I-Remit’s Growth Outperforms the Industry

Personal remittances from Overseas Filipinos in the first seven months of the current year continue to exhibit an increase in growth. The Bangko Sentral ng Pilipinas (BSP) reported a growth of 3.0 percent from the level registered in the same period last year with year-to-date remittance inflows of $18.5 billion.

Within the same period, top Filipino-owned, publicly listed remittance service provider, I-Remit Inc. (PSE: I) posted a 12% growth, four times more than the growth of the whole industry. I-Remit attributes this to the significant increase in its remittance business turnover from Singapore, Hong Kong, Japan, Taiwan, Canada, United Kingdom, Saudi Arabia, Qatar, UAE, as well as its newest market, South Korea.

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CLI Bullish in Expanding to New VisMin Areas

Barely a year after its initial public offering, Cebu Landmasters Inc. (PSE: CLI) has fully spent the funds raised from the sale of shares and has built up its landbank to 976,302 sqm.

In a disclosure, the leading VisMin-based property developer said around seventy percent of the funds were used in acquiring land in strategic areas where it is now aggressively building up new projects. Forty-one percent of its landbank is in Mindanao; 33 percent in the Visayas; and 26 percent in Cebu.

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DFNN Declares Property Dividends

In its meeting held on February 28, 2018, the Board of Directors of DFNN Inc. (PSE: DFNN) approved the declaration of property dividends consisting of 8 million shares of its affiliate Hatch Asia Inc.

On July 24, 2018, the entitlement ratio was amended to reflect the intention of the board and to distribute the Hatch Asia shares to the shareholders of DFNN to the fullest extent possible. The entitlement ratio is 1 Hatch Asia share for every 40.5775 DFNN shares. Any fractional shares will be rounded off.

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DoubleDragon Declares Cash Dividends

The Board of Directors of DoubleDragon Properties Corp. (PSE: DD) approved today, September 18, 2018, a regular cash dividend to the preferred shareholders in the amount of PhP1.61945 per share.

The regular dividends will be paid to all preferred shareholders on record as of October 2, 2018 and will be paid on October 15, 2018.

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ISM Treasury Sales to Accion

ISM Communications Corp. (PSE: ISM) and Accion Common Development Fund SPC have proceeded to execute the definitive agreement for the purchase by Accion of all of ISM’s 841,945,107 treasury shares at a purchase price of PhP1.45 per share or a total purchase price of PhP1,222,820,405.15 (25% of which is payable upon purchase and the 75% balance no later than the end of the year).

Once completed, the shares acquired by Accion will constitute 30.07% of the resulting outstanding capital of ISM.

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FEU Declares Cash Dividends

The Board of Trustees of Far Eastern University Inc. (PSE: FEU) at its meeting held on September 18, 2018, declared a cash dividend of PhP8.00 per share to all stockholders of record as of October 2, 2018, payable on October 18, 2018. The total cash dividend amounts to PhP131,816,184.00.

The books will be closed from October 9, 2018 to October 18, 2018.

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DFNN Inks JV Agreement with CYG

DFNN Inc. (PSE: DFNN) has signed a joint venture agreement with CYG Pte. Ltd. Headquartered in Singapore, CYG is a software and technology company with a research and development center based in Taiwan. The strategic partnership is aimed at optimizing the Company’s current technology platform offerings and merging local efficiencies with international benchmarks.

The joint venture will act as an accelerator with DFNN and CYG bringing their experience collaborating with and supporting its clients with robust, scalable and proprietary technology solutions and services that could be deployed for both the domestic and international markets.

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Metro Alliance Invites Stockholders to Subscribe to Remaining Unissued Capital Stock

The Board of Directors of Metro Alliance Holdings & Equities Corp. (PSE: MAH) decided to make a call for the existing stockholders to subscribe to the remaining unissued capital stock of the company.

Metro Alliance has authorized capital stock of PhP1,200,000,000 with par value of PhP1.00 per share out of which 306,122,449 shares are fully paid up/outstanding, leaving 893,877,551 as unissued/unsubscribed. Existing stockholders now can subscribe at the ratio 2.91 shares per 1 share a stockholder holds at the price of PhP1.00 per share, which is the par value under the Articles of Incorporation.

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