tag:blogger.com,1999:blog-83513359575024536042024-02-21T06:11:40.851-08:00philippine real estate stock marketUnknownnoreply@blogger.comBlogger35125tag:blogger.com,1999:blog-8351335957502453604.post-13945649210913250102020-05-10T16:26:00.005-07:002020-05-10T16:26:48.470-07:00PSEi seen to rise past 6,000<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: arial, helvetica, sans-serif;">May 11, 2020 | 12:09 am [ bworldonline.com ]</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz23BWCv-HcETZe94-v8M0iME7cQb9V9ERbbbQx2ClHS1TWgIQrbKbqVgH7MNfBPWngTg_eh3bY-kYhf6JKQuhbtuSn7RxI8xHJVZO1fWpj3AyRP4862TVrpB6ml3toakDYts07c6WFGA/s1600/PSE-BGC-091619-1.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="450" data-original-width="825" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz23BWCv-HcETZe94-v8M0iME7cQb9V9ERbbbQx2ClHS1TWgIQrbKbqVgH7MNfBPWngTg_eh3bY-kYhf6JKQuhbtuSn7RxI8xHJVZO1fWpj3AyRP4862TVrpB6ml3toakDYts07c6WFGA/s640/PSE-BGC-091619-1.jpg" width="640" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">SANTIAGO ARNAIZ</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">By Denise A. Valdez</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Reporter</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">THE Philippine Stock Exchange index (PSEi) is projected to end the year above the 6,000 level, down from earlier estimates of closing within the 8,600-8,900 range, as an effect of the coronavirus disease 2019 (COVID-19) pandemic.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">A capital markets research for April 2020 prepared by First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said the recovery of the stock market is expected to begin by the second half of 2020.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">“Equity investors may take time to get back into the market given the huge losses they have suffered and the need to prepare for a more secure future. We think, however, that the situation would start normalizing (of sorts) in H2 (second half) and we see PSEi ending the year above 6,000,” it said.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">UA&P Senior Economist Victor A. Abola, who was one of the authors of the research, said in a mobile message that the second half would have to signal resumption of businesses in several sectors.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">“By H2, the economy would have gone into recovery mode (although not even 90%),” he told BusinessWorld. “A lot of the uncertainty that exists today — reopening of the entire country to full economic activity, health protocols, and investor sentiment in general should improve significantly from the lows and we have seen up to this point.”</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">“Below 6,000 is an aberration for our stock market,” Mr. Abola added.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The PSEi has dropped to an eight-year low on March 19, falling 13.34% to 4,623.42, when the COVID-19 crisis started resulting in lockdowns both locally and abroad.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">FMIC’s research noted the main index suffered the region’s biggest loss of 21.6% in March. Since then, the PSEi has been trading within the 5,342-5,946 range in April, and has sustained the 5,500-5,600 level in the first week of May.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The main index closed at 5,621.94 on Friday, down 31.22 points or 0.55% from the previous session.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">However, FMIC’s previous outlook for the PSEi to end 2020 within 8,600-8,900 would have to adjust as recovery may not be as fast as desired.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">“With millions of people left jobless and global supply chains in disarray, COVID-19’s dreaded economic impact can only be negative and the future uncertain,” FMIC said.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">The Philippines has implemented localized quarantines since the middle of March, covering initially the island of Luzon, which accounts for about 70% of the country’s gross domestic product.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">Easing of the quarantine started on May 1, but Metro Manila and its nearby cities remain under quarantine until May 15.</span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif;">An announcement on the extension or lifting of the Metro Manila lockdown is expected early this week.</span><br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-55740915639170006062019-03-04T18:46:00.003-08:002019-03-04T18:46:33.440-08:00Luxury living at the Westin<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-03-05T00:03:54+00:00">March 5, 2019 | 12:03 am</time></span></span><span style="font-family: Arial, Helvetica, sans-serif;"> [ bworldonline.com ]</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">THE FIRST Westin-branded residences in Southeast Asia can be found in the heart of Ortigas Center in Pasig City.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Robinsons Land Corp., through its high-end brand Robinsons Luxuria,
developed The Residences at The Westin Manila Sonata Place within the
Sonata Place complex.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">In a statement, RLC described The Residences, which is managed
by Marriott International, Inc., as a “vivid vision of daily world-class
leisure.”</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">The 50-storey residential condominium offers 344 units of one to
three bedrooms with sizes ranging from 47.29 square meters (sq.m.) to
254.77 sq.m. and penthouse units with size ranging from 234.25 sq.m. to
249.22 sq.m. Unit prices start from P11.4 million to P58.2 million.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Each unit will feature Westin hotel signatures such as the Westin
Heavenly bed and Westin Heavenly shower, as well as the Westin
SuperFoodsRX menu.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Amenities include a business lounge, function rooms, meeting rooms,
boardroom, an entertainment lounge, a wine room, a private theater,
playroom, a golf simulation room, a pool, and fitness facilities.</span><br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-46593471165733578832019-03-04T18:44:00.001-08:002019-03-04T18:44:24.790-08:00Pag-IBIG financing for Amaia project<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-03-05T00:02:07+00:00">March 5, 2019 | 12:02 am</time></span></span><span style="font-family: Arial, Helvetica, sans-serif;"> [ bworldonline.com ]</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">AMAIA LAND Corp. is offering flexible payment options, including
Pag-IBIG financing, to prospective homeowners at Amaia Scapes Capas in
Tarlac.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Located along the MacArthur Highway in Brgy. Estrada, Amaia Scapes
Capas is currently has 114 available units, ranging from Twin Homes and
Bungalow Pods to Twin Pods and Multi Pods. Lots are also available.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Homeowners can make a minimum 5% downpayment, spread over six
months, with the 95% balance to be settled through Pag-IBIG financing
(based on prevailing interest rates).</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">To avail of Pag-IBIG financing, locally employed applicants must
provide a certificate of Employment and compensation (original and
notarized once for application); latest one-month pay slip; most recent
Income Tax Returns; latest proof of billing address; birth
certificate/marriage contracts; 2 valid IDs (spouses); Pag-IBIG
ID/Pag-IBIG Loyalty Card/Members Data Form (online application); and 3
pieces of 1×1 ID photos.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">For overseas Filipino workers, applicants have to present a valid
employment contract; latest one-month pay slip; valid passport; valid ID
of SPA; Special Power of Attorney (Pag-IBIG format); latest proof of
billing address; birth certificate/marriage contracts; Pag-IBIG
ID/Pag-IBIG Loyalty Card/Members Data Form (online application); and 3
pieces 1×1 ID photos.</span><br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-90897443923260708942019-03-04T18:42:00.002-08:002019-03-04T18:42:32.127-08:00Aspire Corporate Plaza to be completed by 2020<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-03-05T00:04:50+00:00">March 5, 2019 | 12:04 am</time></span></span><span style="font-family: Arial, Helvetica, sans-serif;"> [ bworldonline.com ]</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><b>By Francis Anthony T. Valentin</b></span>
<span style="font-family: Arial, Helvetica, sans-serif;"><i>Special Features Assistant Editor</i></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">Aspire Corporate Plaza to be completed by 2020</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">GOLDEN BAY Fresh Landholdings, Inc. is looking to complete the
construction of Aspire Corporate Plaza, its P2-billion office building
in the Pasay City section of the Manila Bay Area, by 2020, earlier than
initially planned.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The project was originally slated for completion in early 2021,
Jardin Brian B. Wong, chief operating officer of Golden Bay, said at a
press briefing on Feb. 21.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“We started developing the property even though we didn’t have any
sale. That represents our confidence in the project,” he said.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Touted as the “first and only property in the Macapagal Bay Area to
sell office spaces,” Aspire Corporate Plaza is aimed primarily at small
and medium-sized enterprises, especially those in places like Binondo in
Manila and those that prefer to own an office space rather than only
leasing it.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“We offer them a chance to own their units in the booming Bay Area,”
Mr. Wong said. “In the years to come, more and more people will see the
benefits of relocating here. They’ll see the benefits of having
relocated to an area closest to the airports and closest to key
expressways.”</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Golden Bay enlisted several firms, including Megawide Construction
Corp., Sta. Elena Construction and Development Corp., ASYA Design
Partner and Meinhardt Philippines, Inc., to put together the structure
on a 3,500 square meter-property behind its food business, Golden Bay
Fresh Seafood Restaurant, on Diosdado Macapagal Boulevard.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">“Once we asked them to go full blast at an earlier time, <i>kinaya nila</i>,” Mr. Wong said.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Construction of the 10-story structure began early last year. Mr.
