Metrobank Board Approves SRO

Metropolitan Bank & Trust Company (Metrobank, PSE: MBT) received Board approval to conduct a Stock Rights Offer (SRO) by way of issuance of up to a maximum of 819,827,214 common shares, which is equivalent to the remaining unissued shares from the bank’s authorized capital stock. Timing and size of the transaction are subject to other details such as the offer price and are subject to receipt of regulatory approvals as well as market and other conditions.

The bank believes that the robust growth of the Philippines will continue to support the prospects for accelerated loan expansion across the various segments of the economy. Metrobank seeks to capitalize on the growth opportunities of large cap corporates and especially in its core franchise, the middle market and small to medium enterprises (SME) segments. Rising per capita levels also bode well for the potential in the growing consumer space, specifically in credit cards, auto loans and home mortgage.

Continue reading…

Related Articles:

 

BSP and PPMI Sign MOA to Strengthen Governance in the Retail Payment System

The year 2018 ushers in a milestone for reforms in the retail payment system as the Bangko Sentral ng Pilipinas (BSP), represented by Governor Nestor A. Espenilla Jr., and the Philippine Payments Management Inc. (PPMI), represented by Chairman Justo A. Ortiz, signed the Memorandum of Agreement (MOA) between the BSP and PPMI on 12 January 2018.

Under the MOA, the BSP recognizes PPMI as the payment system management body (PSMB) while the PPMI recognizes the authority of the BSP as the primary overseer of the retail payment system given its critical role in the financial infrastructure as envisioned under the National Retail Payment System (NRPS) Framework.

Continue reading…

Related Articles:

 

Phoenix Petroleum Inks Joint Venture Agreement

The Board of Directors of Phoenix Petroleum Philippines Inc. (PSE: PNX) has approved and authorized the execution of a joint venture agreement with TIPCO Asphalt Public Co. Ltd and Carlito B. Castrillo of PhilAsphalt (Dev’t) Corp. for the purpose of operating, marketing and distribution of Bitumen and Bitumen-related products in the Philippines.

Continue reading…

Related Articles:

 

Cebu Landmasters Ends 2017 with Record PhP4.58B Reservation Sales

Property developer Cebu Landmasters Inc. (PSE: CLI) finished the year 2017 with PhP4.58 billion in total reservation sales, exceeding its target by 13.75 percent and beating the 2016 result by 55.6 percent.

CLI attributed its exceptional performance mainly to newly launched residential projects: 38 Park Avenue (Cebu IT Park) with 745 units, Casa Mira South (Cebu) with 3,200 units, Mivesa Garden Residences (Cebu) with 1,514 units, Mesaverte (Cagayan de Oro) with 798 units, and the 694-unit MesaTierra (Davao City). These projects are now almost fully sold.

Continue reading…

Related Articles:

 

PH Now a BIS-Reporting Country

The Philippines will join an elite group of less than 50 jurisdictions worldwide which report cross-border banking statistics to the Bank for International Settlements (BIS) as part of the global database.

After months of testing and validation, cross-border banking data maintained by the Bangko Sentral ng Pilipinas (BSP) has been judged as meeting the rigorous BIS standards for completeness and quality.

Continue reading…

Related Articles:

 

PhilRatings Assigns Aaa Rating to SM Prime’s Proposed Bond Issue

The Philippine Ratings Services Corp. (PhilRatings) assigned a rating of PRS Aaa to SM Prime Holdings Inc.’s (PSE: SMPH)proposed bond issue of PhP15 billion, with an oversubscription option of PhP5 billion, for a maximum aggregate amount of PhP20 billion.

The bonds are part of the company’s proposed 3-year Debt Securities Program of up to PhP60 billion. The rating for SMPH’s outstanding bonds amounting to PhP70 billion was likewise maintained at PRS Aaa. PhilRatings assigned a Stable outlook for the ratings of the proposed and outstanding bonds.

Continue reading…

Related Articles:

 

Aboitiz Power Subsidiary Aseagas Shuts Down Plant

Aboitiz Power Corp. (AboitizPower, PSE: AP) announces that the biomass plant operated by its wholly-owned subsidiary Aseagas Corp. will permanently cease operations.

Aseagas earlier suspended its commissioning due to unavailability of the supply of organic effluent wastewater from its supplier, Absolut Distillers Inc. The company also took the opportunity to assess the plant’s other issues, and after a full assessment, decided to make the plant shutdown permanent.

Continue reading…

Related Articles:

 

SM Prime to Issue Up to PhP15B Fixed Rate Retail Bonds

SM Prime Holdings Inc. (PSE: SMPH) has filed with the Securities and Exchange Commission (SEC) an application for a permit to sell for the issuance of fixed-rate bonds in the amount of PhP15 billion with an over subscription option of up to PhP5 billion with maturities of 5 years and 7 years.

The issuance is part of the Company P60 Billion Shelf Registration of Fixed Rate Bonds approved by the SEC on 8 July 2016 under the SEC MSRD Order No. 11 series of 2016 dated 12 July 2016.

Related Articles: