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| By Honey Madrilejos-Reyes |
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| AYALA Land, Inc. (ALI), the property development arm of the In an interview Wednesday, ALI president Jaime Ayala said the TriNoma mall in North Triangle will cater to both the low and high-end markets. “ According to him, over 90 percent has already been leased out to various tenants. The company, however, does not expect TriNoma to start contributing substantial profits this year despite its scheduled opening next month. In a previous interview, senior vice president and chief finance officer Jaime E. Ysmael said the mall will still be in a start-up mode this year; therefore, income contribution to ALI is expected to be minimal. “Probably less than P100 million or less than P50 million even, because it’s more in the period of building up and making the entire mall operational. It’s really in 2008 that it would start contributing,” said Ysmael. Located at the cornerstone of According to Ysmael, TriNoma alone will increase ALI’s total shopping center gross leasable area (GLA) by 26 percent. Apart from TriNoma, ALI’s growth in shopping center GLA is also locked in with two other major mall developments, namely, Construction of ALI’s first provincial mall offering started last quarter. With direct access to North Luzon Expressway, the regional mall, which aims to become the premiere shopping center in central ALI, the largest property developer in the country, has set aside a capital expenditure budget of P16.2 billion this year to fund various residential projects; shopping centers and strategic landbank management. |
Friday, May 01, 2009
042607: TriNoma offers QC both Glorietta, Greenbelt
042707: C&P eyes shares swap with Vista
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| C&P Homes Inc., a homebuilder owned by Philippine Senator Manuel Villar, said its majority owners will swap shares in the company for Vista Land & Lifescapes Inc’s. stock, which may lead to the developer’s delisting. “This is part of the clean-up process in C&P Homes,” Astro del Castillo, managing director of First Grade Holding Inc., a financial management and advisory company in Manila, said. “The Villar family is overhauling C&P Homes and minority shareholders are being given a way out.” The exchange of shares comes a month after C&P Homes completed a proposal to repay $150 million of bonds that it sold 10 years ago with shares and new bonds. C&P Homes, which didn’t pay the old debt when it was due in 2003, said in March that most of its bondholders accepted its repayment offer. Fine Properties Inc. will get 3.02 billion shares in C&P Homes shares were suspended from trading. --Bloomberg |
http://www.businessmirror.com.ph/0427&282007/headlines011.html
042707: CebuPac bullish on passenger targets
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| CEBU Pacific is on track and will likely meet its target number of passengers this year, an executive of the country’s budget carrier said. “We are very much on track to achieving our five million target for this year,” Cebu Pacific vice president for sales Augusto Edwin Bautista told reporters. Cebu Pacific on Wednesday night partnered with Malayan Insurance in offering a comprehensive personal accident and emergency medical treatment insurance coverage for guests traveling in the Bautista said he is confident that Cebu Pacific passengers are going to try the service since this is the first travel insurance product in the country that can be booked and paid on-line. “They will go for insurance. Filipinos are smart travelers. This partnership with Malayan Insurance is a boost to our passenger numbers since this is the first in Philippine aviation industry to offer travel insurance via on-line booking,” said Bautista. Cebu Pacific’s load factor is currently in the “80-percent level,” added Bautista. Cebu Pacific passengers aged one to 65 years old may avail themselves of the TravelSure product. Its premium is offered at P175 per insured guest and P75 in connection fee, for 30-day coverage. The premium is exclusive of applicable government taxes and surcharges. TravelSure provides Cebu Pacific passengers with protection from accidents and medical services of up to P1 million; recovery of lost travel documents, P20,000; loss of baggage, P50,000; baggage delay, P5,000; strikes and aircraft hijacking, P1,000; flight delay, P1,000; return of mortal remains and compassionate visit for P75,000 each. --L. Lectura |
http://www.businessmirror.com.ph/0427&282007/headlines010.html
042707: Market's bull run likely to last till 09
