Globe in Talks with 3rd Parties for Creation of Independent Tower Company

Globe Telecom Inc. (PSE: GLO) has initiated discussions with independent third parties for the establishment of a tower company to help speed up the build and deployment of cellular towers in the Philippines. Globe is looking at divesting all or part of its tower assets to independent tower companies as part of its network expansion and optimization plan. To date, Globe has over 8,000 cell towers nationwide.

Globe President and CEO Ernest Cu said, “We have been allocating over 30% of our total revenues to capital expenditure for the past five years and this level will be sustained over a period of time. An independent tower company will be a win-win solution. It will monetize assets for capex use and help maintain our consistent dividend policy. In addition, this greatly helps President Duterte’s initiative to open the telco industry to new players. The plan is for these towers to be open for lease to new and existing players. This effectively lessens the barriers that a new entrant has to endure because they will not have to spend the capex to build towers and instead focus on rolling out the necessary network equipment. This significantly reduces the time needed for a new player to roll out given the 25 permits and up to 8 months required to build one cell tower. Our move is also consistent with our position of being open to more competition in the telecommunications industry.”

Continue reading…

Related Articles:

 

Ayala Acquires NTC

AC Education Inc. (AEI), the wholly-owned education arm of Ayala Corp. (PSE: AC), was selected as the winning bidder of the tender process conducted for the sale of shares of National Teachers College (NTC). A Share Purchase Agreement for approximately 96% of NTC’s shares has been executed by the parties. The acquisition remains subject to certain closing conditions, including securing the necessary regulatory approvals.

NTC is located on Nepomuceno Street, Quiapo, Manila and was founded in 1928, as the first school in the country to offer General Education leading to a Bachelor of Science in Education. It has a long track record of commitment to excellence in teaching, growth and inclusion, with almost 10,000 students from Basic to Higher education. It is one of the most well-recognized teacher education institutions in the country, with Level III Accreditation from PACUCOA for its Bachelor programs in Elementary and Secondary Education, and over 3,500 Education students in both college and graduate programs. NTC has also established growing Colleges of Accountancy & Business, Arts & Science, Hospitality Management and Information Technology, and a School of Advanced Studies.

Continue reading…

Related Articles:

 

RHI Q1 Revenues Jump 39% to PhP2B

Integrated sugar and ethanol producer Roxas Holdings Inc. (RHI, PSE: ROX) has announced its unaudited financial and operating results for the first quarter of Crop Year 2018. The Group’s consolidated revenues for the quarter climbed 39% to PhP2.07 billion from the PhP1.49 billion recorded for the same period in Q1 2017 driven by increased volume of sugar sold.

The volume of raw sugar sold rose 189% to 786,173 LKg from 272,374 LKg previously, while the volume of refined sugar sold increased by 23% to 431,014 LKg for the period from 223,777 LKg in Q1 2017.

Continue reading…

Related Articles:

 

Ayala Restructures Energy Business

Ayala Corp.’s (PSE: AC) board of directors approved the restructuring of Ayala’s energy business that will result in the creation of two wholly owned platforms, Renewable Energy and Thermal Energy.

The restructuring will be undertaken through the following steps:

1. Creation of a new holding company: AC Renewables Inc.

2. Transfer of renewable assets to AC Renewables Inc.

3. Rename existing Thermal Holdings company to ACE Thermal Inc.

Continue reading…

Related Articles:

 

Nickel Asia Estimates 9% Growth in 2017 Shipment Value

Nickel Asia Corp. (PSE: NIKL) has announced that the company’s estimated value of shipments in 2017 rose by 9% to PhP14.45 billion from PhP13.23 billion in 2016. Although shipment volumes were lower compared to the prior year, the increase in revenues was due to higher average prices, in part the result of a change in the ore mix to higher value ore, and a more favorable Peso to US dollar exchange rate.

The estimated realized price on 9.64 million WMT of ore sales to Japanese and Chinese customers in 2017 averaged $24.46 per wet metric ton (WMT) compared to an average of $20.77 per WMT on 11.69 million WMT of ore sales realized in 2016.

Continue reading…

Related Articles:

 

2017 Foreign Portfolio Investment Transactions Show Net Outflows

Registered foreign portfolio investments for 2017 aggregated $16.1 billion, 8.9 percent lower than the $17.6 billion level in the previous year, according to the Bangko Sentral ng Pilipinas (BSP). On a monthly basis, the lowest gross inflows were recorded in August ($936 million) while the peak was noted in June ($2 billion).

On a quarterly basis, the largest inflows were noted in the second quarter at $4.8 billion, representing 30 percent of the total for the year. This may be attributed to positive investor sentiment arising from the World Bank’s view that the Philippines will continue to be a top performer in the region, and the conflict resolution in Marawi City. These were further supported by accelerated net foreign buying as well as the approval by Congress of the first phase of the tax reform package.

Continue reading…

Related Articles:

 

BPI Approves Stock Rights Offer for Up to PhP50 Billion

Bank of the Philippine Islands (PSE: BPI) approved a stock rights offering (SRO) of common shares to eligible shareholders to raise up to PhP50 billion to support its growth and strategic initiatives in the coming years.

The bank believes that the Philippine banking sector continues to present significant medium and long-term growth prospects and that it is well-positioned to capitalize on them.

Continue reading…

Related Articles:

 

GT Capital to Subscribe in Metrobank Stock Rights Offer

GT Capital Holdings Inc. (PSE: GTCAP) has disclosed that it intends to fully subscribe in Metropolitan Bank and Trust Co.’s (Metrobank, PSE: MBT) stock rights offer (SRO), as disclosed by Metrobank on 17 January 2018.

GT Capital currently owns 36.09% of Metrobank, one of the country’s largest banks in terms of assets, deposit base, and equity.

Related Articles: