Market summary
Agriculture led the wave in Philippine deal markets with a partnership between the Department of Agriculture (DA), the Department of Trade and Industry (DTI) and, Baladna Qatar Public Shareholding Co. (QPSC) to establish a USD500m integrated dairy facility in the Philippines.
Energy & utilities had a strong showing in the PH with an AC Energy Corp. (ACEN) unit acquiring a 49% interest in Solar NT, a Vietnamese solar energy platform.
The robust IPO activity in the Philippines also continues with the announcement of 2 IPOs namely, Raslag Corporation, a solar power plant firm, and Balai Ni Fruitas, Inc., a subsidiary of listed Fruitas Holdings and that operates a chain of bakeries and juice shops.
PayMongo, a PH based fintech firm was also able to raise USD31min Series B funding, through a round which included Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners, Lisa Gokongwei’s Kaya Founders, Global Founders Capital, and SOMA Capital.
Aggregate Deal Value: USD1.1bn
This month’s top deals
Energy
ACEN sells power barge to SPC for P39 million
AC Energy Corp. (ACEN) on Wednesday said it had executed a deed of absolute sale and assignment to sell its 32-megawatt (MW) power barge 102 (PB 102) to SPC Power Corp. for P39.2 million. In a disclosure to the exchange, ACEN said the sale was finalized on Feb. 22 and that the proceeds from the deal will be used to fund the firm’s renewable energy projects.
SPNEC board clears asset acquisition from parent firm, affiliates
SOLAR Philippines Nueva Ecija Corp. (SPNEC) on Thursday said its board of directors had agreed to acquire the entire stake of Solar Philippines Power Project Holdings, Inc. (SPPHI) and its affiliates in 20 assets. In a disclosure to the exchange, SPNEC said an asset-for-share swap deal will be done with its parent firm SPPHI with the latter subscribing to 24,373,050,000 shares of SPNEC at P2.50 apiece.
SPC acquires 51% stake of German firm in STEAG
The SPC Power Group is acquiring the 51 percent stake of German firm Steag GmbH in STEAG State Power Inc. (SPI) for over $50 million. Listed SPC Power Corp. and affiliate Intrepid Holdings Inc. executed an agreement for the sale and purchase of the shares of Steag GmbH in SPI, SPC said in a disclosure to the Philippine Stock Exchange yesterday. Under the deal, the German firm will sell its 51 percent interest in SPI, with SPC acquiring 40.5 percent and Intrepid purchasing 10.5 percent.
Another solar power firm plans IPO
Raslag Corporation is looking to raise up to P805 million from an initial public offering of 350 million common shares (firm shares) at an offer price of up to P2 per share, with an overallotment option of up to 52.5 million secondary common shares
ACEN to buy 49% stake in Vietnam solar energy platform
A UNIT of AC Energy Corp. (ACEN) is acquiring a 49% interest in the Vietnamese solar energy platform of a Thai company ahead of their plan to build solar power plants across Southeast Asia.
Article links:
ACEN sells power barge to SPC for P39 million
SPNEC board clears asset acquisition from parent firm, affiliates
SPC acquires 51% stake of German firm in STEAG
Another solar power firm plans IPO
ACEN to buy 49% stake in Vietnam solar energy platform
Telecommunication & Media
PLDT Enterprise partners with MultiSys for BEYOND FIBER e-commerce platform bundle
PLDT Enterprise and leading software solutions company Multisys Technologies Corp. have tied up to introduce Multistore, a turnkey e-commerce solution suited for micro, small, and medium enterprises (MSMEs) looking for a comprehensive e-commerce platform to further build their brand and increase sales through digital.
Article links:
PLDT Enterprise partners with MultiSys for BEYOND FIBER e-commerce platform bundle
Real Estate
DoubleDragon plans offering of $75-M bonds in SGX
DOUBLEDRAGON Corp. said its wholly owned offshore unit DDPC Worldwide Pte. Ltd. is planning to conduct a Registration S tap offering of its bonds listed at the Singapore Exchange Securities Trading Ltd. (SGX-ST).
Century Properties Group sets rate for 5-year bond
Century Properties Group, Inc. (PSE: CPG) has set the rate for its up to P3 billion, 5-year fixed-rate bond at 5.7524% per annum. The bonds are expected to be listed and traded through the Philippine Dealing & Exchange Corp. (PDEx) on February 24, 2022. The P3 billion fist tranche public offer ends February 18, 2022.
AyalaLand unit buys industrial park in Batangas
Industrial estate developer AyalaLand Logistics Holdings Corp. (ALLHC) has expanded its footprint in its Southern Luzon bailiwick with the P1.24-billion acquisition of a property with ready-built 64,000-square meter leasable space in Sto. Tomas, Batangas.
