In the Telecommunications sector, PLDT had completed the sale of its 230 telecommunications towers to Frontier Tower Associates Philippines, Inc. for c. USD213.0m.
Ayala Corp. and subsidiary Philwater Holdings Co. to sell c. USD100.3m in Manila Water shares in a buyback deal, supporting Ayala's financial strategy.
Singapore's Inteluck, a technology-driven supply chain solution provider, has secured USD34.0m in Series C funding, led by Navegar and with participation from East Ventures.
Aggregate Deal Value = USD400.6m
This month’s top deals
Energy & Utilities
Alternergy taps three investment banks to raise PHP12 billion for wind power projects
Alternergy Holdings Corp. said it had tapped three investment banks to lead in raising the PHP12 billion project financing for its two wind power projects. In a stock exchange disclosure, the energy company said it had mandated BPI Capital Corp., RCBC Capital Corp., and SB Capital Investment Corp. — after a competitive process — to assist in finalizing the terms and structure of the debt financing for the projects.
ACEN secures PHP5 billion loan for corporate spending, RE projects
ACEN Corp. has secured a PHP5 billion loan from a local bank to partly fund the Ayala-led energy company’s renewables projects. “The proceeds will be used for general corporate purposes, including but not limited to capital expenditures for RE (renewable energy) projects of the ACEN Group,” the company said in a message sent via Viber. The loan was closed via a term loan facility with Metropolitan Bank & Trust Co., the company said in a disclosure to the stock exchange.
Meralco takes control of solar firm for PHP16 billion
Manila Electric Co. (Meralco) is bolstering its power generation business as it is poised to take majority ownership of SP New Energy Corp. (SPNEC). MGen Renewable Energy Inc. (MGreen), the renewable energy development arm of Meralco Powergen Corp. (MGen), will invest PHP15.9 billion in SPNEC to subscribe to 15.7 billion common shares and 19.4 billion redeemable preferred voting shares of SPNEC.
Ayala group sells PHP5.7 billion stake in Manila Water
Ayala Corp. and its subsidiary are selling common and preferred shares in Manila Water Co., Inc. worth about PHP5.7 billion via a buyback transaction. “The sale is aligned with Ayala’s strategy to rationalize its portfolio and raise PHP50 billion in proceeds. The proceeds will be used to pare down debt and/or fund future investments,” the listed conglomerate told the stock exchange. Ayala and its unit Philwater Holdings Co., Inc. will sell around 289 million common shares and 436 million participating preferred shares, respectively, to Razon-led Manila Water.
Phoenix Petroleum firms up ‘assets sale & lease-back deal’ with BDO
As it continues to traverse rough financial terrain on its operations, Uy-led Phoenix Petroleum Philippines Inc. indicated that it will be pursuing a sale-and-lease back arrangement for its assets with Sy-controlled BDO, which has been its long term go-to bank for credit line. According to Phoenix Petroleum President Henry Albert R. Fadullon, the ‘sale deal’ cemented with BDO will also have a re-purchase option that the company may exercise within 3 to 5-year timeframe.
PLDT completes PHP2.8 billion sale of 230 telecom towers to Frontier
PLDT Inc. announced that it had completed the sale of its 230 telecommunications towers to Frontier Tower Associates Philippines, Inc. for PHP2.8 billion. This is part of the 1,012 towers PLDT sold to Frontier through a PHP12.1 billion sale-and-leaseback deal announced in March.
DITO agrees to PHP3.3 billion subscription to its shares
DITO CME Holdings Corp. said its board of directors had entered into a subscription agreement with Summit Telco Holdings Corp. for PHP3.3 billion. In a stock exchange disclosure, the company said the agreement was implemented on Oct. 20 where DITO CME will issue 3.3 billion common shares priced at PHP1 each to Summit Telco Holdings. Summit Telco Holdings is a wholly owned unit of Summit Telco Corp. Pte. Ltd., which is an existing shareholder of DITO CME.
ADB OKs PHP2.4 billion for iSON Tower's project
Tower company iSON Tower Ltd. Inc. has secured a USD42.43 million (PHP2.4 billion) loan from the Asian Development Bank (ADB) for the building and operations of telco towers in the country. The project involves up to PHP4.8 billion senior secured project finance loan, with PHP2.4 billion through ADB’s ordinary capital resources, and PHP2.4 billion through parallel loan to support the development, construction, and operations of up to 800 telco towers in the Philippines.
Australia's Digital Classifieds Group acquired Lamudi Philippines and Indonesia
Australia-based Digital Classifieds Group (DCG) has acquired the assets of online property marketplace Lamudi in the Philippines and Indonesia to partly sustain its growth. In a statement, DCG said it had acquired Lamudi assets from Dubizzle Group, formerly known as EMPG. The recent deal came after DCG acquired Bangladeshi property portal Bproperty in January. DCG claims that the recent acquisition makes it the second-largest property portal operator in Asia.
Century Properties board approves PHP5 billion preferred shares offering
Listed property developer Century Properties Group, Inc. said its board had approved the issuance of preferred shares that could generate up to PHP5 billion. In a regulatory filing, the board approved the offering of up to 50 million of the company’s Series B preferred shares, which would be for sale or subscription via a follow-on public offering at an offer price of PHP100 per share.
