New Clark International Airport to Spur Economic Growth in Central and North Luzon

Clark International Airport O&M winning bidder North Luzon Airport Consortium (NLAC) is optimistic that the project will spur economic growth in Central and North Luzon. The consortium is pouring in an estimated project cost of about PhP6 billion to fit out the new terminal with a capacity to serve eight million passengers per annum, doubling the current capacity of the existing terminal.

The consortium comprises Filinvest Development Corp. (PSE: FDC), JG Summit Holdings Inc. (PSE: JGS), Philippine Airport Ground Support Solutions Inc., and Changi Airport Philippines (I) Pte Ltd (CAP), a wholly owned subsidiary of Changi Airports International. CAP was incorporated by Changi Airports International to focus on the Philippines. This is similar to the other companies that Changi Airports International has set up for the airports it owns in other countries as part of its global business.

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ICTSI to Operate and Manage Sudan’s South Port Container Terminal

On 03 January 2019, International Container Terminal Services Inc. (ICTSI, PSE: ICT), through its wholly-owned subsidiary ICTSI Middle East DMCC, signed a concession agreement with the Sea Ports Corporation of Sudan (SPC) to operate, manage and develop the South Port Container Terminal (SPCT) at the port of Port Sudan, Republic of the Sudan.

SPC, the independent state corporation of the Republic of the Sudan that governs, constructs and maintains the country’s ports, harbors and lighthouses, and ICTSI, through its wholly-owned subsidiary ICTSI Middle East DMCC, has signed the Concession Agreement appointing ICTSI to operate and manage the SPCT at the port of Port Sudan, Republic of the Sudan, for a 20-year period.

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National Re Receives Investment Grade Rating

The National Reinsurance Corporation of the Philippines (PSE: NRCP), the Philippines’ sole domestic professional reinsurer, was assigned a financial strength rating of PRS A by the Philippine Rating Services Corp. (PhilRatings).

A PRS A rating means that an insurer has strong financial security characteristics, but is somewhat more likely to be affected by adverse business conditions compared to higher-rated insurance companies.

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Equity Restructuring at NOW

The Board of Directors of NOW Corp. (PSE: NOW), at a special meeting held on December 28, 2018, approved the company’s equity restructuring plan by reducing the par value of the common shares of stock of the company and by applying the resulting additional paid-in capital to eliminate its accumulated deficit.

The equity restructuring will not reduce the number of outstanding shares and will not change a stockholder’s interest in NOW. Furthermore, the PhP1.00 par value per share of the existing preferred shares will not change.

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Metro Pacific Investments Inks PhP19B Omnibus Loan Agreement for CCLEC

Cebu Cordova Link Expressway Corp. (CCLEC), an indirect subsidiary of Metro Pacific Investments Corp. (MPIC, PSE: MPI), signed an omnibus loan and security agreement covering a PhP19 billion 15-year term loan facility provided by various banks.

The loan is secured by a pledge over CCLEC shares and a security interest over certain assets of CCLEC.

Proceeds of the loan will be used by CCLEC to fund the construction costs and other project costs of its toll road facility linking Cebu and Cordova with a cable-stayed bridge as part of the facility. The toll road facility will be utilizing an open system once it starts commercial operations sometime in 2021.

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Phoenix Petroleum Lists Maiden Series of Php10B Commercial Papers Program

Oil company Phoenix Petroleum Philippines Inc. (PSE: PNX) has raised PhP7 billion through the listing of commercial papers on the Philippine Dealing and Exchange Corp. on December 27, 2018. This serves as the maiden series of the company’s PhP10 billion commercial papers program which will be issued and reissued over a three-year period–a milestone in the debt securities market as it is the first program of its kind to be approved by the Securities and Exchange Commission (SEC).

The initial offer of commercial papers is composed of two subseries amounting to PhP3.5 billion each: Series A-1 has a fixed discount rate of 7.0937% and a tenor of 180 days, while Series A-2 has a fixed discount rate of 7.4717% and a tenor of 360 days.

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Manila Water Receives Contract from Nueva Ecija’s San Jose City Water District

The consortium of Manila Water Co. Inc. (PSE: MWC), its wholly-owned subsidiary Manila Water Philippine Ventures Inc., and Tubig Pilipinas Group Inc., received the Notice of Award from the San Jose City Water District – Nueva Ecija (SJCWD) for the implementation of the joint venture project for the design, construction, improvement, upgrade, rehabilitation, maintenance, operation, financing, expansion, and management of the water supply system and the provision of water and sanitation services of the SJCWD in the City of San Jose in the province of Nueva Ecija.

Upon completion of the conditions precedent specified in the notice, the consortium and the SJCWD shall enter into a joint venture agreement that will grant the consortium, as contractor to perform certain functions and as agent for the exercise of its right and powers, the sole right to develop, manage, operate, maintain, repair, refurbish and improve, expand and as appropriate, decommission, the facilities in the service area, including the right to bill and collect tariff for water and sanitation services supplied in the service area of SJCWD.

The project has an estimated capital expenditure program of over PhP1.399 billion over the 25-year contract period and is estimated to have a billed volume of about 21 million liters per day by year 25.

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DoubleDragon Board Approves Creation of International Entities for Overseas Sales Expansion

DoubleDragon Properties Corp. (PSE: DD) Board of Directors approved the creation of an international wholly owned selling arm subsidiaries in Singapore, Hong Kong, Japan, London, Italy and the United States of America to focus on the international pre-selling of Hotel101 projects in the Philippines.

DoubleDragon has a strong in-house domestic sales force consisting of over 50 experienced property specialists. The company’s new sales recorded across all projects have exceeded PhP1.9 billion 2018 to date, an increase of 142.9% year-on-year, majority of which was attributable to Hotel101 Fort, which was well received by the market and hit a record PhP1.65 billion in sales since its launch just last March 2018.

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