SEC approves CPG P6-B bond offering
THE Securities and Exchange Commission (SEC) has cleared the P6-billion bond offering of Century Properties Group Inc. (CPG). In a statement on Wednesday, the commission said it has rendered effective the registration statement of the property firm in a January 25 meeting. The fixed-rate bonds will be offered in one or more tranches within a period of three years, with the first tranche to consist of P2-billion five-year bonds due 2027 and an oversubscription option of up to P1 billion.
8990 Holdings files for P27-billion follow-on offering
8990 Holdings Inc. on Friday said it filed documents for its P26.59 billion follow-on offering (FOO), which it described as a “re-IPO (initial public offering)” to introduce the company to more investors. In a disclosure, the company said the FOO consists of 1.25 billion common shares owned by its existing shareholders, along with an overallotment option of up to 150 million shares.
Article links:
DoubleDragon plans offering of $75-M bonds in SGX
Century Properties Group sets rate for 5-year bond
AyalaLand unit buys industrial park in Batangas
SEC approves CPG P6-B bond offering
8990 Holdings files for P27-billion follow-on offering
Industrials & Manufacturing
Agriculture
Local agencies partner with Qatar firm for $500-M dairy facility
THE Department of Agriculture (DA) and the Department of Trade and Industry (DTI) are partnering with Baladna Qatar Public Shareholding Co. (QPSC) to establish a $500-million integrated dairy facility in the Philippines.
Article links:
Local agencies partner with Qatar firm for $500-M dairy facility
Retail & F&B
Balai Ni Fruitas files for P309-million IPO
Balai Ni Fruitas, Inc., which operates a chain of bakeries and juice shops, is planning a P309.38-million initial public offering (IPO) next month to fund its expansion plans and for potential acquisitions. According to the Securities and Exchange Commission (SEC), the subsidiary of Fruitas Holdings, Inc. filed its registration statement on Feb. 17.
Article links:
Balai Ni Fruitas files for P309-million IPO
Financial Services
Philippines payment gateway PayMongo gets $31M Series B, will explore regional expansion
Philippines-based fintech PayMongo, which enables merchants to accept digital payments, announced today it has raised $31 million in Series B funding with an eye on regional expansion. Investors include Justin Mateen’s JAM Fund, ICCP-SBI Venture Partners and Lisa Gokongwei’s Kaya Founders, along with returning investors Global Founders Capital and SOMA Capital. The startup says the round also included founders from European fintechs like Qonto, Viva Wallet, Billie and Scalable.
Article links:
Philippines payment gateway PayMongo gets $31M Series B, will explore regional expansion
Technology
Society Pass (SoPa) Completes Acquisition of Pushkart.ph Expanding Southeast Asia Footprint
Society Pass Incorporated (Nasdaq: SOPA) (“SoPa” or the “Company”), a leading Southeast Asian data-driven loyalty platform, today announced that it has acquired Pushkart.ph, a leading online grocery delivery service in Philippines. As a result of the acquisition, Pushkart.ph becomes a wholly owned subsidiary of SoPa. The move kicks-off SoPa’s expansion into the Philippines market. Leveraging on SoPa’s capital, Pushkart.ph will focus on dramatically increasing on-demand grocery shopping services to more consumers and more retailers initially to Metro Manila and then to all of Philippines, while empowering grocery stores and restaurants to transform business models and further tap into online markets.
ICCP SBI Venture Partners secures $4.2-M capital for AI firm
ICCP SBI Venture Partners, Inc. (ISVP) raised $4.2 million after its “Series A” funding round for Singapore-based artificial intelligence (AI) powered hiring solutions firm, X0PA AI.
Singaporean SpaceDC eyes $700-M investment for PH data center
SpaceDC, a Singapore-based data center provider, is looking at investing over $700 million to build a secure, resilient, network rich data center in the Philippines.
Article links:
Society Pass (SoPa) Completes Acquisition of Pushkart.ph Expanding Southeast Asia Footprint
ICCP SBI Venture Partners secures $4.2-M capital for AI firm
Singaporean SpaceDC eyes $700-M investment for PH data center
Others
SM Investments lists P15 billion fixed–rate bonds
SM Investments Corp. (SMIC) listed its P15-billion fixed-rate bonds at the Philippine Dealing and Exchange Corp. (PDEx) yesterday, its biggest issue since 2016, following a hugely successful offering. Investors snapped up the bonds after the offering closed last Feb. 11, a strong testament to investor confidence on SM’s credit standing, the company said.
Article links:
SM Investments lists P15 billion fixed–rate bonds
Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.
*USD 1.00 = PHP52.23 as of 03/08/2021