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:
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
MREIT, Inc. said it might exceed the target it set for asset infusions this year as it plans to acquire P20-billion worth of office properties. “We earlier announced an additional 44,300 square meters (sq.m.) by end of the year, but we are working to further bulk it up with more assets as we continuously look for ways to increase dividend yields for our shareholders,” MREIT President and Chief Executive Officer Kevin Andrew L. Tan said in a statement on Thursday.
Ayala enters into property-for-share swap with ALI
MANILA, Philippines — Ayala Corp. (AC), the country’s oldest conglomerate, and Mermac Inc., the holding company of the Zobel family, will transfer five prime property developments including the two-hectare Manila Peninsula property to Ayala Land Inc. (ALI) for possible future redevelopment.
Ayala enters into property-for-share swap with ALI
D.M. Wenceslao sells another 1,790-sq.m. lot in Aseana City
D.M. Wenceslao & Associates, Inc. (DMW) has completed another land sale within Aseana City, marking the company’s third successful transaction for the project within the past two months.The company told the exchange on Wednesday that it had sold another parcel of land spanning 1,790 square meters (sq.m.) for an undisclosed amount.
SEC clears Century Properties’ P6-B debt securities program
THE Securities and Exchange Commission (SEC) has approved the registration of Century Properties Group, Inc.’s P6-billion debt securities program, “subject to certain remaining requirements.”. In a statement on Wednesday, the regulator said Century Properties may offer the shelf-registered bonds in one or more tranches within three years.
Megaworld to buy ‘prime’ Manila property for P1.89B
MEGAWORLD Corp. announced on Wednesday that it had forged a memorandum of agreement with Manila Jockey Club, Inc. to buy a 2.2-hectare property in Sta. Cruz, Manila. In a disclosure filed with the stock exchange, the listed township developer described the property as “part of the historic 16-hectare San Lazaro Tourism and Business Park in the northern part of Manila.” It also said that the “prime” real estate would boost the company’s presence in the city.
DMW completes sale of 1,790 sq.m. land in Aseana City
D.M. Wenceslao & Associates, Inc. (DMW) said it closed the sale of a 1,970 square-meter (sq.m.) plot of land in Aseana City, which the company said “validates” its approach to develop the project “holistically.”
8990 Holdings plans P26.6-B re-IPO as cornerstone investors exit
Leading mass housing developer 8990 Holdings has applied for a follow-on offering of up to P26.6 billion, an equity deal that will allow Malaysian sovereign wealth fund Khazanah and global investment firm TPG to bow out while raising new money for the company’s expansion plans.
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
ROBINSONS Retail Holdings, Inc. (RRHI) plans to “repurpose” and “rebrand” its Ministop stores after it fully acquires the franchise in February. “Under the new agreement with Ministop Japan, RRHI will continue to operate the stores using the Ministop brand within the transition period agreed upon with Ministop Japan, until they are repurposed and appropriately rebranded in consideration of strong ready-to-eat offerings such as Uncle John’s Fried Chicken and Kariman,” RRHI said in a statement on Monday.
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
LISTED EasyCall Communications Philippines, Inc. (ECP) announced on Wednesday that it had completed the requirements for the acquisition of information technology (IT) company Transnational E-Business Solutions, Inc. (TESI). “ECP acquired 100% of TESI through the purchase of 1,000,000 common shares based on the book value of TESI as of 2021 June 30 interim audited financial statement in the amount of P162,925,694.00 or P162.925694 per share,” the listed company said in a disclosure to the stock exchange.
Ayala property manager taps Globe for IoT solutions
GLOBE Telecom, Inc. on Monday said Ayala Property Management Corp. (APMC) had partnered with Globe Business’ Intelligent Asset Management to digitize the former’s manual processes. “APMC engaged Globe Business’ Intelligent Asset Management to facilitate the creation of APMC’s Property Management Portal, which effectively and efficiently transitions its manual processes to digital,” Globe said in an e-mailed statement.
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