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Philippines Newsletter - January 2022



Market summary


  • There were 2 IPOs to open the new year in January. The first IPO was by Haus Talk INC., with ticker symbol HTI, a mass housing developer owned by Madlambayan Family of Pampanga. The IPO was oversubscribed, and generated around USD14.6m in proceeds.

  • This was followed by Figaro Group, which listed on January 24, and generated roughly USD 13.2m in proceeds. It listed on the bourse with ticker symbol FIC. FIC owns coffee shops, pizza chains, and other F&B companies.

  • In the technology industry, EasyCall Communications Philippines, Inc. (ECP) announced that it acquired information technology (IT) company Transnational E-Business Solutions, Inc. (TESI).

  • In the energy industry, Ayala Energy increased its stake in subsidiary ACE Enexor (ACEX) for USD66m.

  • Energy was the busiest industry in January 2021, with an aggregate value of deals with USD801m in total deal value. The entire Philippine market ended with a deal value of USD837m.

 

This month’s top deals


Energy

Greenergy to list more shares

Greenergy Holdings Inc., a company led by businessman Antonio Tiu, will list an additional P752.53 million worth of the company’s common shares, which was part of a series of private placement transactions that were done since its board approval in 2019. The company said it will list some 544.76 million common shares on the Philippine Stock Exchange on Friday.

ACEN, partner to build 420-MWp solar farm in India

AC ENERGY Corp. (ACEN) and its joint venture partner have started building their largest solar farm in India with a capacity of 420-megawatt peak (MWp) at an estimated cost of $220 million, the Ayala-led company said on Sunday. In a media release, the listed energy platform said the Masaya Solar project in the Khandwa District, State of Madhya Pradesh is through UPC-AC Energy Solar Ltd., its partnership with UPC Solar Asia Pacific Pte. Ltd. It will have a power output of 300 MW of alternating current.

North Star partners with WEnergy for clean energy supply

North Star Meat Merchants, Inc. has tapped WEnergy Power Pilipinas, Inc. to provide a solar rooftop system for the food retailer’s cold storage complex in Bulacan.“Our strategic collaboration with WEnergy Global allows us to continue providing the public with affordable products while still ensuring the highest quality available. We believe that this partnership will allow us to enhance our robust logistics backbone in order to strengthen our end-to-end service capabilities. Working with WEnergy Global’s international specialists goes beyond solar panels,” said North Star Chief Executive Officer Anthony Ng in a statement.

AboitizPower’s P10-B bonds receive highest credit rating

ABOITIZ Power Corp. on Tuesday told the stock exchange that its fixed-rate retail bonds received the highest credit rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings). The PRS Aaa rating was assigned to the company’s proposed issuance worth P10 billion, the third and last tranche of its P30-billion bonds registered under the shelf registration program filed with the Securities and Exchange Commission (SEC) on March 1, 2021.

Petron plans $500-M notes to pay for plant project

PETRON Corp. said on Wednesday that its executive committee had authorized the company to offer and issue dollar-denominated senior notes for up to $500 million, with the proceeds to be used for debt repayment and to partly fund a power plant project. In a stock exchange disclosure, the country’s largest oil company said the net proceeds of the notes issuance, after the deduction of commissions and estimated offering expenses, will be applied “for the repayment of indebtedness and for the partial financing of the power plant project.”

ACEN hikes stake in subsidiary with P3.39-B asset transfer

Ayala-led ACEN Corporation will be increasing its stake by more than 13 percent in subsidiary ACE Enexor Inc. (ACEX) with the transfer of at least five assets of the former that had been valued at P3.39 billion. In the deed of assignment inked by the parties, ACEN effectively transferred its rights and interests to ACE Enexor for the following assets: the Palawan55 Exploration & Production Corporation, Bulacan Power Generation Corporation, CIP II Power Corporation, Ingrid3 Power Corp. and One Subic Power Generation Corporation.

Article links:

Greenergy to list more shares

ACEN, partner to build 420-MWp solar farm in India

North Star partners with WEnergy for clean energy supply

AboitizPower’s P10-B bonds receive highest credit rating

Petron plans $500-M notes to pay for plant project

ACEN hikes stake in subsidiary with P3.39-B asset transfer


Telecommunication & Media

DITO CME defers SRO amid tepid market conditions

The Philippine Stock Exchange (PSE) said in a notice on Saturday that DITO CME’s “management has determined that current market conditions are less than ideal to pursue the offering.” DITO CME said it will refund “any and all subscription payments made by any existing shareholder or qualified institutional buyer during the offer period of the stock rights offer.”

