PHStocks

Manila—(PHStocks)—Manila Electric Company (MERALCO, PSE: MER), through its wholly owned subsidiary MERALCO PowerGen Corporation (MPG), has agreed to join First Pacific Company Ltd (FPC) of Hong Kong to take a majority 70% interest together in a Singaporean power project using a joint venture company formed for this purpose. FPC, through its wholly owned subsidiary FP Power Assets Limited (FPPA), and MPG shall subscribe to and pay for shares of FPM Power Holdings…

Manila—(PHStocks)—Metro Pacific Investments Corporation (PSE: MPI) and DMCI Holdings Inc. (PSE: DMC) have completed their discussions with Japan’s Marubeni Corp. for Marubeni to acquire a 20% economic interest in Maynilad Water Services Inc. Marubeni, through an affiliate, will acquire a shareholding of 21.54% in DMWCI, the joint venture holding company, which will hold 92.85% of the shares in Maynilad. MPIC is reducing its economic interest in Maynilad by 4% and…

Kuala Lumpur, Malaysia—(PHStocks)—Sun Life Financial Inc. (PSE: SLF) (TSX: SLF) (NYSE: SLF) and Khazanah Nasional Berhad (Khazanah) are establishing a strategic partnership to acquire 98 percent of CIMB Aviva Assurance Berhad, a Malaysian life insurance company, and CIMB Aviva Takaful Berhad, a Malaysian takaful company, in a transaction valued at RM1.8 billion (C$586 million). Sun Life and Khazanah are each paying RM900 million (C$293 million) in respect of the transaction,…

Cebu—(PHStocks)—In a special meeting today, the Board of Directors of Aboitiz Equity Ventures Inc. (PSE: AEV) has approved the proposed offer from Union Bank of the Philippines (UnionBank, PSE: UBP) to purchase all of its shares in City Savings Bank, Inc. (CitySavings), a Cebu-based thrift bank. AEV, together with its wholly owned subsidiary, Pilmico Foods Corporation (PFC), own 99.54% of CitySavings’ issued and outstanding capital stock. AEV owns 116,262 shares…

Makati—(PHStocks)—Trans-Asia Oil and Energy Development Corporation (Trans-Asia, PSE: TA) and Holcim Philippines Inc. (PSE: HLCM) has signed a Share Purchase Agreement for the purchase by Trans-Asia of Holcim’s 50% stake in Trans-Asia Power Generation Corporation (TAPGC). TAPGC is a joint venture between Trans-Asia and Holcim. It owns and operates a 52MW power plant in Norzagaray, Bulacan. Trans-Asia is a subsidiary of Phinma Corp. (PSE: PHN). Related Articles:PHStocks Week in Review:…