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| By Honey Madrilejos-Reyes |
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| THE current bull cycle being run by the stock market may last until 2009, analysts told reporters at the Good News Kapihan on Thursday. PCCI Securities president Francisco Liboro said technical analysis show that the bull market, which started in 2003, could last until six years based on moving averages of the prices. A bull run is a prolonged period in which investment prices rise faster than their historical average. It can happen as a result of an economic recovery, an economic boom or investor psychology. This year, Liboro added, the benchmark Philippine Stock Exchange index (PSEi) could hit 3,700 as economic fundamentals remain intact and the health of the corporations is a lot stronger. The positive outlook was supported by Jenny Ting Jr., senior manager at BPI Asset Management. “There is still more room for an upside,” Ting said. Liboro said the succession of new highs is indicative of the so-called blue skies phenomenon. “The long-term moving averages reconfirm the bull-bear cycles where the PSEi is in year four of the bull run,” according to Liboro. “The year-long rallies across the region [except He said there are new trends that will save the day for the stock market, including inflation, which is expected to fall further with cost-push factors (like oil prices) in decline; the low Treasury bill rates and declining interest rates. “We anticipate that a healthy period of consolidation will occur sometime between April and June, in line with the elections in May,” Liboro noted. “And depending on the conduct of the polls, as well as the global economy [particularly the Fourteen companies are expected to ride on the prevailing bullishness of the equities market by going public from this year to 2010. For this year, the companies eyeing to sell shares of stock to the investing public are Anchor Land Holdings Inc. Phoenix Petroleum Philippines Inc., STI Group, Yehey Inc., and GMA Network Inc. Pacific Online Systems Corp. and National Reinsurance were the first two companies that conducted public offerings this year. In 2008, the market could witness the public offerings of sourcing and procurement service provider BayanTrade, Seaoil Philippines Corp., and Figaro Coffee Co. On the other hand, the companies looking to go public from 2008 to 2010 are Cebu Pacific Air Inc. and oil player Enerfuse Holdings Inc. Since the start of the year, a lot of companies have hinted plans to tap the stock market as a way of raising capital for their operations. Analysts say the bullishness of the investors on blue chips and even the second and third liners augurs well for the market. From 2004 t0 2006, the stock market saw eight public offerings, namely, IBank, PetroEnergy Resources Corp., SM Investments Corp., Manila Water Co., CitisecOnline, First Generation Corp., Alliance Tuna and PNOC-Energy Development Corp. |
http://www.businessmirror.com.ph/0427&282007/companies01.html
042707: RP stocks climb to 2-mo. high on US co. earnings
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| By Ian C. Sayson |
| Bloomberg |
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| Philippine stocks gained, lifting the index to a two-month high, on speculation better-than-expected earnings in the “Investors are very bullish because of the encouraging developments in the SM Investments Corp. had its biggest gain in a month after the company said it will pay higher dividends this year and it will spend P95 billion on a five-year expansion project. Aboitiz Equity Ventures Inc. advanced after the company said its power unit’s initial share sale will raise P8.4 billion ($177 million). The Philippine Stock Exchange index jumped 40.91, or 1.2 percent, to 3350.34 at the close in “Earnings are exceeding expectations in the The ‘ AYALA, the nation’s fourth-largest company by market value, rose P25, or 4.2 percent, to P625, heading its highest since February 26, before a global sell-off in equities. Metrobank, the nation’s largest lender by assets, gained P1, or 1.6 percent, to P63.50. The 33-member main stock measure is less than 40 points away from a 10-year high, a level it reached on February 23 before a global sell-off in equities the following week. The measure is up 12 percent this year, more than double the 5.4 percent increase in the Morgan Stanley Capital International Asia-Pacific Index. The Philippine Stock Exchange index has risen in each of the last four years, almost tripling its value from the end of 2002. “We have been in a bull run since 2003,” said Francisco Liboro, president and strategist at Manila-based PCCI Securities Brokers Corp. “There is still room for more upside.” Liboro forecast the index to reach 3,700 this year. SM Prime Holdings Inc., the nation’s largest shopping mall operator, gained 25 centavos, or 2.1 percent, to P12, extending this year’s climb to 12 percent. Share sale Manila Electric Co.’s Class A shares, equity reserved for Filipinos, rose P2, or 2.9 percent, to P70.50, its biggest gain in more than a month. Its Class B shares, which have no ownership restrictions, added P2, or 2.9 percent to P71, its highest in a month. SM Investments, the holding company of Henry Sy, the nation’s richest businessman, jumped P12.50, or 3.6 percent, to P365, its biggest gain since March 22. The company said Wednesday that it will buy more land, build malls and homes, and expand its bank units in the next five years. It also said that it will pay P3.2 billion and distribute 25 million shares as dividends this year. Aboitiz Equity, which has investments in banks and water transportation, jumped 20 centavos, or 2.2 percent, to P9.20, its highest since January 24. The company plans to sell 1.8 billion shares, or 25 percent, of Aboitiz Power Corp. to raise funds for expansion. The estimated proceeds from the share sale value Aboitiz Power at P33.6 billion, compared with Aboitiz Equity’s P52.39-billion market capitalization. Separately, Union Bank of the Shares worth P4 billion were traded, 18 percent less than the three-month daily average. Gainers beat losers by more than three to one in the broader market. Megaworld Corp. (MEG PM), one of the nation’s two biggest builders of residential and office towers, gained 10 centavos, or 2.9 percent, to P3.50, ending a two-day, 4.2 percent slump. The builder said Wednesday it expects P450 million in annual rental income from the office and commercial developments in its McKinley project. It also forecast that reservation sales for all its projects will reach P15 billion this year, boosting its 2007 earnings outlook. International Container Terminal Services Inc. (ICT PM), the largest Philippine port operator, climbed 50 centavos, or 1.8 percent, to P28.50. The government’s decision to cut wharfage fees by 90 percent to help exporters cope with a stronger peso will have “negligible” impact on earnings, the company said Wednesday after trading closed. Petron Corp. (PCOR PM), the nation’s biggest oil refiner, jumped 30 centavos, or 5.8 percent, to P5.50, its biggest gain in two weeks. The company said sales volume of gasoline, which make up 90 percent of revenue, may have risen up to 2 percent in the first quarter. |
http://www.businessmirror.com.ph/0427&282007/companies02.html
042707: Aboitiz Power may raise P8.4B from IPO
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| By Honey Madrilejos-Reyes |
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| ABOITIZ Power Corp. (APC) expects to raise P8.4 billion from an initial public offering (IPO) it is planning for the year. In a disclosure Thursday, the company told the Philippine Stock Exhange that said proceeds would fund the expansion of its power generating capacity. This, Aboitiz Power said, can be realized by participating in the government’s effort to privatize the National Power Corp. and the undertaking of In preparation for going public, APC filed with the Securities and Exchange Commission (SEC) a preliminary statement for the registration of 7.2 billion common shares. Of these, 1.8 billion new common shares would be sold to the public. APC is a wholly owned unit of Cebu-based conglomerate Aboitiz Equity Ventures (AEV), a publicly traded firm with exposures in banking, shipping, power and food concerns. In January, the APC board approved the increase in the company’s authorized capital stock from P5 billion to P17 billion. Out of this increase Aboitiz gave its parent firm common shares. In turn, Aboitiz Equity gave its unit shares of stock in Davao Light & Power Co. Inc., Visayan Electric Co. Inc., Hijos de F. Escaòo Inc., Cotabato Light & Power Co. and other power companies. ***** APC Mining seeks DENR approval to explore in By Honey Madrilejos-Reyes Reporter APC Mining Corp., a wholly owned subsidiary of listed APC Group Inc., wants the Department of Environment and Natural Resources (DENR) to approve a permit so that it can explore for nickel and chromite deposits in Brooke’s Point, The permit covers an area of 2,787 hectares, adjacent to the mining claims of Macroasia Corp. and Celestial Nickel Mining Corp. The area reportedly has reserves of 8.6 million metric tons of ore that contains an estimated 1.75-percent to 2.2-percent nickel. So