Wong said the topping off would be held this year and the turning over
of the units to the owners in 2020.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Part of the reason for fast tracking of the building is that their
company is going to transfer there from its office in Binondo. “We
personally bought a handful of units,” Mr. Wong said.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Aspire units have been selling briskly. “We sold already around 40 [units],” Mr. Wong told <i>BusinessWorld</i>
on the sidelines of the briefing last Thursday. Their buyers include
manufacturing, logistics and construction companies. An office unit
starts at around P250,000 per square meter.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Golden Bay conducted a two-day open house earlier this month to
generate sales as well as buzz for its office building that will feature
a sky garden, six high-speed passenger elevators and a parking space
for 261 vehicles. Another one is scheduled to take place on March 9 and
10.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">_________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-61122712899078728512019-03-03T16:10:00.001-08:002019-03-03T16:10:12.682-08:00Expectations of better earnings this year make Megawide an attractive stock — analysts<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-03-04T00:05:22+00:00">March 4, 2019 | 12:05 am</time></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;"><img alt="Megawide logo" class="alignright wp-image-217427 size-medium" height="109" src="https://www.bworldonline.com/wp-content/uploads/2019/03/Megawide-logo-030419-300x109.jpg" width="300" /></span><br />
<span style="font-family: Arial, Helvetica, sans-serif;">MEGAWIDE CONSTRUCTION Corp. was one of the most actively traded
stocks in the Philippine Stock Exchange last week on account of the
attractiveness of the company’s future growth prospects according to
analysts.</span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">A total of 38.48 million shares worth P763.98 million exchanged
hands on the trading floor from Feb. 26 to March 1, data from the
Philippine Stock Exchange showed.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Megawide shares closed at P19.48 apiece on Friday, down 2.6% from the
previous day. On a week-on-week basis, the stock price is up 3.1%. Year
to date, it is up 7.2%.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“Megawide’s disclosures on its future projects this past few weeks
were good news,” said A&A Securities, Inc.’s trader Jeng T. Calma.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">UPCC Securities Corp. equity trader Aristotle D. Reyes, Jr. was of a
similar assessment. In particular, he cited the news that mass housing
developer 8990 Holdings, Inc. tapped Megawide to build its horizontal
housing project in Meycauyan, Bulacan.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“[This is] a good addition to the construction segment of Megawide,
which saw a slowdown [in revenues] last year due to delays in permits
and contracts. So I expect a good pick up this year as the delayed
projects last year will start this year. So for investors, this is quite
an assurance that the good earnings will continue and sustainable,” Mr.
Reyes said.Last Wednesday, Megawide signed a memorandum of agreement
with 8990 Holdings to construct about 5,000 townhouses in the latter’s
41-hectare Deca Homes Meycauayan in Barangay Saluysoy, Bulacan.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">On Feb. 22, the engineering and infrastructure conglomerate signed a
similar deal with PHirst Park Homes, Inc. for the use of the former’s
precast technology to build more than 1,800 homes in Lipa, Batangas.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Although the stock’s price dropped last Friday, A&A Securities’
Ms. Calma said that it was only a technical matter. “Since it was on an
uptrend for how many days, some investors who bought at a lower price
were profit taking,” she said.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">A&A’s Ms. Calma said that Megawide is a good buy in the long
term, pointing to the company’s share buyback program in addition to its
future projects inked this year and last year.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">For UPCC’s Mr. Reyes, Megawide has a “very promising” growth, citing
its Cebu airport and Parañaque terminal projects, as well as potential
projects from the government.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“The company is doing a very good job in its Mactan, Cebu airport
which continues to surpass target tourist arrivals that resulted to more
than expected earnings growth. Different business groups and the
government lauded Megawide for its hard work to market Cebu to tourists
around the world. Recently they added new direct flight routes to China
and other countries, which will result in more tourist arrivals in the
province,” he said, referring to the Mactan-Cebu International Airport
(MCI), which is operated by Megawide’s joint venture with GMR
Infrastructure, Ltd.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Mr. Reyes also mentioned that three out of four of its towers at the
Parañaque Integrated Terminal Exchange (PITX) has already been leased
out.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">PITX, a P2.5-billion terminal built by Megawide’s subsidiary MWM
Terminals, Inc., opened early November last year. The terminal is
expected to receive an average foot traffic of 100,000 a day but is
expendable to 200,000 passengers daily.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“This will give Megawide huge recurring income which makes the income
more stable, less cyclical,” he said. “For the construction segment, we
project it will pick up especially that the government is starting to
roll out major infrastructure projects that will spur growth for
infrastructure/construction industry.”</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Mr. Reyes also noted that the stock has consistently benefited from foreign buying since Feb. 18.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“Megawide has been actively traded because of foreign funds… This
means foreign investors sees a lot of potential in the company,” said
Mr. Reyes.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Megawide’s net income attributable to parent fell by four percent to
P1.32 billion in the first nine months of 2018 compared to P1.38 billion
in the same period in 2017.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Revenues dropped by 11% to P12.746 billion, weighed down by the 17%
decline in revenues from the construction segment. Revenues from airport
operations jumped 26% to P2.180 billion, as the MCIA saw double-digit
growth in passenger volume.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">For this week, A&A’s Ms. Calma has placed Megawide’s strong support at P18 per share while resistance at P19 per share.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“Support and resistance will be P19 per share and P20.50 per share, respectively,” UPCC’s Mr. Reyes said. — <b>Carmina Angelica V. Olano</b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">_______________________________________ <b><br /></b></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-16084084872188895002019-01-14T13:38:00.003-08:002019-01-14T13:38:57.032-08:00More office spaces to be built within transportation hubs<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-01-15T00:08:19+00:00">January 15, 2019 | 12:08 am</time></span></span><span style="font-family: Arial, Helvetica, sans-serif;"> [ bworldonline.com ]</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">MORE property firms are building office spaces within transportation hubs, as a way to maximize space.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Commercial real estate services company Cushman & Wakefield
Philippines said office spaces are now being developed within or near
transportation hubs in Metro Manila.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“Another new concept may be how they are building offices near or on
top, actually, of transportation hubs that are being built, like for
example we have for Ayala, and then we also have the one for Parañaque
Integrated Terminal Exchange, so there would be an office component to
that as well,” Francis Adrian H. Viernes, manager of research and
consultancy of Cushman & Wakefield Philippines, said in an interview
with <i>BusinessWorld</i> last month.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">In recent years, developers have also allocated office spaces within
shopping malls, giving people the convenience of working in a place
where they can also shop, eat and relax.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“This has been an arrangement that we’ve seen in few years. There are
office portions being added to retail developments, like for example
the case for SM, for (Megaworld’s) Uptown, it’s the usual scenario… and
it’s not likely to change in the next years,” Mr. Viernes said.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">At the same time, Cushman & Wakefield expects demand for office
space this year to be driven by business process outsourcing (BPO)
