Market summary
IPO announcements of the month include North Star Meat Merchants Inc. with a target to raise c. USD90m, while SEC approves IPO of Asia-Pacific Medical Center Bacolod, Inc., or APMC Bacolod looking for USD20m.
In the telecommunications space, Converge ICT has priced its c.USD200m fixed-rate bond offer.
For real-estate, the SEC has received the registration statement of Vista-REIT for its IPO. Double Dragon subsidiary also announced that it priced its USD55m tap offering of its outstanding USD75m.
In the energy sector Aboitiz Power Corp gets SEC approval to issue USD200m retail bond. AC Energy Corp. also signs deal to buy UPC Philippines’ stake in 12 firms.
This month’s top deals
Energy
MANILA Water Philippine Ventures, Inc. (MWPV), a wholly owned subsidiary of Manila Water Co., Inc., acquired full ownership of Davao Del Norte Water Infrastructure Co., Inc. (Davao Water) after it bought the shares held by iWater, Inc.
MANILA, Philippines — Solar Philippines Nueva Ecija Corp. (SPNEC) is targeting to conduct its stock rights offering (SRO) in June. The offer price range has been set at P1.60 to P1.76 per share with the middle range set at P1.68 per share, which reflects a six percent discount to SPNEC stock’s volume-weighted average price over the past two months.
ABOITIZ Power Corp. on Wednesday said it was allowed by the Securities and Exchange Commission (SEC) to issue the third and final tranche of its P30-billion shelf-registered fixed-rate retail bonds.
ACE Enexor, Inc. (ACEX) on Tuesday said its board of directors had agreed to issue more shares to the public through a follow-on offering. In a disclosure submitted to the exchange, the oil and gas exploration company said that on March 21, its executive committee, by the authority of its board of directors, approved its plan to conduct a follow-on offering of 74 million shares priced at P10 to P11.84 apiece.
AC ENERGY Corp. (ACEN) on Monday said its subsidiary had signed an agreement to buy the ownership interest and subscription rights of UPC Philippines Wind Investment Co. BV and a certain Stella Marie L. Sutton in 12 power companies.
Article links:
Manila Water unit acquires Davao water company
AboitizPower gets SEC nod to issue P10-B retail bonds
ACE Enexor sets 74M follow-on offering of shares
ACEN unit signs deal to buy UPC Philippines’ stake in 12 firms
Telecommunication & Media
LISTED fiber internet service provider Converge ICT Solutions, Inc. announced on Thursday that it recently received the certificate of permit from the Securities and Exchange Commission (SEC) for its maiden bond offering. The offering amounts to “P5 billion on the base tranche with an oversubscription option of up to P5 billion,” the company said in an e-mailed statement.
Article links:
Converge ICT prices P10-billion maiden fixed-rate bond offer
Real Estate
ALLIANCE Global Group, Inc. (AGI) will infuse P7.8 billion in Travellers International Hotel Group, Inc.’s increase in paid-up capital.
DOUBLEDRAGON Corp.’s wholly owned subsidiary, DDPC Worldwide Pte. Ltd. announced that it priced its $55-million tap offering of its outstanding $75 million, 7.25% senior guaranteed notes due 2025 on the Singapore exchange.
THE Securities and Exchange Commission announced on Monday that it received the registration statement of VistaREIT, Inc. for an initial public offering of P9.18-billion shares on the main board of the stock exchange.
The offering will have around 3.34 billion secondary common shares at an offer price of up to P2.50 each, with an overallotment option of up to 333.75 million secondary common shares.
Article links:
Alliance Global to infuse nearly P8B to entertainment, hotel segment
DoubleDragon prices $55-million tap offering
Villar-led VistaREIT files P9-billion shares offer
Infrastructure
Conglomerate Ayala Corp. said Friday it is selling its entire stake in the company that operates the Muntinlupa-Cavite Expressway project to the Villar group for P3.8 billion. Ayala Corp. said in a disclosure to the stock exchange it signed an investment agreement with Prime Asset Ventures Inc. of the Villar Group for the sale its 100-percent ownership in MCX Project Company Inc
Article links:
Ayala selling MCX Expressway firm to Villar Group for P3.8 billion
Healthcare
THE Securities and Exchange Commission (SEC) has approved the initial public offering (IPO) of Asia-Pacific Medical Center Bacolod, Inc., or APMC Bacolod.
In its March 22 meeting, the commission sitting en banc, resolved to render effective the Bacolod City-based medical facility’s offering of common shares worth up to P1 billion, subject to the compliance of remaining requirements.
MERRYMART Consumer Corp. has finalized its acquisition of a majority stake in ZC Ramthel Corp. or Cecile’s Pharmacy, which is said to be the biggest pharmacy chain in Zamboanga City in Mindanao.
Article links:
MerryMart takes majority stake in Mindanao pharmacy
Retail & F&B
SariSuki, a Philippine social commerce startup, has raised US$10.7 million in total this year from Openspace Ventures, SIG, and Global Founders Capital, among others.
Article links:
Ex-Grab PH boss’ group buying firm nets $10.7m, expands to quick commerce
Financial Services
Philippine Regional Investment Development Corp. , a wholly-owned unit of listed Abacore Capital Holdings Inc., is selling a 40-percent stake in Phil Star Development Bank Inc. for $6 million. Abacore said in a disclosure to the stock exchange PRIDE would sell its shares in the bank to a consortium led by Demry Cheng of Black Gem Development Corp. The deal is still subject to regulatory approvals.
LISTED BDO Unibank Inc. on Monday announced its plans to infuse up to P2-billion more capital in its rural banking arm, BDO Network Bank (BDONB). In a disclosure, the bank noted that the capital increase will be funded through the issuance of primary common shares. BDO said the move will allow BDONB to "support the sustained expansion in its salary loan and micro, small and medium enterprises portfolios
Article links:
BDO to infuse P2B into rural bank unit
Abacore unit to sell 40% stake in Phil Star Bank
Education
FAR Eastern University, Inc. (FEU) on Wednesday announced that it had forged a memorandum of understanding with the Good Samaritan Colleges, Inc. (GSC) in Cabanatuan City to acquire 34% of the latter’s total outstanding capital stock.
Article links:
FEU to invest P70M in Good Samaritan Colleges
Others
AS ITS entry as the Philippine Basketball Association (PBA) newest member was formally announced, Converge ICT Solutions, Inc. management vowed to form a competitive squad that will give the league’s powerhouses a run for their money. Converge is officially taking over from Alaska after the PBA board of governors unanimously approved on an 11-0 vote the sale entered into by its co-founder and CEO Dennis Anthony H. Uy and Aces owner Fred Uytengsu.
Article links:
Converge ICT Solutions acquires Alaska Aces franchise
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 = PHP51.67 as of 03/04/2022