far, APC Mining has filed for six exploration permits in the provinces of Zambales, Misamis Oriental and Once exploration works prove the presence of mineable deposits at commercial quantities, the company would conduct exploration activities and apply for a Mineral Production Sharing Agreement with the DENR. The company’s primary purpose is to engage in mining activities and take part in the government’s thrust of encouraging investments in the mining sector. Its parent the APC Group, meanwhile, is 46.59 percent owned by Belle Corp., another publicly listed company. APC has investments in telecommunications, energy-related projects, mining and manpower outsourcing businesses. http://www.businessmirror.com.ph/0427&282007/companies03.html |
042707: Not Business as Usual: McDonald's gets aggressive
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| Golden Arches Development Corp., the Philippine master franchise holder for McDonald’s, is putting up 50 outlets this year, double its usual target in previous years. About 30 of the new outlets will be company-owned. Then again, GADC has finally hit its stride after buying out the equity of McDonald’s As everybody knows, GADC is 51 percent owned by George Yang and 49 percent by real estate magnate Andrew Tan. In turn, GADC’s mother company (and for that matter, Megaworld’s) is Alliance Global. Did you know 1: The lease amount has remained unchanged (except the original currency was Mexican pesos) since the late 1880s when As everybody knows, natural resources-rich Borneo accounts for 40 percent of Did you know 2: Provincial bus operators make 10 percent more money than Metro Manila-based operators despite having to pay toll. Half of gross receipts goes to operating expenses such as gas and personnel. Based on a PUB’s daily gross receipts, the driver gets 8 percent and the conductor gets 6 percent; based on net profit, the driver gets 11 percent and the conductor gets 8 percent. Oh yes, there’s now talk that a fixed income may soon be an option. Did you know 3: There’s talk the Only three floors of the multistorey building will be set aside for parking. The rest of the floors will be dormitory space for some of its students. Did you know 4: The Association of Filipino Franchisors Inc., led by Ricardo Cuna, is putting out a book on practical entrepreneurship, which will be used in entrepreneurship classes, a three-unit requirement for all commerce courses this coming school year. The book features the stories and lessons learned of 15 AFFI members, including Cuna’s Milkin Co. (Fiorgelato ice cream brand) and Chit Juan’s Figaro Coffee Co. (Figaro coffee shop brand). Oh yes, the book will be launched during AFFI’s annual trade show in July. |
http://www.businessmirror.com.ph/0427&282007/companies05.html
042607: Sy holding firm allots P95B for 5-year capex
By Zinnia B. Dela Peña
The Philippine Star 04/26/2007
SM Investments Corp. (SMIC), the investment holding company of retail tycoon Henry Sy Sr., will spend P95 billion over the next five years for the continued expansion of its shopping mall, retail and banking operations, as well as initial works on its large-scale eco-tourism project in Nasugbu, Batangas.
In a press briefing following the company’s annual stockholders’ meeting yesterday, SMIC executive vice-president and chief financial officer Jose Sio said bulk of the five-year capital budget will be used for mall developments or expansion.
The group plans to build three to five new malls yearly as it seeks to further solidify its dominant foothold in the shopping mall industry.
Of the P95-billion budget, a total of P20 billion will be spent this year alone for the acquisition of Equitable PCI Bank which will merge with Banco de Oro; the development of SM Bay City, a 60-hectare zone which houses the SM Mall of Asia and the initial phase development of Hamilo Coast.
Last year, SMIC spent P15 billion for its capital expenditures.
Sio said of the 2007 capital budget, P7.5 billion will be funded by SMIC itself while the balance will be come from its subsidiaries, either through internally-generated cash or borrowings.
"We have P19 billion in cash, more than enough to fund our capital expenditures for the year," Sio said.
SMIC earlier raised $300 million from a convertible bond issue.
The company is also close to signing an agreement with an international hotel operator to build a 400-room hotel within the Mall of Asia.
In addition, the group may build another IT hub (
Harley Sy, SMIC president, said the company is in the process of consolidating all its real estate investments into one company and this may take two years to complete.
