more than 800 LOMA member companies worldwide that qualified for the award this year. To qualify for the award, LOMA member companies must achieve a high percentage of successful completion on all designation program courses in 2022, and at least a 5% increase in course completion compared to 2021. InLife has been receiving this recognition since 1992. Last year, 148 InLife employees passed their program courses. InLife currently has 38 Fellows from the Life Management Institute program, a 10-course program that features management-oriented courses. The company also has three Fellows from the Secure Retirement Institute and 170 certificate holders from various management courses. LOMA is an international trade association that offers learning and development to member companies to improve the management and operations of the insurance and financial services industry. To know more, about Insular Life, visit www.insularlife.com.ph. The post InLife receives its 18th LOMA Excellence in Education Award appeared first on Daily Tribune......»»
MPIC plans to acquire more agricultural-based firms
Metro Pacific Investments Corp. is betting big on agriculture, with plans to acquire one or two more agri-based companies potentially before the entry of a strategic investor, while still retaining the conglomerate’s position as a key infrastructure player in the country, sources said......»»