SSP Receives 7th Tranche of Reimbursements under Discounted Power Rate Program

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Pampanga—(PHStocks)—SFA Semicon Philippines Corp. (PSE: SSP), formerly Phoenix Semiconductor Philippines Corp., took payment of PhP11.44 million representing part of its receivables of the company’s discounted electricity incentive granted under Presidential Executive Order No. 856 and its Lease Agreement with Clark Development Corp. (CDC).

This amount is the seventh partial reimbursement of the government through CDC of the power discounts for electricity utilized and fully paid by SSP since the commencement of its commercial operations in 2011.

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Lepanto Consolidated Mining to Resume Copper Production

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Makati—(PHStocks)—Lepanto Consolidated Mining Co. (PSE: LC) will resume copper concentrate production following two years of drilling in the Copper Gold Project; metallurgical tests; and rehabilitation of its copper flotation plant. The said plant is presently being debugged, and will be operated to produce gold and silver-bearing copper concentrate, alongside the carbon-in-pulp plant that will continue to produce gold ore.

Initial run-of-mine production from Victoria and the Copper Gold Project is 1,500 tonnes per day (tpd), ramping up by 1,900 tpd by year-end, and 3,000 tpd by 2019. There is a technical report as required under the Philippine Mineral Reporting Code by a Competent Person on the mineral resource which is presently being reviewed and finalized, for submission in due course.

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China Bank Settles $158M Loan

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Makati—(PHStocks)—China Banking Corp. (China Bank, PSE: CHIB) has paid off one year ahead of schedule the three-year US$158 million Syndicated Loan that was originally scheduled to mature in June 2018.

“The strong growth in foreign currency deposit has enabled us to not only raise the balance earlier than expected,” said William C. Whang, EVP & China Bank Chief Operating Officer.

The Bank likewise confirmed that it also took advantage of favorable changes in market conditions to be able to repay the loan sooner. The loan was paid in two tranches: $60 million was paid in March of this year and the remaining balance on June 29, 2017. China Bank successfully returned to the capital markets in June 2015 with this facility since its $125 million floating rate certificates of deposit (FRCD) issue in 1996 and 1997. The proceeds of the loan were deployed into better yielding assets as well as funding for corporate borrowers and project financing deals.

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Semirara Ramps Up Hiring in 1Q 2017

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Makati—(PHStocks)—Integrated energy company Semirara Mining and Power Corp. (SMPC, PSE: SCC) has hired 387 personnel for key positions in its Semirara Island mine site to support its operational expansion plans.

The company is increasing its coal production to 16 million metric tons in the next two to three years in line with the national government’s thrust for power stability, optimal energy pricing and modernized infrastructure.

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PHINMA Drops Tender Offer for Laguna College of Business and Arts

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Makati—(PHStocks)—In its disclosure dated April 4, 2017, PHINMA Education Holdings Inc. (PHINMA Education)—the education arm of PHINMA Corp. (PSE: PHN)—intended to do a tender offer to acquire at least 55% of Laguna College of Business and Arts (LCBA). The disclosure states that the tender offer was subject to the announcement of the final schedule of the tender offer period.

After determining that less than a majority of the stockholders of LCBA will sell their shares, PHINMA Education has decided not to proceed with the tender offer.

 

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Megawide Confirms Participation in Rail Project

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Quezon City—(PHStocks)—Megawide Construction Corp. (PSE: MWIDE) wishes to announce its partnership with East-West Rail Transit Corporation and Alloy MTD for the construction, operation, and maintenance of the PNR East-West Railway Project.

The PNR East-West Railway Project (EWRP) will involve a 9.77 kilometer railway line from Diliman, Quezon City along the corridor of Quezon Avenue up to Espana Blvd in the City of Manila, the third most traversed passage in Metro Manila.

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Shakey’s Pizza Signs Up Second International Market

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Paranaque—(PHStocks)—Shakey’s Pizza Asia Ventures Inc. (PSE: PIZZA), the Philippines’ largest operator of chained full-service restaurants, continues to build its international presence particularly in the Middle East.

PIZZA, through subsidiary Shakey’s Pizza Regional Foods Ltd, recently signed an area development agreement with Aljeel Capital LLC, a Dubai-based group, to build at least 10 Shakey’s Pizza outlets in the United Arab Emirates (UAE) over a span of five years. The first store, to be located in Dubai, is scheduled for opening in the first half of 2018.

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Cebu Landmasters Reports 1H 2017 Sales Performance

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Cebu City—(PHStocks)—Cebu Landmasters Inc. (PSE: CLI) was able to book PhP2.87 billion of reservation sales for the first half of 2017. In just six months, the company has almost breached its full year 2016 reservation sales figure of PhP2.94 billion.

“We are very pleased to report our strong reservation sales performance for the first half of 2017,” CLI President & CEO Jose R. Soberano III said in a statement. “This is a testament to the strong demand for CLI’s diverse range of real estate offerings in Vis-Min which encompass the high-end, mid-market, and economic residential products along with our growing commercial and hospitality portfolio.” Soberano was named “Entrepreneur of the Year” by Cebu Chamber of Commerce and Industry last month.

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