"Our property business is relatively young but holds the most promise for growth and value. It supports a landbank with a size greater than most other property companies. The next five years will bear witness to the emergence of a new vision that will create more structures other than our famous shopping malls," Sy said.
Sy said he is optimistic that 2007 will a be a much better year for the group as SMIC is "expected to benefit from a resurgent economy given its exposure in all the key urban and rural centers nationwide."
"Our vision, our resources and our efforts had been and will continue to be largely focused into creating value for the country and for many generations to come," Sy said.
The SM Group runs one of the largest networks of organized retail stores. As of end- 2006, SM had a total of 29 department stores, 28 supermarkets and nine hypermarkets all over the country.
SMIC’s board likewise approved yesterday a P5.41 cash dividend worth approximately P3.2 billion, equivalent to a 30 percent payout of the company’s 2006 net profit of P10.6 billion.
The company’s board also approved an increase in its authorized capital stock to P7 billion from P6 billion and the declaration of a 4.27 percent stock dividend equivalent to approximately 25 million common shares worth P250 million.
042607: Aboitiz Power IPO seen to raise P8.4B
By Zinnia B. Dela Peña
The Philippine Star 04/26/2007
Aboitiz Power Corp., a wholly-owned subsidiary of the Cebu-based Aboitiz Equity Ventures Inc., is planning to raise as much as P8.4 billion from an initial public offering (IPO) of its shares possibly in June or July this year.
A company official said they are looking at selling about 1.8 billion shares to both local and foreign investors at P4.67 per share.
The same source said UBS Investment Bank will serve as sole international underwriter and issue manager.
"We’re targeting to list after the elections. Hopefully, we can secure all the necessary approvals from securities regulators by May or June," the source added.
Proceeds from the offering will be used to enhance Aboitiz Power’s position as a participant in the privatization of state-owned power assets as well as in the development and acquisition of additional power projects.
Aboitiz Power is the holding firm for all power generation and distribution assets of the Aboitiz Group. It has an authorized capital of P17 billion.
Since its inception in 1998, Aboitiz Power has accumulated interests in power generation facilities with a total installed capacity of 686 megawatts as of end-2006.
Last December, the company and its Norwegian partner SN Power, through their joint venture company SNAP, won a government bidding for the 360-megawatt Magat hydroelectric plant in Isabela.
The company also acquired ownership interests in a 50-megawatt thermal plant in
Among the companies under Aboitiz Power include Davao Light & Power Co. Inc., (DLPC) Visayan Electric Co. Inc., (VECO) Hijos de F. Escaño Inc., Cotabato Light & Power Co., Subic Enerzone Corp., San Fernando Electric Light and Power Co., Pampanga Energy Ventures Inc., and Aboitiz Energy Solutions Inc.
VECO and DLPC are the second and third-largest privately-owned distribution utilities in the country in terms of both customers and annual power sales. Last year, the group’s distribution companies distributed 3,498 gigawatt hours of electricity to 616,261 customers.
Aboitiz Powers public offering is consistent with the provisions of the Electric Power Industry Reform Act (EPIRA) which calls for broader public ownership of electricity distribution and generation assets.
042607: Meralco swings to net profit of P532M in first quarter
By Donnabelle L. Gatdula
The Philippine Star 04/26/2007
Manila Electric Co. (Meralco), the country’s biggest power distributor, reported yesterday a net income of P532 million for the first quarter of 2007, a huge turnaround from net loss of P748 million in the same last year.
In a disclosure to the Philippine Stock Exchange (PSE), Meralco said the improved financial performance was largely attributed to the cancellation of the provisioning for probable losses starting January 2007 following the favorable Supreme Court decision on the company’s unbundling rate case on Dec. 8, 2006.
In fact, Meralco said its net income would have been higher last year if not for the loss provisioning.
"Had there been no provisions made for probable losses amounting to P1.43 billion in the first quarter of 2006, net income for that period would have been P179 million," it said. Compared to that level, net income this year would still be higher by 197 percent or by P353 million.