Arthaland set to acquire shares, add capital in Bhavya Properties
Listed property developer Arthaland Corp. is set to acquire shares in Bhavya Properties, Inc. to increase the latter’s working capital for the completion of a residential condominium project in Makati City. In a regulatory filing, Arthaland said it would subscribe to Bhavya Properties’ preferred shares amounting to 663,000, which will come from its unissued authorized capital stock. The subscription, which is set on Nov. 10, is priced at PHP100 per share totaling PHP66.30 million. Bhavya Properties is currently developing the Eluria residential condo project in Legaspi Village, Makati City.
Industrials & Manufacturing
Dennis Uy's Phoenix to raise USD19.2 million from sale of SG unit
Phoenix Petroleum Philippines Inc. of Davao-based businessman Dennis Uy is poised to raise USD19.2 million from its divestment in its Singapore-based subsidiary. In a stock exchange filing, Phoenix said the amount to be raised from the transaction would be utilized to meet the immediate needs of the business for working capital to purchase inventory for its business-to-business customers.
Kita Agritech raises USD3 million Seed funding to digitize agri supply chain
Kita Agritech, an agricultural technology startup based in the Philippines, has announced raising USD3 million (about PHP 170 million) in seed funding, the largest seed round in the country so far this year. The oversubscribed funding round was co-led by Gentree Fund, the investment vehicle of the Sy Family Office, and Singapore-based early stage investor Altara Ventures.
Consumer and Retail
Max's sets share buyback program
Listed restaurant chain operator Max's Group Inc. (MGI) has embarked on a one-year repurchase program involving PHP200 million worth of shares. "On August 14, 2023, the company's board of directors approved the buyback of its shares with a total acquisition value of up to PHP200 million," MGI told the stock exchange. It noted that the buyback program might be executed through several tranches for a period of one year ending on Aug. 14, 2024.
Transportation & Logistics
Singapore's Inteluck raises USD34 million in Series C funding led by Navegar
Inteluck, a Singapore-based technology-driven supply chain solution provider, has announce the successful completion of its Series C funding round, securing USD34 million in investment. Inteluck said in a statement that the round was led by Philippines-focused private equity firm Navegar and joined by existing investor East Ventures, a venture capital firm in Southeast Asia.
Kickstart completes funding round for RuralNet
Kickstart Ventures, Inc. has completed a fresh round of seed funding for a digital microinsurance distribution platform, RuralNet, Inc. The corporate venture capital firm said RuralNet has bagged a combined USD2.15 million from its investors that will be used for its expansion plans. The funding round, Kickstart Ventures said, was also participated in by other investors such as Gentree Fund, Foxmont Capital Partners, and Kaya Founders.
BPI to issue 314 million shares to Gokongwei Group
Bank of the Philippine Islands (BPI) is set to issue 314 million common shares to the Gokongwei Group to complete the planned merger with Robinsons Bank Corp. The Ayala-led bank executed a supplemental to the plan for merger with the Gokongwei-owned bank on Oct. 20 to comply with the requirements of the Securities and Exchange Commission (SEC).
Article link: BPI to issue 314 million shares to Gokongwei Group
MPIC health unit buys Antipolo Doctors Hospital
The healthcare arm of conglomerate Metro Pacific Investments Corp. (MPIC) has acquired a majority stake in Antipolo Doctors Hospital (ADH), further expanding its hospital network. In a statement, MPIC’s subsidiary Metro Pacific Health (MPH) said it had secured a majority stake in Antipolo Doctors, Inc., which owns and operates ADH. The hospital is located along Manuel L. Quezon Extension in Antipolo, Rizal. The acquisition of ADH marks the first hospital of MPH in Rizal province.
SolX gets PHP22 million investment from NDC, Real Tech
Tech startup Solx Technologies, Inc. received a PHP22 million investment from the National Development Co.’s (NDC) Startup Venture Fund (SVF) and a Japanese venture capital firm as it aims to deliver cheaper energy to businesses in the Philippines.
Salon and wellness tech platform Parlon raises USD400,000 in pre-seed round
Parlon, a salon and wellness tech platform based in the Philippines, recently announced raising over USD400,000 in a pre-seed funding round. The fundraise is expected to accelerate Parlon’s expansion throughout Southeast Asia, with the platform having previously launched Parlon Singapore to offer services in the Lion City. Parlon’s pre-seed funding round was led by WIP Global Ventures, A2D Ventures, and a consortium of angel investors with experience scaling high-impact companies.
Century Pacific, JE Holdings increase Shakey's Pizza stake
Century Pacific Group, Inc. and JE Holdings Inc. have increased their stakes in listed restaurant operator Shakey’s Pizza Asia Ventures, Inc. after buying out shares that were previously held by Arran Investment Pte. Ltd. In a stock exchange disclosure, Shakey’s said Century Pacific and JE Holdings bought the stake of Singapore’s sovereign wealth fund GIC Pte. Ltd., through affiliate Arran Investment, under a private placement scheme. Century Pacific and JE Holdings are the private holding firms of the Po and Gokongwei families, respectively.
Philippines' most indebted company San Miguel in talks for USD2 billion loan
San Miguel Corp., the Philippines’ most indebted company, is in talks with at least 10 banks for a USD2 billion loan as it looks to refinance a similar-sized facility maturing in December next year, according to three people familiar with the matter. The food-to-power conglomerate is looking for a five-year debt and aims to mandate banks and start marketing the deal before year-end, said the people who asked not to be identified as they aren’t authorized to speak publicly. San Miguel officials didn’t immediately respond to requests for comment.
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 = PHP56.81 as of 10/31/2023