PT&T partners with Singapore’s Kacific for satellite internet

LISTED diversified telecommunications company PT&T Corp. said it is working with Kacific Broadband Satellites Ltd., a Singapore-based next-generation broadband satellite operator, to “offer high-speed satellite internet at a more economical cost.”

Smart, Oppo team up for 5G standalone trial

Smart Telecommunications, Inc. on Friday said it partnered with smartphone brand Oppo to develop 5G Standalone (5G-SA) use cases in the Philippines. In a statement, Smart said it has been testing Oppo’s 5G smartphones’ compatibility with its commercial 5G-SA sites in Makati.


Article links:

DITO CME defers SRO amid tepid market conditions

PT&T partners with Singapore’s Kacific for satellite internet

Smart, Oppo team up for 5G standalone trial


Real Estate

Haus Talk kicks off 2022 IPO lineup with offering now sold out

Mass housing developer Haus Talk Inc. has raised the curtain on the 2022 domestic initial public offering (IPO) stage, with its P750-million worth shares selling out on Monday, the first day of offering. Pitching to investors a new mass housing investment vehicle focused on pocket developments outside Metro Manila, the company led by the Madlambayan family of Pampanga is selling to the public up to 500 million primary shares at P1.50 per

MREIT to acquire P20-billion worth of office assets

Ayala enters into property-for-share swap with ALI

D.M. Wenceslao sells another 1,790-sq.m. lot in Aseana City

SEC clears Century Properties’ P6-B debt securities program

Megaworld to buy ‘prime’ Manila property for P1.89B

DMW completes sale of 1,790 sq.m. land in Aseana City

8990 Holdings plans P26.6-B re-IPO as cornerstone investors exit

Article links:

Haus Talk kicks off 2022 IPO lineup with offering now sold out

MREIT to acquire P20-billion worth of office assets

Ayala enters into property-for-share swap with ALI

D.M. Wenceslao sells another 1,790-sq.m. lot in Aseana City

SEC clears Century Properties’ P6-B debt securities program

Megaworld to buy ‘prime’ Manila property for P1.89B

DMW completes sale of 1,790 sq.m. land in Aseana City

8990 Holdings plans P26.6-B re-IPO as cornerstone investors exit


Industrials & Manufacturing


Agriculture


Retail & F&B

Figaro eyes new growth avenues following PSE debut

MANILA - Newly listed Figaro Coffee Group Inc on Monday said it was seeking new avenues for growth after generating some P767 million from its initial public offering (IPO). The IPO of over 930 million common shares with an overallotment option of up to 93 million common shares at an offer price of P0.75 per share was completed on Jan. 14, Figaro said in a disclosure to the stock exchange.

Robinsons Retail to rebrand Ministop after full acquisition


Article links:

Figaro eyes new growth avenues following PSE debut

Robinsons Retail to rebrand Ministop after full acquisition


Financial Services


Technology

Xurpas to receive P100 million capital infusion from Nolledo

MANILA, Philippines — Listed technology company Xurpas Inc. will receive a fresh capital infusion of P100 million from its founder Nix Nolledo. The capital infusion would be used to expand Xurpas’ core enterprise business, specifically the information technology staff augmentation business, employee benefits enhancement, research and development, upgrade and replacement of equipment, and general corporate purposes.

EasyCall acquires 100% of IT firm Transnational E-Business Solutions

Ayala property manager taps Globe for IoT solutions

Article links:

EasyCall acquires 100% of IT firm Transnational E-Business Solutions

Xurpas to receive P100 million capital infusion from Nolledo

Ayala property manager taps Globe for IoT solutions


Others

SEC clears Philex Mining’s P3-B stock rights offering

THE Securities and Exchange Commission (SEC) “has considered favorably” Philex Mining Corp.’s stock rights offering (SRO) that could reach up to P3.15 billion as the company set the maximum offer price to P4.81 apiece.“In its meeting on Jan. 27, the Commission En Banc resolved to render effective the registration statement filed by Philex Mining for a stock rights offer covering up to 842 million common shares, subject to certain remaining requirements,” the SEC said in a statement.

Article links:

SEC clears Philex Mining’s P3-B stock rights offering



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 = PHP51.23 as of 02/23/2022


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