companies.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“The information technology and business process management sector,
or IT-BPM will continue to take a huge chunk of office demand in 2019,”
Mr. Viernes said, after a slowdown in the sector in 2017.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“For 2018, (IT-BPM) has regained a bit of strength, and for 2019
we’re expecting that to continue because all the uncertainties that we
had when it comes to like the fiscal incentives, because of the policies
that were being laid out, all the uncertainties have not provided
anything that could negatively affect the business, so far,” he added.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The Philippines remains one of the top destinations for outsourcing
firms. In Tholon’s Top 100 Outsourcing Destination for 2018, Manila and
Cebu ranked second and 11<sup>th</sup>, respectively.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Aside from the Filipinos’ proficiency in English, outsourcing firms
flock to the Philippines since office rental rates are significantly
lower than Singapore or Hong Kong.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The government’s massive infrastructure program “Build, Build, Build” has also been a magnet for foreign investors.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“<i>’Yung</i> massive infrastructure spending, it’s actually making
some global noise… Those are seen as positive and progressive by foreign
investors,” Mr. Viernes said. — <b>Vincent Mariel P. Galang</b></span></div>
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___________________________________________</div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-36066709703623923472019-01-13T13:26:00.002-08:002019-01-13T13:26:31.629-08:00PSE implements real-time broker ownership monitoring<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-family: Arial, Helvetica, sans-serif;"><span class="td-post-date"><time class="entry-date updated td-module-date" datetime="2019-01-14T00:01:59+00:00">January 14, 2019 | 12:01 am</time></span></span><span style="font-family: Arial, Helvetica, sans-serif;"> [ bworldonline.com ]</span>
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<figure><span style="font-family: Arial, Helvetica, sans-serif;"><img alt="" class="entry-thumb" height="436" src="https://www.bworldonline.com/wp-content/uploads/2017/05/19022018_PSE-BGC_Arnaiz16.jpg" title="19022018_PSE-BGC_Arnaiz16" width="640" /></span><figcaption class="wp-caption-text"><span style="font-family: Arial, Helvetica, sans-serif;">PHOTO BY SANTIAGO J. ARNAIZ</span></figcaption></figure></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">THE local bourse has implemented new measures that will keep it
within the prescribed broker ownership limit, in line with the single
industry rule under the Securities Regulation Code (SRC).</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The Philippine Stock Exchange, Inc. (PSE) said in a statement over
the weekend that it has included real-time broker ownership monitoring
through the trading system. This automatically prevents trading
participants from placing a buy order for PSE shares should their
accounts exceed the 20% limit for broker industry ownership.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Item C of Section 33.2 of the SRC states that “no person may
beneficially own or control, directly or indirectly, more than five
percent (5%) of the voting rights of the Exchange and no industry or
business group may beneficially own or control, directly or indirectly,
more than twenty percent (20%) of the voting rights of the Exchange.”</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“We intend to observe the prescribed broker ownership limit in PSE by
putting in place safeguards that will help us with this goal,” PSE
President and Chief Executive Officer Ramon S. Monzon was quoted as
saying in a statement.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">Other measures include the regular updating of brokerage firms’
Customer Account Information Form, to disclose the relationship of
clients to other trading participants, such as the directors, officers,
and principal stockholders.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The PSE will monitor the accounts of related persons of broker
dealers, including their subsidiaries and affiliates, directors,
officers, principal stockholders, and nominees to the PSE, as well as
their spouses and relative up to the fourth civil degree of
consanguinity.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The exchange has earlier proposed to amend the PSE Rules Governing
Trading Rights and Trading Participants, asking trading participants to
abide by the Securities and Exchange Commission (SEC)’s Rules Governing
Trading of PSE shares.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">This entails penalties of up to P300,000, in addition to suspension
of trading operations for at least five days for the third and
subsequent offense.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">“While we have identified the appropriate measures to ensure that
broker ownership remains below 20 percent, we call on our trading
participants to help and support us in ensuring that the legal
requirements are strictly observed,” Mr. Monzon said.</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The PSE initiated efforts to bring down broker ownership in 2017,
when it was still working on getting the SEC’s approval for its proposed
acquisition of the Philippine Dealing System Holdings Corp. (PDSHC).</span><br />
<br />
<span style="font-family: Arial, Helvetica, sans-serif;">The PSE-PDSHC merger, however, is not likely to push, through as the
state-run Land Bank of the Philippines also intends to purchase the
fixed-income exchange with the backing of the Department of Finance. — <b>Arra B. Francia</b></span><br />
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<span style="font-family: Arial, Helvetica, sans-serif;">__________________________________________ <b><br /></b></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-41710942329059208852016-07-22T13:38:00.000-07:002016-07-22T13:41:34.942-07:00Ongpin disputes SEC ruling, to appeal case<div dir="ltr" style="text-align: left;" trbidi="on">
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Name="List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Bullet 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Number 5"/>
<w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Closing"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Signature"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
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<span style="font-size: x-small;"><span style="font-family: "arial" , sans-serif;">posted July 22, 2016 at
11:55 pm by Jenniffer B. Austria [ thestandard.com.ph ]</span></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">Former trade minister and
businessman Roberto Ongpin plans to appeal the Securities and Exchange
Commission’s decision to disqualify him from the board of any publicly listed
company and collect a fine of P174 million on allegations of insider trading
involving shares of Philex Mining Corp.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">“Mr. Ongpin intends to
appeal this case, for total lack of merit, to the Court of Appeals,” Ongpin’s
legal counsel said in an e-mail message, when sought for comment about the SEC
decision.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">Ongpin’s legal counsel
said the Philex Mining case was originally filed at anti-graft court
Sandiganbayan by the Ombudsman as a behest loan case and was twice quashed by
Sandiganbayan for lack of evidence.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;"> </span><br />
<span style="font-family: "arial" , sans-serif;">“This particular case now
has been shifted by the SEC to an insider trading case, but in no way can this
case be called insider trading. The jurisprudence is clear on that. The case
had unquestionably prescribed as it was filed almost a year after the two-year
deadline required in the Securities Regulations Code,” Ongpin’s legal counsel
said.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: "arial" , sans-serif;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqJyCml1UhT3GP86QBBpvi50JyxqbNhMn7NvBfqIMVuE9G8BmJf7WevgbKQzHrQWYeNVnthnkaTr0iyNWdSsiAMmHvo0aqVYqpbe0iWN6bdQjlSV6rxAlnFhgx74bBk8dA0EBEJ5EdOKM/s1600/ongpin_roberto_4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqJyCml1UhT3GP86QBBpvi50JyxqbNhMn7NvBfqIMVuE9G8BmJf7WevgbKQzHrQWYeNVnthnkaTr0iyNWdSsiAMmHvo0aqVYqpbe0iWN6bdQjlSV6rxAlnFhgx74bBk8dA0EBEJ5EdOKM/s1600/ongpin_roberto_4.jpg" /></a></span></div>
<br />
<div style="text-align: center;">
<span style="background-color: #cccccc;"><span style="font-family: "arial" , sans-serif;"> Roberto Ongpin</span></span></div>
</div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The SEC en banc, in a
decision dated July 8, 2016, ordered the disqualification of Ongpin from the
board of any publicly listed company for allegedly committing insider trading
in the sale of Philex Mining shares in 2009.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The corporate regulator
also ordered Ongpin to pay a fine of P174 million, or P1 million each from
