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Philippines Newsletter - September 2023



Market summary


  • Transportation & Logistics had a single transaction for the month of September, a USD750m loan agreement between International Container Terminal Services, Inc. and Metrobank.

  • Financial Services saw an M&A transaction in September with Mynt, the parent company of GCash, acquiring ECPay from Globe for PHP2.31bn.

  • DITO was able to secure a 15-year, long-term loan worth USD3.9bn from a consortium of lenders.


Aggregate Deal Value = USD1,398.2m

 

This month’s top deals


Energy

Greenergy subscribes to 480 million shares in Winsum

Greenenergy Holdings Inc., a company led by businessman Antonio Tiu, said it will subscribe to additional shares in wholly-owned renewable subsidiary Winsun Green Ventures Inc. for PHP480 million. The shares will come from the proposed increase in WGVI’s authorized capital stock to PHP500 million from PHP20 million.


Article link:

Greenergy subscribes to 480 million shares in Winsun

RCBC finalizing PHP20 billion renewable energy loans

Metro Global eyes PHP.75 billion share sale to build RE projects


Telecommunication & Media

DITO secures USD3.9 billion loan for network expansion

DITO CME Holdings Corp. said its subsidiary DITO Telecommunity Corp. had secured a USD3.9 billion 15-year long-term loan facility.


Article link:

DITO secures USD3.9 billion loan for network expansion

Globe secures PHP15 billion loan from Metrobank for capex


Real estate

PBCOM approves PH realty and Holdings Corp's 5-year term loan facility amounting to PHP3.8 billion

The Philippine Bank of Communications (PBCOM) has approved the Philippine Realty and Holdings Corp.’s application for a five-year term loan in the amount of PHP3.8 billion to partially finance the construction of the company’s Casa Unico project.


Article link:

PBCOM approves PH realty and Holdings Corp.’s 5-year term loan facility amounting to PHP 3.8 billion

Vista Land plans PHP35 billion bond offering


Industrials & Manufacturing

Holderfin buys 3.62% of Holcim PH

Holderfin B.V., a Netherlands-based subsidiary of Holcim Ltd., has acquired 3.62 percent more of the outstanding shares of Holcim Philippines Inc. worth PHP1.25 billion from the first round of its tender offer to bring down the cement firm’s public float to just 1.43 percent.


Article link:

Holderfin buys 3.62% of Holcim PH


Consumer and Retail

JFC completes acquisition of brand's Hong Kong franchise

Jollibee Foods Corp. (JFC) has completed the acquisition of the majority stake in the Jollibee brand’s master franchisee in Hong Kong, which it considers an important market. In a stock exchange disclosure, JFC said its Singapore-based unit Golden Plate Pte. Ltd. finalized the deal to acquire 60% of master franchisee Meko Holdings Ltd. For USD16.08 million.


Article link:

JFC completes acquisition of brand’s Hong Kong franchisee


Transportation & Logistics

ICTSI secures USD750 million loan for overseas expansion

Razon-led International Container Terminal Services, Inc. (ICTSI) has signed a USD750 million loan agreement with Metropolitan Bank & Trust Co. (Metrobank).


Article link:

ICTSI secures USD750 million loan for overseas expansion


Financial Services

BPI to raise PHP5 billion from bond sale

Ayala-led Bank of the Philippine Islands (BPI) will issue PHP5 billion fixed-rate, 1.5-year bonds, proceeds of which will be used to finance operations and other “general corporate purposes”.


Article link:

BPI to raise PHB5 billion from bond sale

GCash's parent company Mynt acquires ECPay for PHP2.31 billion



Tech

TANGGapp raises USD2.5 million to make remittance easier for Filipinos

The company recently raised USD2.5 million in seed funding from various investors including Goodwater Capital, Foxmont Capital Partners, and Manila Angel Investors Network. TANGGapp lets users transfer money from the US to the Philippines quickly and with a low minimum amount.


Article link:

TANGGapp raises USD2.5 million to make remittance easier for Filipinos

NDC board approves PHP11 million investment in digital energy platform


Others

GSIS increases stake in MPIC

State pension fund Government Service Insurance System (GSIS) has increased its stake in Pangilinan-led Metropacific Investments Corp. (MPIC), the tollways and infrastructure conglomerate to 12 percent from three percent previously.

*Closing price of PHP5.12 per share on August 29, 2023


Article link:

GSIS increases stake in MPIC

AEV gains approval for PHP17.45 billion bond offer in final tranche

DFNN clears sale of offshore gaming subsidiary


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 = PHP56.65 as of 09/30/2023

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