Energy and real estate composed of most deal volume for the month. Energy transactions for March include ACEN subscribing to P5-B shares in Santa Cruz Solar unit, Matahio Energy acquiring Galoc field operator NPG, and Shell securing Php9bn from two local banks.
Real estate saw activity in the REIT space with MREIT looking to complete a c. Php5.3bn asset infusion, while Ovialand announces its intention to complete an IPO.
In the transportation segment, the SM group has made a tender offer to buy out the remaining public minority shareholders of 2Go.
Aggregate Deal Value* = USD227.6m
This month’s top deals
Energy & Utilities
ACEN subscribes to P5-B shares in Santa Cruz Solar unit
AYALA-LED ACEN Corp. announced on Thursday that it had executed a subscription agreement with its wholly-owned subsidiary Santa Cruz Solar Energy Inc. (SCSEI) to fund the construction of the latter’s solar project in Zambales. In a stock exchange disclosure, ACEN said it subscribed to 50 million common A shares and 449.98 million redeemable preferred A shares for a subscription price of P5 billion.
Articles links: ACEN subscribes to P5-B shares in Santa Cruz Solar unit
Metro Pacific acquires 16% stake in SPNEC for P2 billion
PANGILINAN-led Metro Pacific Investments Corp. (MPIC) is set to acquire 1.6 billion shares equivalent to a 16% stake in SP New Energy Corp. (SPNEC) for P2 billion. “Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” MPIC Chairman Manuel V. Pangilinan said in a disclosure.
A Brown fully acquires shares in Vires Energy
A BROWN Co., Inc. has fully acquired Vires Energy Corp., the listed holding firm announced on Monday. In a stock exchange disclosure, A Brown said the acquisition of the remaining 0.005% shares in Vires Energy increased its ownership to 100%.
Matahio Energy acquires Galoc field operator NPG
MATAHIO Energy Pty. Ltd., announced on Thursday that it has fully acquired NPG Pty. Ltd., the operator of Service Contract (SC) 14C-1 off Palawan’s coast. “The Matahio team has always found the Philippines to be a collaborative and supportive environment,” Wai-Lid Wong, president and chief executive officer of Matahio Energy, said in a media release.
PILIPINAS Shell Petroleum Corp. has secured a P9-billion loan from two local banks that it will use to reduce its exposure to short-term market volatilities, the listed company announced on Wednesday. In its regulatory filing, Pilipinas Shell said the loan has a five-year term and is evenly split between Bank of the Philippines Islands (BPI) and Metropolitan Bank & Trust Co.
LISTED real estate developer Sta. Lucia Land, Inc. said on Thursday that its board had approved taking out a P1.5-billion long-term loan facility while authorizing joint ventures to develop six projects, including an acquisition in Batangas. In a disclosure to the stock exchange, the company also said its board of directors had authorized the acquisition of parcels of land in Batangas with a total area of 79,054 square meters (sq.m).
MANILA, Philippines — BDO Unibank, Inc. is acquiring full ownership of the Podium Mall and its corporate center in Ortigas after buying out Singapore-based Keppel Corp.’s ownership stake. In a disclosure sent to the Philippine Stock Exchange on Monday, the Sy-led bank said that the decision came after its meeting on March 25.
Megaworld, MREIT to complete P5.3-B asset infusion of offices
MANILA, Philippines-Billionaire Andrew Tan’s Megaworld Corp. is set to complete a P5.3-billion asset infusion of Grade A offices into real estate investment trust (REIT) arm MREIT Inc., boosting the latter’s asset base and earnings.
Megawide receives permit to sell P1.5-B shares
LISTED firm Megawide Constructions Corp. has received the permit to sell 15 million preferred shares worth P1.5 billion from the Securities and Exchange Commission, it said on Monday. In a disclosure to the Philippine Stock Exchange, the company said the certificate of permit to offer securities for sale was received on March 24 from the securities regulator, which on the same date also issued the order of registration.
MANILA, Philippines — Ovialand Inc., owned by the Olivares family, is embarking on a P2.2 billion initial public offering. It has filed an application with the Securities and Exchange Commission for the registration and listing of up to 1.2 billion common shares.
DOUBLEDRAGON Corp. said on Thursday that its unit had raised an additional $20 million in a tap offering of its outstanding senior guaranteed notes due in 2025. It said the proceeds from the tap offering, which allows a company to sell a debt instrument from a previous issuance, will be used to develop and construct Hotel101 overseas projects and for general corporate purposes.
AYALA-LED real estate investment trust company AREIT, Inc. has secured approval from its board of directors for its multibillion property-for-share swap with Ayala Land, Inc. and its subsidiaries Ayala Land Malls, Inc. and North Beacon Commercial Corp.
Telecommunications & Media
PLDT to buy Lopez-led Sky Cable for nearly P6.8B
PANGILINAN-led PLDT Inc. announced on Thursday that it is fully acquiring Sky Cable Corp. for P6.75 billion in a move that will expand its coverage and services. In a disclosure to the Philippine Stock Exchange, the telco company said that its board of directors cleared the agreement it entered with sellers Sky Vision Corp., ABS-CBN Corp., and Lopez, Inc. Lopez-led Sky Cable provides broadband, enterprise cable broadband, pay television, and cable services.
LISTED flour manufacturer Liberty Flour Mills, Inc. on Tuesday said that it had sold its real estate asset to its property subsidiary LFM Properties Corp. (LPC). The company said in a stock exchange disclosure that its board had approved the sale of Liberty Building at a price equivalent to 28%, more or less, of the asset value of the corporation.
Healthcare & Life Science
The country’s leading private hospital network, Metro Pacific Health Corporation (MPH), the new name of Metro Pacific Hospital Holdings Inc., has completed the acquisition of Howard Hubbard Memorial Hospital (HHMH) through its newly-formed subsidiary Metro Matutum Hospital, Inc. (MMHI).
Transportation and Logistics
The Sy-led SM Group will launch a P5.5-billion tender offer starting next week to buy out minority stockholders of logistics giant 2GO Group Inc. at a valuation that was double its price from just a week ago.
BUSINESS superapp Enstack has raised $3 million after the completion of a funding round to support its goal of digitizing small and medium enterprises (SMEs) in the Philippines and across Southeast Asia. In a statement on Thursday, the startup said it was able to raise the amount after a funding round led by Mangrove Capital Partners, which marked its first investment in Southeast Asia. The other participants include payments startup Xendit and Shinsegae International Chief Executive Officer William Kim.
Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals are not included. Cross-posted deals are also adjusted to avoid double count.
*USD 1.00 = PHP54.3 as of 03/31/2023