Market summary
In the telecommunications space, IFC is providing c. USD8m through indirect equity to EdgePoint Infrastructure while Globe Telecom is considering selling 6,000 towers for USD1.5b.
Cebu Landmasters, Inc. (CLI) announced its plan to offer and issue fixed-rate, peso-denominated worth up to USD145m while Filinvest Land Inc. (FLI) raised USD216m from its over subscribed three and five-year peso fixed-rate bonds.
Retail and F&B had some M&A activity with Metro Pacific Investments Corp. (MPIC) announcing plans of acquiring premium ice cream and dairy business Carmen’s Best Group. Balai ni Fruitas also had its IPO last June 30.
Finally, Enrique Razon’s Prime Infrastructure Capital Inc. filed for a c. USD512m IPO.
Aggregate Deal Value* = USD394m
This month’s top deals
Energy
ALSONS CONSOLIDATED Resources, Inc. (ACR) has listed P1.265 billion of its commercial papers on the bond exchange as the listed firm embarks on small hydroelectric power projects to mark its expansion into renewable energy.
Enrique Razon’s Prime Infrastructure Capital Inc. (Prime Infra) has filed for a P28.2 billion initial public offering (IPO). According to its registration statement filed with the Securities and Exchange Commission, Prime Infra will offer 1.75 billion common shares priced at P14.60 per share with an over-allotment option of 175.57 million shares.
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Telecommunication & Media
INTERNATIONAL Finance Corp. (IFC) is providing USD8.3 million to EdgePoint Infrastructure Sdn Bhd as indirect equity investment in the telecommunications tower platform to enter in the Philippines market. In a press release on Thursday, the global financial institution said the investment — equivalent to around P440 million — would improve the country’s mobile network capacity and create a morecompetitive market.
Philippines’ Globe Telecom seeking USD1.5 billion for towers
Globe Telecom Inc. is weighing selling around half of its telecommunications tower portfolio in a deal that could be worth as much as USD1.5 billion. The company is considering including about 6,000 of its towers in the planned sale.
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Real Estate
Real estate developer Filinvest Land Inc. (FLI) successfully raised P11.9 billion for its refinancing and capital expenditure program through the issuance of three-year and five-year peso fixed-rate bonds.
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Mining
Philex Mining Corp. announced on Wednesday that it received its permit to offer securities for sale from the Securities and Exchange Commission (SEC) for its stock rights offering. The offering covers up to 842 million shares and will run from July 14 to 25. Shareholders are entitled to one offer share for every 5.8674 common shares they hold. The offer shares are priced at P3.15 each. Net proceeds will be used by Philex for capital expenditure and development costs of its Silangan copper-gold project.
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Retail & F&B
Metro Pacific Investments Corp. (MPIC), the infrastructure and utilities giant led by businessman Manuel Pangilinan, previously announced plans to cool down from investing in certain highly regulated segments. Its latest venture was a step in this direction as it announced a P198-million deal to take control of the 15-year-old premium ice cream and dairy businesses of Carmen’s Best Group, led by Francisco “Paco” Delgado Magsaysay, grandson of former president Ramon Magsaysay.
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Financial Services
ARQ Capital Partners, a local venture capitalist for medium-sized firms, said it was able to raise some P1.5 billion in funding, which it will use to bankroll some 50 enterprises over the next two years. The company said it is also raising additional capital from development institutions to fund its investments.
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Technology
LISTA Technologies Pte. Ltd., which operates a financial management platform for small business owners and individuals in the Philippines, announced on Tuesday that it had raised more than USD5.1 million in its latest fund-raising round to accelerate the expansion of its services.
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Others
House of Investments, Inc. (HI), the investment holding and management company of the Yuchengco group, has approved the purchase of A.T. Yuchengco Centre from its affiliate bank Rizal Commercial Banking Corp. (RCBC) for P6.07 billion.
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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.
*Exchange rate: USD 1.00 = PHP54.97
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