Other factors that contributed to the improvement in the company’s bottom line were: a 3.7-percent electricity sales growth to 6,039 gigawatt-hours (gwh) and a 49.1-percent decrease in unrecoverable purchased power to P494.46 million.
Meralco said its unappropriated retained earnings also continued to improve, recovering from a deficit of P2.12 billion in the first quarter of 2006 to a positive balance of P10.92 billion in the same period this year.
It added that with the robust electricity volume growth of 3.7 percent, revenues increased 15.8 percent from P41.61 billion last year to P48.20 billion this year.
Total expenses, however, increased 10.7 percent to P47.40 billion, owing to the rise in purchased power cost as well as operations and maintenance expenses of 16 percent and 20.7 percent, respectively.
These increases, though, were offset by declines in other expense items such as interest and other financial charges, by 30.1 percent; taxes other than income tax, by 56.4 percent; depreciation and amortization, by 2.4 percent; and provision for disallowed receivables, by 6.3 percent.
Purchased power cost increased to P42.72 billion, the components of which were recoverable purchased power cost (cost up to the 9.5-percent system loss cap) which increased 17.7 percent from P35.87 billion in 2006 to P42.23 billion in 2007, and unrecoverable purchased power cost (system loss in excess of the cap), which dropped 49.1 percent from P971.63 million to P494.46 million this year.
Operations and maintenance costs increased to P2.83 billion mainly due to additional employee pension provisions from P301.28 million in 2006 to P813.76 million in 2007.
In the first quarter of 2007, Meralco invested P1.29 billion in capital expenditures, 22.5 percent more than the P1.06 billion last year. These investments were primarily used to address customer growth, correct overloaded facilities, meet customer service requirements, and reduce system loss.
Energy sales for the first quarter of 2007 increased 3.7 percent to 6,039 gwh compared to the same period last year. Sales rose despite lower humidity (72.66 percent in 2007 vs. 77.43 percent in 2006) and shorter average billing days (89.50 days in 2007 vs. 89.98 days in 2006).
Significant increases in energy sales by the commercial segment of 6.1 percent to 2,294 gwh and industrial segment of 4.1 percent to 1,761 gwh were the main catalysts of this overall growth.
Energy consumption of the residential segment, likewise, modestly grew by 0.7 percent to 1,949 gwh, reversing declines in three consecutive quarters.
Commercial sales accounted for 38 percent of total energy sales in 2007, up from 37.1 percent in the previous year. The share of industrial sales also increased to 29.16 percent from 29.05 percent, while that of residential sales went down to 32.28 percent in 2007 from 33.23 percent in the previous year.
Sales growth in the commercial segment was driven by the real estate sub-segment which expanded by 12.1 percent. This was followed by private services at 6.7 percent and retail trade at 3.6 percent.
Real estate growth was largely attributed to the demand from new buildings operating since the last quarter of 2006. For the first quarter of this year, a total of 11 new real estate developments with loads of 500 kilowatts and above (including Cyberzone in
Business process outsourcing (BPO), which includes call centers, also continued to fuel the expansion in this sub-segment as five newly energized call centers in 2006 contributed 5.1 gwh in the first quarter of 2007. A total of 17 new BPO projects in Meralco’s franchise with an aggregate applied load of 24.5 MW are expected to further increase sales.
042707: New Villar holding firm to list via backdoor
By Zinnia B. Dela Peña
The Philippine Star 04/27/2007
Vista Land & Lifescapes Inc., the newly formed property holding company of the family of re-electionist Sen. Manuel Villar, will make a backdoor listing on the Philippine Stock Exchange via a share swap deal with listed realty firm C&P Homes Inc.
C&P Homes, also owned by the Villar family, is one of the country’s leading developers of low-cost and affordable housing projects in mega-Manila.
Based on its filing with the Securities and Exchange Commisssion,
Assuming that all minority shareholders avail of
C&P will eventually be withdrawn from the exchange simultaneous with the listing of
The integration of C&P into Vista Land will complete the latter’s portfolio of housing products as it will now be able to address the needs of the low-cost and affordable housing market sectors in the mega-Manila areas.
