The Energy & Utilities sector saw movement with multiple transactions. ACEN announced that their c. USD170bn green bond was oversubscribed. DOE also approved the sale of 45% stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya project to Prime Infrastructure Capital, Inc. SPNEC's SRO was fully subscribed worth USD48m.
The Consumer & Retail space had multiple announcements of acquisitions through Keepers Holding looking to acquire 50% stake in producer of Alfonso brandy. Victorias Milling plans to acquires alcohol unit from LTG group.
In Real Estate, CLI got the green flag for its c. USD85m bond offering, as part of their c. USD255m shelf registration. Villar Family led PremiereREIT is scheduled for its IPO this coming November.
Big news in the Financial Services sector as it was revealed BPI will be merging with Robinsons Bank.
Megawide has sold its stake in GMCAC, the “developer/operator” of the Mactan Cebu International Airport for c. USD255m.
Aggregate Deal Value* = USD1,174.1m
This month’s top deals
Energy & Utilities
DoE clears Razon takeover as Malampaya operator
The Energy department has approved the sale of the 45% stake of Shell Philippines Exploration B.V. (SPEx) in the Malampaya deep water project to a subsidiary of Razon-led Prime Infrastructure Capital, Inc.
ACEN’s PHP10 billion maiden green bond issuance oversubscribed
The PHP10 billion worth of maiden green bond issuance of Ayala-led ACEN Corporation has been oversubscribed by more than eight times, according to the company’s statement to the media. The bond issuance has a fixed interest rate of 6.0526% per annum; and it has a 5-year tenor that will be due in 2027. This is part of the PHP30 billion debt securities program registered by the Ayala energy company with the Securities and Exchange Commission (SEC).
PetroEnergy sells 25% equity in renewables unit to Japan’s Kyuden
AC ENERGY Corp. (ACEN) has filed with the Securities and Exchange Commission (SEC) the shelf-registration of debt securities worth up to PHP30 billion, of which the PHP10 billion first tranche will be offered as ASEAN green fixed-rate bonds.
PHRI’s solar project gets PHP2.65 billion loan from RCBC
A subsidiary of Meralco PowerGen Corp. (MGen)’s wholly owned renewable energy unit has secured a PHP2.7 billion loan facility from Rizal Commercial Banking Corp. (RCBC) for its renewable energy project. The 15-year term project financing facility will fund the ongoing construction of PH Renewables Inc. (PHRI)’s 75-megawatt alternating current (MWac) solar project in Baras, Rizal.
SPNEC’s PHP2.8 billion SRO fully subscribed
Solar Philippines Nueva Ecija Corporation’s (SPNEC) PHP2.8 billion stock rights offering has been fully subscribed due to strong demand from its existing shareholders despite the challenging market conditions. In a disclosure to the Philippine Stock Exchange, the firm said the 1.88 billion new common shares were fully subscribed in the first and second round of the SRO and Solar Philippines did not have to exercise its undertaking to mop up any unsubscribed share.
Cebu Landmasters receives permit to sell P5-B bonds
CEBU LANDMASTERS, Inc. has received from the Securities and Exchange Commission its permit to sell P5 billion worth of retail bonds for its maiden offering, it told the stock exchange on Tuesday. The listed property developer said the issuance is the initial tranche of its shelf registration of fixed rate bonds amounting to P15 billion, which also received the order of registration from the regulator.
Villars file IPO application for P3.2-B power/infra REIT
The Villar Family revealed plans to list PremiereREIT, through the sale of secondary shares held by Prime Asset Venture, Inc. (PAVI) and its subsidiaries, in an IPO tentatively scheduled for this November. The deal is composed of up to 1.4 billion secondary common shares, plus an over-allotment option of 210 million shares, priced at up to P2.00/share.
Consumer & Retail
Upson delays IPO to 2023
TECH retailer Upson International Corp. will defer its initial public offering (IPO) to the first quarter of 2023. In a media release, the company said that its plan to adjust its IPO timetable is aligned with the views of its underwriters First Metro Investment Corp. and RCBC Capital Corp. It said operational updates covering nine months, including the third quarter financial results, “would enable investors to better estimate a full-year performance.”
