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Philippine Newsletter - May 2022



Market summary

  • The Philippine market saw a significant drop in deal activity in May, as the total deal size amounted to only USD149m.

  • Bloomsberry Resorts Corp announced the acquisition of land in Cavite for a total price of USD142m.

  • There were two notable IPO developments: SEC approved the c. USD6m IPO of Balai ni Fruitas and the c. USD12m IPO of Raslag Corporation

Aggregate Deal Values = USD149m

 

This month’s top deals


Energy & Utilities

PSE approves Raslag's P700-M IPO

The Philippine Stock Exchange has approved the planned initial public offering (IPO) of renewable energy producer Raslag Corporation worth up to P700 million. The solar power company will offer up to 350 million primary shares and up to 52.50 million over-allotment option shares at a price of up to P2.00 per share. The over-allotment shares will be offered by selling shareholder J Ten Equities, Inc.

Article links:

PSE approves Raslag's P700-M IPO


Real estate

MREIT considers P15-B asset infusion from Megaworld

MREIT, Inc., the real estate investment trust of Megaworld Corp., said that it is considering the infusion of an additional P15-billion worth of commercial assets from the property developer.

DMCI studies units’ merger

DMCI Holdings, Inc. is considering transferring its mining unit DMCI Mining Corp. to another subsidiary Semirara Mining and Power Corp., its top official said on Tuesday.

Manila Mining plans P519-million stock rights offer

MANILA Mining Corp. said it is eyeing a stock rights offering amounting to P519.2 million to fund its exploration program, administrative costs, and settle trade payables and accruals.

Article links:

MREIT considers P15-B asset infusion from Megaworld

DMCI studies units’ merger

Manila Mining plans P519-million stock rights offer


Retail

SEC approves P309-m IPO of Balai ni Fruitas

The Securities and Exchange Commission said Wednesday it approved the P309-million initial public offering of Balai ni Fruitas Inc., a wholly-owned subsidiary of listed food and beverage kiosk operator Fruitas Holdings Inc. led by businessman Lester Yu.

Article links:

SEC approves P309-m IPO of Balai ni Fruitas



Tech

Upson to raise P4.9 billion from IPO

Upson International Corp. (UIC), a retailer of personal computers and information technology products, will embark on an initial public offering.

PAG’s Flow and Ayala Land partner for data centers in Philippines

Article links:

Upson to raise P4.9 billion from IPO

PAG’s Flow and Ayala Land partner for data centers in Philippines


Other

Bloomberry acquires Paniman land for casino resort

BLOOMBERRY Resorts Corp. announced that it purchased a Paniman property in Ternate, Cavite for the construction of an integrated resort and entertainment complex.


Article links:

Bloomberry acquires Paniman land for casino resort


Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Vietnam entity and/or business. Rumored deals not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP52.9 as of 06/08/2022




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