Among the other real estate firms under
Britanny caters to the upscale and leisure housing sector while Crown Asia caters to the medium-income sector. Communities
As of end 2006,
042707: Aboitiz Power to spend P8B over 2 years for expansion
By Zinnia B. Dela Peña
The Philippine Star 04/27/2007
Aboitiz Power Corp., the holding firm for all power generation and distribution assets of the Aboitiz group is setting aside P8 billion until next year for its subsidiaries’ expansion projects as well as its working capital requirements.
In a registration statement filed with the Securities and Exchange Commission, Aboitiz Power said it is spending P2.68 billion for its capital expenditures this year and the balance of P5.33 billion for next year.
Bulk of the programmed capital budget will go to the group’s proposed Sibulan facility, which will consist of two mini-hydroelectric plants in southwest
Other projects of the group include the P4.2-billion Tamugan-Suawan hydropower plants with a combined generating capacity of 30.5 MW, which are expected to be completed in 2010.
As part of its growth strategy, Aboitiz Power is considering bidding for the 175-MW Ambuklao-Binga hydroelectric plants in Benguet, the 245-MW Angat Dam hydroelectric plant in Bulacan, the 112.5-MW Tongonan geothermal plant in
The group is also looking at acquiring privately-owned power generation facilities that may be put up for sale by other power generation companies.
The company is also considering entering into an agreement with a strategic partner with experience in hydroenergy for the acquisition of power plants which use hydrocarbon energy sources, including coal-fired and bunker-fired.
Aboitiz Power is looking to bid for the 600-MW Masinloc coal-fired power plant in Zambales that the government is expected to bid out later this year and to acquire a minority stake in STEAG State Power Inc. which owns and operates a 232-MW coal-fired power plant in Misamis Oriental.
Funding for Aboitiz Power’s capital budget will come from the proceeds of its planned initial public offering (IPO) of 1.8 billion shares to be sold at a maximum price of P4.67 per share worth a total of P8.4 billion.
Since its incorporation in 1998, Aboitiz Power has accumulated interests in power generation facilities with a total installed capacity of 686 MW as of end-2006.
Last December, the company and its Norwegian partner SN Power, through their joint venture company SNAP, won the bidding for the 360-MW Magat hydroelectric plant in Isabela.
The company also acquired ownership interests in a 50-MW thermal plant in Mactan island and a 70-MW thermal plant in
Among the companies under Aboitiz Power include Davao Light & Power Co. Inc., Visayan Electric Co. Inc., Hijos de F. Escaño Inc., Cotabato Light & Power Co., Subic Enerzone Corp., San Fernando Electric Light and Power Co., Pampanga Energy Ventures Inc., and Aboitiz Energy Solutions Inc.
042607: ALI completes P2.5-billion high-end shopping mall in QC
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ALI President Jaime Ayala said during a preview of the new mall yesterday that Trinoma still has around five hectares of open space which will initially be used as parking lots catering to mall patrons and MRT commuters. He said this area’s development could include office buildings for the business process outsourcing sector, more retail spaces as well as a hotel since Ayala said these developments will depend on how fast consumers take to the new R2.5-billion Trinoma mall as the viability of these projects will be enhanced by the presence of a popular commercial center. ALI is planning a soft opening for Trinoma in the middle of May when it expects at least half of the tenants to begin operations. Ayala said they have already signed lease contracts for over 90 percent of leasable space and will formally open the mall in June. "Trinoma will have everything for everybody," Ayala said noting that there will be high-end international brands, local brands as well as convenience outlets for commuters. The mall also provides a major inter-modal transport hub for almost all types of public mode of transport and a 3,500-slot parking area designed to have access from all levels of the mall. Ayala said he does not see the SM City mall across the street as a threat as their opening will serve to bring even more people into the area and thus both malls will benefit from the growth in foot traffic. "This is a very, very large market," he said adding that there will be room for both SM and Ayala. He noted that SM also has a mall just beside Glorietta in |