Victorias Milling buys LTG alcohol unit for PHP2.2 billion
Sugar miller Victorias Milling Co. Inc. (VMC) acquired Asian Alcohol Corp. (AAC) from the Lucio Tan (LT) Group and partners for PHP2.21 billion.
The Keepers buying up to 50% stake in Spanish alcoholic beverage firm
Lucio Co-led The Keepers Holdings Inc. expressed its intent to buy up to 50-percent stake in the Spanish alcoholic beverage producer of popular imported brandy Alfonso.
Philippines' BPI to merge with smaller Robinsons Bank
The Philippines' oldest lender said on Friday it is merging with a smaller commercial bank to expand its client base and fast-track growth. In a disclosure, Bank of the Philippine Islands (BPI.PS) said it will be the surviving entity merging with unlisted Robinsons Bank. Stockholders of Robinsons Bank will own around 6% of BPI, it added.
Transportation & Logistics
Metro Pacific Tollways plans IPO to raise USD500 million
Metro Pacific Tollways Corp., the largest toll road developer and operator in the Philippines, could raise USD500 million from a planned initial public offering (IPO) on the local bourse, two sources close to the matter told Reuters. Metro Pacific Tollways’ President and Chief Executive Rodrigo E. Franco declined to comment on the financial details of the IPO but said the aim was to list the company in late 2023.
Megawide sells airport project to Aboitiz Group for PHP15 billion
Megawide announced that it signed an agreement with Aboitiz InfraCapital (AIC), a subsidiary of Aboitiz Equity Ventures, to sell its interest in GMCAC, the “developer/operator” of the Mactan Cebu International Airport (MCIA), in an agreement that will transfer the ownership of the company over a two-year period.
Healthcare & Life Science
AIA acquires MediCard PH
The parent-firm of AIA Philippines announced the acquisition of leading healthcare insurance provider MediCard Philippines, Inc. In an undisclosed amount, AIA Group Ltd. said the Hong Kong-based insurance company agreed to fully acquire the shares in one of the major health maintenance organizations (HMO) in the country, MediCard.
MRC Allied plans to acquire solutions provider 5G Security
MRC Allied, Inc. plans to acquire security solutions provider 5G Security, Inc., the holding firm said in a disclosure to the Philippine Stock Exchange on Wednesday. The company said that its board of directors approved the designation of Augusto M. Cosio, Jr., its president and chief executive officer, “to be the authorized representative in relation with the coordination, talk, transact and negotiate for the possible acquisition of 5G Security, Inc., subject with the due diligence of the company.”
PHL startup Shipmates raises PHP125 million to improve shipping platform
PHILIPPINE-based startup Shipmates said it has raised USD2.2 million (PHP125 million) for the improvement of its shipping platform that assists online small and medium businesses. In a statement on Thursday, Shipmates said it was able to raise the fund through a seed funding round participated by Cathexis Ventures, Wavemaker Partners, Taurus Ventures, Capital X, Sketchnote Partners, and other investors.
SMC files registration for PHP60 billion bonds
ANG-LED San Miguel Corp. (SMC) filed the registration statement and preliminary prospectus for its PHP60 billion fixed-rate bonds to be used for redemption of preferred shares and bonds, and debt repayments. According to the company’s prospectus, the base offer amounts to PHP40 billion with an oversubscription of up to PHP20 billion and will be issued at 100% of face value.
Phinma locks in gains via sale of treasury shares
LISTED holding firm Phinma Corp. announced that it sold 13.6 million of its treasury shares through the Philippine Stock Exchange at PHP19.50 apiece. “The proceeds from the sale will be used for investments and for general corporate purposes,” the company said in a disclosure on Monday. The company started selling its treasury shares back on July 19 after its executive committee approved the issuance on May 31.
Aboitiz Group exits Sri Lanka
Aboitiz Equity Ventures Inc. reported that its food subsidiary Pilmico International has exited Sri Lanka with the sale of its 100 percent stake in Gold Coin Feed Mills (Lanka) Limited (GCFL). In a disclosure to the Philippine Stock Exchange, AEV said Gold Coin Management Holdings Pte. Ltd. (Gold Coin), together with Glen Arbor Holdings (Singapore) Pte. Ltd., has entered into a Share Sale and Purchase Agreement with New Anthoney’s Farms (PVT) Ltd. for the sale and disposition of GCFL.
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 = PHP58.8 as of 09/30/2022