alleged 174 counts of insider trading, based on Section 54.1 of the Securities
regulation Code. </span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The amount was higher
than the P17.4-million fine recommended by SEC’s enforcement and investor protection
department.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">With the en banc
decision, SEC ordered Ongpin to relinquish or resign from any or all positions
he was holding as officer, member of the board of directors, or any similar
functions in a public company or publicly listed company.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The 80-year-old Ongpin, a
former trade minister during the Marcos administration, currently sits as
chairman of two listed companies, including PhilWeb Corp. and Atok Big Wedge
Inc. He is the chairman of Alphaland Corp. and is in the board of Forum Energy
Plc.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The SEC investigation
showed that during the week of Nov. 24, 2009, businessman Manuel Pangilinan
representing the First Pacific Group and Ongpin entered into negotiations with
respect to the possible purchase by the First Pacific group of Philex shares from
the latter.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The parties settled on
the selling price of P21 per share on Dec. 1, 2009.<span style="mso-spacerun: yes;"> </span>In the morning of Dec. 2, 2009, Ongpin
through his Golden Media Corp. purchased additional 45,964,500 Philex shares
from the open market at P19.25<span style="mso-spacerun: yes;"> </span>to P19.50
per share. The purchase involved 174 separate transactions.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "arial" , sans-serif;">The corporate regulator
claimed that Ongpin had gained non-public material information as a director
and as selling shareholder of Philex when he acquired additional shares in the
mining firm before Philex shares were sold to the First Pacific group.</span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-5544618632594649462016-06-17T17:06:00.007-07:002016-06-17T17:06:45.093-07:00Stock index returns to 7,600<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial",sans-serif;">posted June 17, 2016 at 11:20 pm by </span></span></div>
<span style="font-size: x-small;">
</span><div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial",sans-serif;">The Standard Business
[thestandard.com.ph]</span></span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Stocks rose for a third day, sending the
benchmark index above the 7,600-point level, following overnight gains on Wall
Street and the suspension of campaigning for Britain’s EU vote.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">The Philippine Stock Exchange index, the
30-company bellwether, gained 57 points, or 0.8 percent, to close at 7,622.07
Friday.<span style="mso-spacerun: yes;"> </span>It was also up 9.6 percent since
the start of the year.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">The heavier index, representing all
shares, also advanced 32 points, or 0.7 percent, to settle at 4,549.27, on
value turnover of P10.8 billion. Advancers outnumbered losers, 114 to 68, while
54 issues were unchanged.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Thirteen of the 20 most active stocks
ended in the green, led by Melco Crown (Philippines) Resorts Corp. which jumped
14.2 percent to P2.97.<span style="mso-spacerun: yes;"> </span>Universal Robina
Corp. climbed 3.3 percent to P207, while BDO Unibank Inc. went up by 2.5
percent to P108.70.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Meanwhile, Asian stocks<span style="mso-spacerun: yes;"> </span>rose with European equity index futures and
the pound strengthened after the murder of a UK lawmaker prompted speculation
Britons will be less inclined to vote to leave the European Union. Sovereign
bonds fell as demand for haven assets cooled.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Markets plunged Thursday as investors
grow increasingly concerned that one of the European Union’s big three
economies will break away after next week’s poll, which many warn could
precipitate a global rout.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Japan’s refusal to ramp up its stimulus
in the face of torpid growth at home also dragged on sentiment.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">But after five straight days of losses,
New York’s three main indexes saw modest gains, which provided some incentive
for Asian investors.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Tokyo was up 1.1 percent, having plunged
more than three percent Thursday, while Hong Kong was 0.4 percent higher in the
afternoon and Shanghai ended 0.4 percent up.</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: justify;">
<span style="font-family: "Arial",sans-serif;">Sydney added 0.3 percent, Seoul put on
0.1 percent and Taipei and Manila also piled healthy gains. With AFP, Bloomberg</span></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-family: "Arial",sans-serif;">________________________________________________________ </span></div>
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<w:LsdException Locked="false" Priority="1" SemiHidden="true"
UnhideWhenUsed="true" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="List Continue 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Message Header"/>
<w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Salutation"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Date"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text First Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Heading"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-73870623787718801372013-07-26T09:28:00.003-07:002013-07-26T09:31:10.437-07:00Discovery’s P1-b IPO approved<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Jenniffer
B. Austria | Posted on Jul. 27, 2013 at 12:01am </span></span></div>
<span style="font-size: x-small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">[
manilastandardtoday.com ]</span></span><span style="font-family: "Arial","sans-serif";"></span><br />
<span style="font-family: "Arial","sans-serif";"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The
Philippine Stock Exchange approved the P1-billion initial public offering of
Discovery World Corp., the property developer of high-end resort Discovery
Shores Boracay. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The PSE said
in a memorandum Discovery World planned to sell 306 million primary shares to
the public at an offer price of P3.28 apiece next month. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The offer
period was set from Aug. 12 to Aug.19, while listing date was scheduled on Aug.
29.<span style="mso-spacerun: yes;"> </span>The shares will be listed under the
first board of the PSE. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">It said after
the IPO, Discovery World would have a public float of 40.05 percent and market
capitalization of P2.5 billion. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">About 60 percent
of the offer shares would be sold to the public, 30 percent through trading
participants and 10 percent to local small investors. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Abacus
Capital and Investment Corp. was tapped as the issue manager and lead
underwriter for the offering. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Discovery
World said it has a dividend policy of distributing to shareholders at least 10
percent of the company’s income for the previous fiscal year. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Proceeds from
the maiden offering would be used for investment in new businesses, debt
retirement and working capital purposes. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The company
plans to spend P575 million for new businesses including a resort in Coron,
Palawan. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The leisure
development firm is also looking at entering the resort hotel business in
Palawan that will feature world-class, five-star facilities for the upper class
market. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">It is
allotting P100 million to invest in a cruise business and P250 million to
acquire a 20-percent interest in Enderun Colleges, a school offering programs
in the field of hotel and restaurant management and culinary arts. </span><br />
<br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Discovery
World is spending P125 million to build another 12 villas in Discovery Shores
Boracay.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">__________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-52948841260466011962013-07-15T10:04:00.004-07:002013-07-15T10:04:50.969-07:00Ayala Land secures OK for P21-billion bonds<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">Posted on
July 15, 2013 11:13:11 PM [ BusinessWorld Online ]</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">THE
SECURITIES and Exchange Commission (SEC) has approved the plan of Ayala Land,
Inc. to raise P21 billion in fresh funds via issuance of corporate notes, an
official of the regulator said yesterday.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Ayala Land’s
bond issuance was approved by the commission today,” SEC Secretary Gerard M.
Lukban said in a telephone interview yesterday.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The company
told the Philippine Stock Exchange last month that its board had approved the
bond issue.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The bonds
will have tenors of seven, 10, and 20 or 25 years. Coupon rates were not
immediately available.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Net proceeds
“will be used for general corporate purposes,” the company had said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Speaking to
reporters in Makati City on Thursday last week, Ayala Land Chief Financial
Officer Jaime E. Ysmael said the company planned to issue the bonds this month.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Hopefully by
the end of the month; we are just waiting for the SEC approval of the
registration statement,” Mr. Ysmael had said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“It is
intended to partly finance our capex (capital expenditure) program for this
year,” he explained, adding that Ayala Land is also “looking at bilateral loans
at the subsidiary level that will effectively complete our requirements for
this year.”</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The company
has earmarked P65.5 billion for capex this year -- P46 billion for project
completion and roughly P20 billion for land banking -- for 69 property projects
worth a total of some P129 billion.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The bond
issue will mark another fund-raising effort of the property arm of conglomerate
Ayala Corp. Ayala Land just last March raised about P12.2 billion from a share
placement.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Ayala Land
will join the ranks of other firms that have tapped the bond market this year,
including GT Capital Holdings, Inc. which raised P10 billion in February, and
San Miguel Corp. which raised $800 million after selling offshore bonds in
April.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Early this
month, SEC also gave Globe Telecom, Inc. -- another unit of Ayala Corp. -- the
green light to sell P7 billion worth of seven-year, fixed rate bonds that will
mature in 2020 and 10-year, fixed rate bonds due in 2023.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Ayala Land’s
net income grew by 20.83% to P3.19 billion in the first quarter from P2.64
billion in the same period last year as revenues climbed 39.35% to P18.52
billion from P13.29 billion.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Shares of
Ayala Land ended yesterday’s trading at P30.40 apiece, unchanged from their
finish on Friday last week. -- Cliff Harvey C. Venzon<span style="mso-tab-count: 1;"> </span></span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";"><span style="mso-tab-count: 1;">____________________________________________________________ </span></span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-88530666319623147192013-07-12T14:26:00.005-07:002013-07-12T14:28:36.942-07:00SMIC, ALI expect strong H1 results<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Neil
Jerome C. Morales (The Philippine Star) | Updated July 13, 2013 - 12:00am</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">MANILA,
Philippines - Two blue chip companies have indicated strong performance in the
first half of the year on the back of the continued growth in consumer
spending, top executives said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SM
Investments Corp. (SMIC), the holding firm for the various businesses of the
Philippines’ richest man Henry Sy, likely grew its profits by double digits in
the first half while property giant Ayala Land Inc. (ALI) gained the same
momentum it recorded in the first quarter.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SMIC chief
finance officer Jose T. Sio told reporters that the conglomerate’s bottom line
likely jumped “14 to 15 percent for the first half.”</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Normally,
second quarter is slower but we were able to maintain that growth in the first
quarter because of the elections,” Sio said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The
preliminary data keeps SMIC on track with its growth projections. In its
2013-2015 plan, SMIC targets to boost its profits 12-15 percent annually that
will be supported the company’s continuous expansion.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In the first
quarter, SMCI’s net income climbed 22 percent to P7.4 billion while revenues
rose 15 percent to P56.8 billion from P49.6 billion a year ago.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The uptick in
earnings was driven by the surge in income of SMIC’s banking business, coupled
with strong profit growth from the mall and property businesses.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">For ALI chief
finance officer Jaime Ysmael, the property firm of the Ayala conglomerate
recorded higher profits in the second quarter.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“The numbers
continue to be good and consistent with what we’ve seen in the first quarter,”
Ysmael said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Our numbers
continue to be strong in the residential, malls and office,” he said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In the first
quarter, ALI’s net income climbed 30 percent to P2.76 billion from P2.13
billion a year ago on the back of better performance across all business
segments.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Consolidated
revenues hit P18.53 billion, up 38 percent from the P13.39 billion in the same
period last year.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The two
corporate giants are optimistic for the second half of the year.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Sio said: “We
expect that [growth trajectory] will be maintained in the final six months of
the year.”</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">He said
consumer spending remains strong especially given the weakness of the peso.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">A weaker peso
increases the value of dollar export earnings and remittances from overseas
Filipinos. This jacks up the spending power of families that receive dollars.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“A weaker
peso, but not so weak, is also good for the whole economy. It is good for
overseas Filipino workers, exports and our financing also,” Sio said.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">___________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-89129406490358045652013-07-08T15:38:00.000-07:002013-07-08T15:38:00.443-07:00Belle channels P4.5-B share sale proceeds to mega-casino project<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Neil
Jerome C. Morales (The Philippine Star) | Updated July 9, 2013 - 12:00am</span></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">MANILA,
Philippines - The leisure and gaming unit of property and banking conglomerate
SM Investments Corp. (SMIC) has channeled the entire proceeds of its
P4.5-billion share sale for the construction of a mega-casino complex along
Manila Bay.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In a
regulatory filing, Belle Corp. said it used the amount to help in the
construction of the $1.3-billion Belle Grande Manila integrated casino and
resort.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">In April,
Belle disbursed P3.19 billion of the proceeds from its stock rights offering,
with the remaining P1.33 billion allotted for the construction of Belle Grande
Manila.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">In October
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offering. Shareholders were entitled to buy one new Belle stock for every six
shares they own.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">In March, the
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its partnership with Belle for the 6.2-hectare Belle Grande Manila, whose
construction started early in 2010.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">The casino
complex will offer 20,000 square meters of gaming space and 900 hotel rooms. It
is located at Philippine Amusement and Gaming Corp.’s (Pagcor) Entertainment
City, the Philippines’ answer to the gaming hubs of Las Vegas, Macau and
Singapore.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Business (
Article MRec ), pagematch: 1, sectionmatch: 1</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">Melco
co-chairman and CEO Lawrence Ho earlier said the company is banking on its vast
gaming network of Asians, particularly Hong Kong and Chinese visitors, that can
be diverted to the Philippines.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">It will be
Melco’s first casino outside Macau where it operates the City of Dreams and
Altira Macau casinos. The company is developing its third casino, Studio City,
slated for opening in 2015.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">_________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-28251876066901683712013-07-07T18:06:00.003-07:002013-07-07T18:06:25.367-07:00SEC stops firm for alleged scams<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">July 7, 2013
7:24 pm [ Manilatimes.net ]</span></span></div>
<span style="font-size: x-small;">
</span><div class="MsoNormal">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">by MADELAINE
B. MIRAFLOR</span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">The
Securities and Exchange Commission (SEC) has filed a cease and desist order
against Philippine Landgroup Inc. (PLGI), a real-estate company victimizing
citizens with its “owning your own hotel room scam.”</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">In an order,
SEC said that its enforcement and prosecution department (EPD) found out
through a series of investigation that PLGI is offering unregistered security
investments to the public through one of its real-estate projects, the
Grandview Tower Condotel located in Angeles City.</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">PLGI is
allegedly encouraging investors to buy and purchase their own hotel room in
Grandview Tower and will then be asked to pay P50,000 for the initial paperwork
and reservation fee.</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">By purchasing
a unit, the buyer will then be required to enter into a management agreement
with Grandview Property Management Inc., wherein the unit bought is pooled
together with the units purchased by other buyers and operated as hotel
enterprise.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">The EPD of
the commission further uncovered the fact that the price list of units being
sold by PLGI and the announcements regarding the Grand Tower Hotel Vacation
Club are being posted in social networking site Facebook.</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">According to
the SEC, the overall investment scheme which is being aggressively offered and
sold by PLGI has the elements of an investment contract, a form of security
which must be registered with the commission before it is sold to the public.</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">The acts of
PLGI in “soliciting sales undoubtedly fall under the definition of public
offering,” SEC specified. However, the company failed to “secure the
registration of subject of securities with the commission.”</span></div>
<div class="MsoNormal">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">“PLGI and its
salesmen must also secure a secondary license to act as broker-dealer or
salesmen or associate persons thereof in securities, but they have not complied
with the mandatory requirement. Thus, it is necessary that a cease and desist
order be issued to enjoin the company from further offering and selling
securities to the public,” the SEC cited in its ruling.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“Otherwise,
allowing PLGI to continue its business operations will operate as a fraud on
investors or is otherwise likely to cause grave or irreparable injury or
prejudice to the investing public,” it added.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-23864955207206911342013-07-03T15:01:00.000-07:002013-07-03T15:01:03.336-07:00Filsyn in talks for dev’t of lots in Laguna, Cavite<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Neil
Jerome C. Morales (The Philippine Star) | Updated July 4, 2013 - 12:00am</span></span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">MANILA,
Philippines - Former textile manufacturer Filsyn Corp. said it has entered into
talks with property firms for the development of its lots in Laguna and Cavite.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">The
development or sale of idle landbank is in line with Filsyn’s efforts to turn
around its negative stockholders equity, it said.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">“Filsyn has
ongoing discussions and negotiations with real estate companies for potential
joint venture arrangement to develop the 30-hectare property located in Sta.
Rosa, Laguna,” the firm said in a disclosure to the Philippine Stock Exchange
(PSE).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Filsyn is also
conducting negotiations with interested parties for the sale of a property in
Gen. Mariano Alvarez in Cavite, it added.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">As of
end-March, the company had a capital deficiency of P993.18 million, slightly
lower than the P994.01 million a year ago.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In terms of
existing debts, the listed firm has yet to transfer to creditors its Sta. Rosa
property pending tax implications and restrictions on land ownership, Filsyn
said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
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<span style="font-family: "Arial","sans-serif";">In November
2010, trustee Chinatrust informed Filsyn that creditors of the mortgage trust
indenture have accepted Filsyn’s proposal to fully settle a P1.2-billion debt
through the Sta. Rosa property as dacion.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The PSE
suspended the trading of Filsyn shares in 2002 following the revocation by the
Securities and Exchange Commission (SEC) of its permit to sell securities.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">However,
Filsyn said despite the payment of its obligations to the SEC, corporate
regulators have yet to lift the revocation order.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">Filsyn,
controlled by the group of former PSE director Patricio L. Lim, was formed in
1968 for the manufacture of polyester fiber and yarn but later ventured into
the production of polyester terephthalate bottles which are supplied to the
mineral water, softdrinks and condiment industries.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">With the
slump in the textile industry in the mid-90s, Filsyn’s operations have been
severely affected, limiting the company to the disposal of old inventories,
machineries and equipment as well as scrap metal and parts.</span></div>
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<br /></div>
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<span style="font-family: "Arial","sans-serif";">In late 2000,
the company’s board directed management to study a proposal to change the
firm’s principal activity to that of real estate development in view of its
planned joint venture with Fil-Estate Properties and the Manila Banking Corp.
but since then, no definite moves have taken place.</span></div>
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<span style="font-family: "Arial","sans-serif";">____________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-87379872910758397322013-07-02T09:35:00.002-07:002013-07-02T09:36:03.155-07:00SM Land cleared to extend tender offer<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Jenniffer
B. Austria | Posted on Jul. 03, 2013 at 12:01am </span></span></div>
<span style="font-size: x-small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">[
manilastandardtoday.com ]</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The
Securities and Exchange Commission allowed SM Land Inc. to extend until Aug. 2
the tender offer period for the acquisition of shares in SM Development Corp.
and Highlands Prime Inc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The tender
offer will pave the way for the consolidation of the property companies owned
by the Sy group under SM Prime Holdings Inc.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The corporate
regulator approved the requests of SM Development and Highlands Prime to tender
their shares until Aug. 2, from the original deadline of
July 9. The tender offer began on June 4.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SM Land
requested for an extension because some of SM Development and Highlands Prime
shareholders were not able to comply with certain documentary requirements for
the tender offer within the original timetable.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">It said as of
June 24, only 1.061 billion SM Development shares and 1.487 billion Highlands
Prime common shares were tendered, representing 11.45 percent of SM Development
shares and 66.22 percent of the Highlands Prime shares.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SM Land’s
acquisition of SM Development and Highlands Prime shares is the first step in
the planned merger of Sy family’s property assets.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Under the
terms of the tender offer, SM Land is offering SM Prime shares for SM
Development and Highlands Prime shares.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SM
Development shares can be exchanged for 0.472 SM Prime shares while every stock
of Highlands Prime can be swapped for 0.135 of SM Prime shares.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SM Land said
after the completion of the exchange offers, the second step involved the
merger of SM Land with SM Prime, with the latter as the surviving entity.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">_________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-5374813109212563982013-06-29T13:36:00.002-07:002013-06-29T13:59:04.007-07:00Robinsons may offer up to 35-percent stake to public<div dir="ltr" style="text-align: left;" trbidi="on">
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: x-small;"><span class="dateTime">June 28, 2013 9:14 pm [ manilatimes.net ]</span></span></div>
<div class="wp-socializer-buttons clearfix" style="text-align: justify;">
<span style="font-size: small;"><br /></span>
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;"><span class="wpsr-btn">
</span></span><span style="font-family: Arial,Helvetica,sans-serif; font-size: small;"> </span></div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">The
Gokongwei family’s Robinsons Retail Group may sell up to 35-percent
stake to the public in line with its initial public offering plan (IPO)
within the year.</span><br />
<br /></div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">“We’re probably looking [to sell] up to 35
percent of the company,” Lance Gokongwei, JG Summit president and chief
operating officer, said, adding that the IPO may raise up to $800
million, or approximately P34 billion.</span><br />
<br /></div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">He said that the plan is to
use the proceeds from the public offering for store expansion and
possible acquisition of new chains or brands.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">However, Gokongwei didn’t give an exact date when the company will officially list its shares at the Philippine Stock Exchange.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">“As
you know we’ve already undergone our registration with the SEC
[Securities and Exchange Commission] for our IPO but IPO is also
dependent on the market. It’s more important that we have a successful
IPO, so we will wait for the right time. We have to wait for the
market,” he said, citing that the original target is to do the offering
some time this year or by the end also of this year.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">Gokongwei
explained that after the IPO, Robinsons Retail will be a retail holding
company focused purely on multiformat retailing that includes department
stores, supermarkets, hardware and convenient store.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">“IPO is
certainly important in the sense that there’s a huge consumer
opportunity in the Philippines, especially at the middle-class growth,
so right now, access to capital is important to continue to gain market
share in this industry and to participate in its consolidation,”
Gokongwei further said.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">Earlier this month, it was reported that
Robinsons Retail Group has been firming up its plan to raise around P40
billion through an IPO, which could be considered one of the largest
public share sale conducted by a Philippine company.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">International
Financing Review (IFR), a publication of Thomson Reuters, earlier
reported that the group is targeting to sell as much as 461.9 million
shares at a maximum price of P86.64 apiece, to generate up to P40
billion in fresh capital.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">Robinsons Retail Group owns and operates 35 department stores and 73 supermarkets nationwide.</span><br />
<br />
</div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">According
to IFR, the IPO of the group is scheduled in the third quarter of this
year, adding that Deutsche Bank, JP Morgan and UBS have been tapped to
facilitate the offering.</span></div>
<div style="text-align: justify;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">Madelaine B. Miraflor</span></div>
<div style="text-align: center;">
<span style="font-family: Arial,Helvetica,sans-serif; font-size: small;">_________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-38351483244013201032013-06-24T14:52:00.005-07:002013-06-24T14:52:46.393-07:00Uniwide assails SEC dissolution decision<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">June 24, 2013
8:43 pm [ manilatimes.net ] </span></span></div>
<span style="font-size: x-small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">by Madelaine
B. Miraflor Reporter</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Uniwide
Holdings Inc. called on Monday the decision of the Securities and Exchange
Commission to dissolve the firm and its five other companies as “unfair.”</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Uniwide is
claiming in a disclosure filed at the Philippine Stock Exchange records earlier
presented by the SEC showed that the group has substantially paid its
obligations in 2010 and its debt to its creditors significantly reduced.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“As early as
December 2012, urgent motions were filed to withdraw from the SEC as Uniwide
will negotiate with its creditors and because it believes it is on the road to
recover its financial standing,” Jimmy Gow, president of Uniwide Group of
Companies, said in the disclosure.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">According to
him, the motion given by the SEC was not acted upon, and a mandamus case filed
with the Court of Appeals where it is still pending resolution.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“It is
therefore unfair that the corporation be dissolved and liquidated,” Gow further
said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">SEC earlier
ordered to dissolve and liquidate Uniwide Holdings and five other companies
under the group, namely Uniwide Sales Inc., Naic Resources and Development
Corp., Uniwide Sales Realty and Resources Corp., First Paragon Corp. and Uniwide
Sales Warehouse Club.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">A special
hearing panel, which was assigned to assess the group, found that petitioners
were insolvent since 2003 or just over a year after the implementation of the
Second Amendment to the Group Amended Rehabilitation Plan.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">According to
SEC, the companies are not liquid, have negative net worth and debt-to-equity
ratios, very high debt-to-asset ratio, enormous capital deficit and chronic
losses.</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">________________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-77342293884537508652013-06-23T12:42:00.005-07:002013-06-23T12:48:16.068-07:00Property developer defers fund raising<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">Posted on
June 23, 2013 09:44:54 PM [ BusinessWorld Online ]</span></span><br />
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";"> </span></span><span style="font-family: "Arial","sans-serif";"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">LISTED
PROPERTY DEVELOPER Sta. Lucia Land, Inc. has moved its multibillion-peso
fund-raising exercise -- possibly to 2014 from later this year -- due to prevailing
unfavorable market conditions, a senior company official said on Friday last
week.</span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Sta. Lucia Land on Friday bagged the approval
of its shareholders to raise P3 billion from a follow-on offering and P6
billion from the issuance of dollar-denominated bonds. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“The
timetable, now that the market behaved as it did -- maybe next year,” David M.
Dela Cruz, the firm’s executive vice-president, told reporters following the
company’s annual stockholders’ meeting in Rizal. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“We were
planning it late this year,” he added. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“We will go
only if market conditions permit. We might do either. We might do one. We might
do both. We might do one after the other. We still don’t know yet.” </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The stock
market has seen intermittent drops lately, largely in step with counterparts
worldwide, ever since officials of the US Federal Reserve began hinting late in
May of the need to scale back their massive bond-buying stimulus. Last
Wednesday, Fed Chairman Ben Bernanke said in a news conference after a policy
meeting that day that the US economy has been recovering fast enough to warrant
a reduction in bond-buying within the year and a possible end by the middle of
2014. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">While markets
worldwide have been bearish since May, when Fed officials started dropping
hints of a gradual withdrawal of stimulus, Mr. Bernanke’s more specific
timetable last Wednesday weighed further on trading. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">At home, the
Philippine Stock Exchange index closed at 6,182.17 last Friday, down 2.28% from
the previous day though still 6.36% up from its end-2012 closing of 5,812.73.
The main index has closed at 31 record highs since the year began, the last one
at 7,392.20 on May 15. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Mr. Dela Cruz
said the company needs P4.1-4.3 billion to “fast-track existing projects and
acquire land bank.” The company, he added, has as many as 25 ongoing projects
-- bulk of which are residential -- located all over the country. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In the
meantime, the company has been in talks with banks to fund capital
requirements. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“We are
currently opening up lines with banks. We have current dealings with BDO
[Unibank], China Bank, BPI (Bank of the Philippine Islands) and Malayan Bank,”
he said. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“But I think
we want to increase the lines with banks.” </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Last Friday,
the company also informed its shareholders about a planned P1-billion buyback
program to support value of the company’s shares amid the market’s fall. “We
want to maintain the company at its fair value,” he said. “If the market dips
further, we will do the buyback.” </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The company,
he said, is looking to spend P8-10 billion in the next two years “depending on
availability of funds.” In the last five months, the company has so far spent
“around P2 billion for new and existing projects,” he said. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Net income of
Sta. Lucia Land grew by 4.16% to P40.04 million in the first quarter from
P38.44 million in the same three months last year on higher real estate sales. </span><br />
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Shares of
Sta. Lucia Land lost four centavos or 6.06% to 62 centavos on Friday last week
from 66 centavos last Thursday. -- C. H. C. Venzon</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">___________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-8762449935847910792013-06-21T15:27:00.002-07:002013-06-21T15:27:43.462-07:00Megaworld consolidates property businesses<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">Posted on
June 21, 2013 08:05:16 PM [ BusinessWorld Online ]</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">TYCOON Andrew
L. Tan is moving to consolidate his real estate assets under Megaworld Corp.,
based on a company disclosure on Friday.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The move
comes barely a month after the SM Group announced that it was merging its
property assets under SM Prime Holdings, Inc., creating the largest property
firm in terms of market capitalization.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">"Megaworld
seeks to consolidate the real estate businesses of its affiliates under the
Megaworld brand to better capitalize on real estate opportunities and capture
the expected growth momentum of GERI (Global-Estate Resorts, Inc.), ELI (Empire
East Land Holdings, Inc.) and Suntrust Properties, Inc. within the next five years,"
the company said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Megaworld
said it subscribed on Friday to 2.5 billion shares from Global-Estate at par
value of P2.26 per share for a total value of P5.65 billion.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Of the total
subscription, 25%, worth P1.4125 billion, will be paid on June 26, while the
remaining P4.2375 billion will paid upon the Securities and Exchange
Commission's approval of the transaction, the firm said.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In a separate
disclosure, mixed-use developer Empire East said 1.2 billion of its shares had
been acquired by Megaworld at P1.05 per share. The total price of P1.26 billion
will be paid on June 26.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Last week,
Megaworld acquired 100% of Suntrust, for nearly P600 million. Suntrust has
housing developments in Cavite, Laguna and Manila.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Officials
were not immediately available for additional details, such as Megaworld's
ownership in Global-Estate and Empire East, after the transactions.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The SM Group
announced last month that mall builder SM Prime Holdings, Inc. will be the
holding company of the Sy family's real estate firms SM Development Corp., SM
Land, Inc. and other hotels and convention centers owned by the family.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Meanwhile,
Megaworld's net profit stood at P1.82 billion in the first quarter, up by
15.19% from P1.58 billion in the same period last year.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Revenues grew
by 16.43% to P8.15 billion from P7.00 billion in the same comparative periods.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Costs and
expenses increased by 18.96% to P6.33 billion from P5.32 billion year-on-year.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Shares of
Megaworld dropped 21 centavos or 5.93% to P3.33 apiece on Friday. -- Cliff
Harvey C. Venzon</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">___________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-89054935716731413112013-06-20T15:47:00.002-07:002013-06-20T15:47:42.191-07:00SEC orders dissolution of Uniwide<div dir="ltr" style="text-align: left;" trbidi="on">
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<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">Posted on
June 20, 2013 10:35:47 PM [ BusinessWorld Online ]</span></span><span style="font-family: "Arial","sans-serif";"> </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">THE
SECURITIES and Exchange Commission (SEC) has ordered the dissolution of six
firms under Uniwide Group after regulators denied the firm’s bid for corporate
rehabilitation, the company said in disclosure yesterday.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“The
dissolution of all companies in the group, namely: Uniwide Sales, Inc.; Uniwide
Holdings, Inc.; Naic Resources & Development Corp.; Uniwide Sales Realty
and Resources Corp.; First Paragon Corp.; and Uniwide Sales Warehouse Club,
Inc. is hereby ordered,” the decision of the corporate regulator, which was
attached to the company’s disclosure to the stock exchange, read.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">At the same
time, SEC also denied the group’s bid for a corporate rehabilitation.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In the
decision dated May 30, 2013, the SEC said it found several reasons leading to
the firm’s denial of corporate restructuring.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“The special
hearing panel observed that at the time of filing of the petition for
rehabilitation on 25 June 1999, petitioner-appellants were solvent as their
assets (P19.86 billion) exceeded liabilities (P11.10 billion), but they had
difficulty in meeting their obligations,” the 28-page en banc decision read.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Petitioner-appellants
“have very high debt-to-asset ratio,” it added. A debt ratio greater than 1.0
means the company has negative net worth and is technically bankrupt.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“The special
hearing panel also saw the enormous capital deficit of the petitioner-appellants,”
the SEC added.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Uniwide was
established by the Gow family as a textile bargain house in January 1975.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">It used to be
one of the leading retail companies in the Philippines.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Shares of
Uniwide Holdings were last traded on Jan. 18, 2010. It closed then at P0.135
apiece before trading of its shares was suspended. -- CHCV</span></div>
<div class="MsoNormal" style="text-align: center;">
<span style="font-family: "Arial","sans-serif";">__________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-66104907273915904072013-06-20T15:46:00.002-07:002013-06-20T15:55:10.579-07:00Robinsons Retail Group firms up P40-B IPO plan<div dir="ltr" style="text-align: left;" trbidi="on">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: x-small;"><span style="font-family: "Arial","sans-serif";">By Neil
Jerome C. Morales (The Philippine Star) | Updated June 21, 2013 - 12:00am</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">MANILA,
Philippines -<span style="mso-spacerun: yes;"> </span>The Gokongwei family’s
Robinsons Retail Group has firmed up its plan to raise as much as P40 billion
through an initial public offering (IPO).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The company
behind Robinsons supermarkets and department stores plans to conduct
potentially one of the largest public share sale by a Philippine firm, said
International Financing Review (IFR), a publication of Thomson Reuters.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">IFR reported
that Robinsons Retail Group targets to sell 461.9 million shares at a maximum
price of P86.64 each to generate up to P40 billion in fresh capital.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Robinsons
Retail’s listing application was not immediately available at the Securities
and Exchange Commission</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The retail
group of property giant Robinsons Land Corp. claims to be the country’s second
largest retailer, next only to SM Retail Inc. of the Philippines’ richest man
Henry Sy. Robinsons Retail Group owns and operates 35 department stores and 73
supermarkets nationwide.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The IPO is
scheduled in the third quarter, IFR said, adding that Deutsche Bank, JP Morgan
and UBS were tapped to facilitate the offering.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br />
<span style="font-family: "Arial","sans-serif";">The
aggressive fundraising program, which comes at a time when the local stock
market is being battered by massive foreign fund selling could be one of the
largest share sale by a Filipino company.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">In April, LT
Group Inc. of taipan Lucio Tan raised a record P37.72 billion in a follow-on
offering while SM Investments Corp. secured P28.75 billion during its IPO in
2005.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Since hitting
its 31st record high for the year at 7,392.20 on May 15, benchmark the
Philippine Stock Exchange index has since eased back to the 6,500 level as
foreign funds book profits amid the economic recovery in US.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Robinsons
Retail Group is under conglomerate JG Summit Holdings Inc., which is also into
budget airline (Cebu Pacific), banking (Robinsons Bank Corp.), petrochemicals
(JG Summit Petrochemicals Corp.), and snacks and beverage (Universal Robina
Corp.).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Arial","sans-serif";">_________________________________________________________ </span></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-17215748773164064272013-06-17T18:51:00.003-07:002013-06-17T18:51:51.402-07:00PSE partners anew with iAcademy for Certified Securities Specialist Course<div dir="ltr" style="text-align: left;" trbidi="on">
<h2 style="text-align: justify;">
</h2>
<div style="text-align: justify;">
<img alt="" class="pressRoomItemImage" src="http://www.pse.com.ph/resource/pressrelease/images/PR_20130513_201305.jpg" width="220" /><div class="pressRoomItemContent">
<br /></div>
<div class="pressRoomItemContent">
The
Philippine Stock Exchange (PSE) renewed its memorandum of agreement
with the Information and Communications Technology Academy, Inc.
(iAcademy) last June 7, 2013 to officially launch the conduct of the 2nd
PSE-iAcademy Certified Securities Specialist Course (CSSC), a key
initiative of the Exchange envisioned to provide continuing education
for interested individuals and market participants.<br />This 136-hour
certification program will comprise of fifteen (15) subject areas
covering financial market theories, valuation technique and analysis,
investment portfolio management, ethics, regulations, and market
dynamics.<br /><br /> The CSSC, which currently runs in partnership with the
Ateneo Center for Continuing Education, University of the Philippines
Development Center for Finance, and University of Santo Tomas Center for
Continuing Professional Education and Development, was chartered and
developed by the PSE together with a composite team of noted
academicians and market practitioners.<br /><br />Shown in the photo during
the Memorandum of Agreement signing are (From L-R): iAcademy Chief
Operating Officer Jose Morales; iAcademy President and CEO Vanessa
Tanco-Cualoping; PSE President and CEO Hans B. Sicat; and PSE Chief
Operating Officer Roel A. Refran.</div>
<div class="pressRoomItemContent">
_______________________________________________________________________ </div>
<div class="pressRoomItemContent">
Courtesy of : Philippine Stock Exchange [ www.pse.com.ph ] </div>
</div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-57698121732517551022013-06-17T18:27:00.000-07:002013-06-17T18:27:39.171-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="x-panel x-panel-noborder" id="ext-comp-1031" style="bottom: 0px; top: auto;">
<div class="x-panel-bwrap" id="ext-gen231">
<div class="x-panel-body x-panel-body-noheader x-panel-body-noborder" id="ext-gen232" style="margin-top: 12px; padding: 0px;">
<div id="circulars">
<a href="http://www.pse.com.ph/stockMarket/circulars.html"><h2>
<b>Circulars</b></h2>
</a>
<ul class="home-announcements">
<li>
<a href="http://www.pse.com.ph/resource/memos/2013/CN_2013-0023.pdf" target="_blank">
Memorandum re: Listing Rules for the Main and SME Boards of the PSE
</a>
<div class="home-date">
Jun 7, 2013</div>
</li>
<li>
<a href="http://www.pse.com.ph/resource/memos/2013/CN_2013-0022.pdf" target="_blank">
Memorandum re: Cosmos Bottling Corp. - Order to Delist
</a>
<div class="home-date">
Jun 5, 2013</div>
</li>
<li>
<a href="http://www.pse.com.ph/resource/memos/2013/CN_2013-0021.pdf" target="_blank">
Memorandum re: Reminder on the Minimum Public Ownership
</a>
<div class="home-date">
Jun 4, 2013</div>
</li>
<li>
<a href="http://www.pse.com.ph/resource/memos/2013/CN_2013-0017.pdf" target="_blank">
PSE Foundation Notice of General Membership Meeting
</a>
<div class="home-date">
May 10, 2013</div>
</li>
<li>
<a href="http://www.pse.com.ph/resource/memos/2013/CN_2013-0008.pdf" target="_blank">
Invitation For the Public Sale of the PSE Trading Right Held by Sapphire Securities Philippines, Inc.
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<div class="home-date">
Mar 26, 2013</div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-8351335957502453604.post-24518744060612149802013-06-17T16:45:00.001-07:002013-06-17T16:45:01.410-07:00<div dir="ltr" style="text-align: left;" trbidi="on">
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Unknownnoreply@blogger.com