Stock News 2013: Villar Property to Sell Treasury Shares

Finance - Financial injection - Finance (Photo credit: @Doug88888)

The board of property developer Vista Land & Lifescapes, Inc. has cleared the sale of all the company’s treasury shares to take advantage of perceived strong investor demand and in a bid to boost liquidity, the Villar-led firm said in a disclosure yesterday.

“On Jan. 3, the board of directors of Vista Land authorized the company to sell all of its existing treasury shares totaling 133.91 million shares to meet demand from investors and increase liquidity of the company’s shares of stock,” the disclosure read.

Vista Land’s management team was tasked to determine the terms and conditions of the planned share sale.

“The board likewise authorized the implementation of all necessary corporate and other actions to proceed with the sale of the aforementioned treasury shares, and further authorized and empowered management to determine and decide on the price at which the treasury shares shall be sold,” the disclosure added.

The Philippine Stock Exchange defines treasury shares as “shares of stock which were previously issued and fully paid, but subsequently reacquired by the issuing corporation by purchase, redemption, donation, or through some other lawful means.”

Treasury shares are not considered outstanding, are non-voting and are not included in dividend issuances.

http://www.bworldonline.com/content.php?section=Corporate&title=Villar-property-company-to-sell-all-treasury-shares&id=63741

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Stock News 2013: Vista Land releases more shares into the market

English: A Benchmark For Stocks and Shares. A bench and the stocks, which two felons could share, on Sheriff Hutton village green (Photo credit: Wikipedia)

Property Developer Vista Land & Lifescapes, Inc. boosted the number of stocks for trading after selling all of its treasury shares for roughly P636.07 million, the Villar-led company said in a disclosure on Friday.

The transaction involved a total of 133.91 million shares sold at P4.75 apiece.

The sale increased the company’s outstanding and common shares to 8,538,740,614 from 8,404,830,614.

The Philippine Stock Exchange defines treasury shares as “shares of stock which were previously issued and fully paid, but subsequently reacquired by the issuing corporation by purchase, redemption, donation, or through some other lawful means.”

Treasury shares are non-voting, non-outstanding, and not included in dividend issuances.

A Vista Land officer said on Thursday that the company decided to sell all its treasury shares to take advantage of perceived big demand and to boost its liquidity.

http://www.bworldonline.com/content.php?section=Corporate&title=Vista-Land-releases-more-shares-into-the-market&id=63768

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Stock News 2012: SMC sells Rockwell Land shares to Lopez

Rockwell Center (Photo credit: Wikipedia)
In a disclosure to the Philippine Stock Exchange, FPHC said it purchased SMC’s 681.646 million shares in Rockwell or around 11.1 percent of the newly-listed property firm’s outstanding capital, at P2.01 each share.

The purchase effectively hikes FPHC’s stake in Rockwell to about 87 percent from 76 percent.

The shares will be crossed at the local bourse’s facilities upon its approval of the special block sale.

FPHC said the transaction “serves to further consolidate FPHC’s ownership in Rockwell Land, its flagship for residential and commercial real property development.”

The sale follows FPHC’s purchase of Metro Pacific Investment Corp. and PLDT Communications & Energy Ventures’ combined 25 percent stake or 11.52 billion common shares in Rockwell at the same price for a total consideration of P3.06 billion.

When Manila Electric Co. declared as property dividend its 51 percent stake in Rockwell, shareholders of Meralco including Beacon and SMC, received such shares in the property firm.

SMC opted to divest its shareholdings in Rockwell since it conducts real estate business through its unit San Miguel Properties Inc.

Rockwell, which caters to the high-end segment of the market, listed by way of introduction or without undertaking an initial public offering.

http://www.philstar.com/Article.aspx?articleId=828169&publicationSubCategoryId=66

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Stock News 2012: Gov't to sell P80-B SMC preferred shares

The government will eventually sell its preferred shares in diversifying conglomerate San Miguel Corp., saying that businesses are better off in the hands of the private sector, the Department of Finance (DOF) said yesterday.

If SMC exercises its right to redeem this year the non-voting preferred shares held by the government, the state has no choice but to give this up, Finance Officer-in-Charge and Undersecretary for Privatization John Philip Sevilla said.

Whichever comes first, Sevilla said the end result is an eventual sale of the government’s stake because the government has been trying to leave to the private sector those businesses outside its expertise.

The government’s preferred shares in San Miguel, estimated at roughly P80 billion belong to coconut farmers as ruled by the Supreme Court.

 “We are not in a hurry to sell the preferred shares but eventually we will because the government wants to get out of private businesses,” Sevilla said.

The government holds 753.8 million preferred shares in the diversifying conglomerate. This was equivalent to 24 percent common shares that were converted into non-voting preferred shares in 2009.

SMC has the option to redeem the shares this year, which Sevilla said is a possibility.

“If they redeem it, we have no choice but to just get the cash,” he said.

Proceeds of the redemption or an eventual sale would be used to help coconut farmers, Sevilla said.

In a disclosure to the Philippine Stock Exchange (PSE) early this month, SMC said it was looking to refinance the preferred shares it issued in 2009.

SMC is reportedly looking to raise P80 billion in a preferred shares offering in September, proceeds of which will be used to redeem the shares held by the government.

http://www.philstar.com/Article.aspx?articleId=818599&publicationSubCategoryId=66

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Stock News 2012: First Gen declares cash dividend

First Gen Corp., the renewable energy firm of the Lopez Group, will issue as much as eight percent in cash dividends to holders of various preferred shares.

“The board of directors of First Gen approved the declaration of cash dividends on its perpetual preferred shares,” the company told the local bourse.

Specifically, it will distribute annual cash dividends of eight percent for outstanding Series F preferred shares, 7.7808 percent on 120 million Series G preferred shares and 3.27 percent on 13.75 million Series G preferred shares issued to First Philippine Holdings Corp.

“The cash dividends have a record date of June 29 and a payment date of July 25,” First Gen said.

In a separate disclosure, First Gen said it has used up the entire P10 billion it raised from a share sale early this month.

First Gen said it allotted the bulk of the fresh capital of P9.5 billion for acquisition.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=818609

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Stock News 2012: EastWest Bank gains in market debut, sets P2-B capex

Gotianun-led lender East West Banking Corp. is setting aside P2 billion to more than double its branch network to 350 by 2014, in line with its bid to become one of the largest banks in the country.

EastWest Bank bucked the broader market’s downward trend yesterday and ended higher on its first day of trade. The stock hit an intra-day high of P20.70 prior to closing at P19.78, up 6.9 percent over its initial public offering (IPO) price of P18.50 each share.

In a briefing following the listing of the bank’s shares, EastWest Bank chairman Jonathan Gotianun said the bank has mapped out an ambitious growth plan aimed at further widening its customer base and geographical footprint.

From the existing 150 branches, EastWest Bank intends to add another 100 branches this year and further increase this to 350 by 2014.

Funding will come from the recently concluded maiden offering of shares, which generated P5.22 billion in total proceeds, inclusive of the greenshoe option.

Gotianun said the IPO underwriters decided to exercise the overallotment option due to strong demand from institutional investors. The offer shares account for about a quarter of the company.

“Our IPO and our listing today will give us growth capital to bring EastWest Bank to the next level of its development. We are very happy for the enthusiastic and positive response to our IPO, both here and abroad,” Gotianun said.

The IPO was the second biggest this year after banking tycoon George S.K. Ty’s GT Capital Holdings Inc.’s P21.6-billion share sale.

“We have undertaken this exercise to enable the bank to grow. We want to be a more relevant and significant player and one that contributes significantly to the country’s growth,” Gotianun said.

Gotianun said EastWest Bank prefers to grow organically first before considering further acquisitions.

http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=804637

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Stock News 2012: GT Capital sets price range for IPO

Three keys logo by Warja Honegger-Lavater. (Photo credit: Wikipedia)
GT Capital, the flagship investment firm of taipan George S.K. Ty, has set the price range for its initial public offering at P415-P470 each share to raise as much as P23 billion.

The maximum offer price is 10.6 to 25 percent lower than the original price indicated in the company’s prospectus.

GT Capital is selling up to 41.217 million shares to raise between P17.1 billion and P19.37 billion.

In case of strong demand, GT Capital has allotted 6.182 million common shares worth P2.9 billion for the greenshoe option.

Including the overallotment option, GT Capital is expected to raise up to P22.28 billion.

As much as 33 million will be sold via an initial public offering while up to 8.217 million shares will be sold by the company’s shareholders Ausan Resources Corp., Grand Titan Capital Holdings and Titan Resources.

The selling shareholders are expected to generate a maximum P3.86 billion from the share sale.

GT Capital is the main vehicle for the management of the various interests of the Ty family in banking, real estate, power generation, automotive and life insurance.

The pricing and allocation of shares for the international offer will be on April 3.

The domestic roadshow kicked off yesterday while the the international roadshow commences today with Singapore as the first leg.

The domestic offer period will run from April 10 to 16.

Listing has been tentatively scheduled on April 20.

Post-IPO, the holding firm will have a market capitalization of P74.26 billion.

Around 60 to 70 percent of the offer shares will be sold overseas while the balance will be offered to local investors.

UBS is the sole global coordinator and international bookrunner for the share sale while First Metro Investment Corp. is the sole domestic underwriter.

Proceeds from the IPO will be used to accelerate key growth projects of the group’s property unit and acquisition of additional stakes in property and power businesses.

http://www.philstar.com/Article.aspx?articleId=789516&publicationSubCategoryId=66

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Stock News 2012: Puregold IPO cited as 2011 Best Mid-Cap IPO by FinanceAsia

FinanceAsia, Asia’s authoritative source for finance and investment banking, has chosen $172 million initial public offering (IPO) of Puregold Price Club, Inc. (PGOLD) as the Best Mid-Cap Equity Deal for 2011.

Puregold chairman Lucio Co accepted the award last Feb. 2 at the Four Seasons Hotel in Hong Kong together with other Puregold officials, including vice chairman/treasurer  Susan P. Co, director Ferdinand Vincent P. Co and president Leonardo B. Dayao.

“Mid-cap IPO candidates in any market have had a tough time convincing investors to part with their money this year, which makes Puregold’s listing in the Philippines even more eye-catching,” FinanceAsia said on its website last Dec. 13, 2011 when it released the list of honorees for its Achievement Award 2011.

The FinanceAsia added that “in a country that has only a marginal weighting in regional indices and where the stock market trades less than $100 million a day, Puregold raised $172 million from its IPO and allocated 70 percent of the shares to international investors, including sovereign wealth funds.”

FinanceAsia added that the offering was multiple-times covered despite a challenging market that saw more than $7 billion of Asian deals being postponed or delayed during the marketing period, but priced at the bottom of the range at a fairly undemanding 2012 P/E multiple of 11.8.

Since its debut in early October, the stock has gained 37 percent, it noted.

“The successful execution of its IPO, which was in fact the only internationally distributed IPO in the Philippines this year, also makes it a worthy winner of our mid-cap deal award,” FinanceAsia said.

Since Puregold’s listing in the Philippine Stock Exchange on Oct. 5, 2011, the company’s shares enjoyed buoyant trading among local and foreign investors. Puregold shares closed at P20.45 per share on Feb. 6, 2012, compared to its IPO price of P12.50 per share.

http://www.philstar.com/Article.aspx?articleId=776923&publicationSubCategoryId=66

Stock News 2011: Century Properties seeks backdoor listing

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High-end developer Century Properties is undertaking a tender offer to acquire the remaining shares of East Asia Power Resources Corporation after sealing a deal to buy 93.58 percent of the firm in order to list via the backdoor.

In a disclosure to the Philippine Stock Exchange, East Asia said Century has bought control of the company for P127.41 million and will be making a P9.12-million tender offer for the remaining public shares.

Century has acquired 1.89 percent of East Asia Power, equivalent to 67.1 million common shares from El Paso Philippines Energy Company and an indirect 91.7 percent by buying 284.25 million common and preferred shares of EPHE Philippines Energy Company.

The purchase price of these shares is equivalent to P0.038 per share but Century is offering to buy the remaining 228.11 million East Asia Power shares for P0.04 per common share.

The tender offer starts on June 3, 2011 and end on July 11, 2011 while payment will be made in cash on July 15, 2011. Venture Securities Inc. is the transaction broker.

As part of the agreement with Century, East Asia’s board has approved the sale of its dormant subsidiaries East Asian Transmission and Distribution Corporation and East Asia Power Services Inc. last May 27.

http://mb.com.ph/node/321005/century-propertie

Stock News 2011: Petron to sell new shares to fund expansion

Petron Corp., the Philippines’ biggest refiner, may sell shares to raise funds as it plans a $2 billion expansion, Chairman Ramon Ang said.

“A lot of investors have approached us, wanting to buy Petron shares,” Ang, who is also vice chairman of Petron’s controlling shareholder San Miguel Corp., said in an interview in Manila Friday. The size and schedule of the fundraising are yet to be determined, he said.

Petron, which could eventually become San Miguel’s “flagship” unit, plans to spend the $2 billion in three to four years for expansion, Ang said in a Feb. 3 interview. San Miguel, the Philippines’ biggest food and drinks company, is also planning a share sale to boost investments in energy, telecommunications and transportation.

San Miguel has been buying assets to expand in industries that could help boost its return on equity almost threefold from the 7 percent it previously earned from food and drinks. The Manila-based company may “calibrate” a planned sale of 1 billion common shares for at least 200 pesos ($4.6) each depending on market conditions, and the offering will likely be in the second quarter, Ang said.

http://www.mb.com.ph/node/307537/petron-

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Stock News 2011: SMC extends due diligence on Indophil

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Diversifying giant conglomerate San Miguel Corporation and Indophil Resources NL of Australia have agreed to extend the exclusivity period of their share placement agreement by one month.

In a disclosure to the Philippine Stock Exchange, SMC chief finance officer Ferdinand Constantino said the period under which SMC has the exclusive right to buy more Indophil shares has been extended to February 10, 2011 from January 10.

The agreement was part of a deal wherein SMC acquired a 10.1-percent stake in Indophil which owns a 37.5-percent stake in Sagittarius Mines, Inc. (SMI), which has the rights to the Tampakan gold and copper mine in South Cotabato.

The Tampakan deposit, discovered in 1992, is said to be a 2.4 billion tonne mineral resource and is ranked as the fifth largest known undeveloped copper-gold deposit.

The deal, worth A$41.29 million (approximately US$40 million) at A$0.86 per share, gave SMC an exclusivity period to complete its due diligence and decide whether the company should initiate a tender offer or other proposals to acquire additional shares in Indophil.

http://www.mb.com.ph/articles/296951/smc-extends-due-diligence-indophil

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Stock News 2010: Pancake converts P220-M worth of notes to 20% equity

MANILA, Philippines – Pancake House, Inc., has issued shares equivalent to 20.67 percent of its outstanding capital to two creditors through the conversion of five-year convertible notes amounting to P220.48 million.

In a disclosure to the Philippine Stock Exchange, Pancake House said this is in line with the terms of the investment agreement it signed with Aureos Southeast Asia Fund, L.L.C. and Plantersbank Venture Capital Corp. for SME's, Pancake House Holdings Inc. and Martin Lorenzo in October 21, 2005.

The firm said the remaining five-year convertible notes of the corporation issued on October 28, 2005 were mandatorily converted into 45.16 million common shares with par value of P1 per common share out of the corporation's authorized but unissued capital stock.

The shares were swapped at the conversion price of P4.485030 per common share and credited as fully paid and non assessable to Aureos (P151.9 million) and Grand Prime International Limited (P50.63 million).

The conversion of the notes to common shares resulted in Pancake House having a total issued and outstanding capital stock of P237.8 million divided into 237.8 common shares with P1 par value.

http://www.mb.com.ph/node/290279/pancake-convert

Stock News 2010: Russian miner buys stake in Mindoro project

Image by The Library of Congress via Flickr

RUSSIAN STEELMAKER OAO Severstal has acquired a 21.7-percent stake in Norwegian miner Intex Resources ASA, a company whose main project is a nickel mine in Mindoro.

The deal, valued at $12.5 million and made through Severstal’s unit Lybica Holding BV, is part of the Russian company’s “diversification strategy into new commodities,” said Boris Granovsky, head of Severstal’s Strategy and Business Development, in a statement posted on the company’s website.

Severstal and Intex said in separate statements that the Russian miner also intended to make a voluntary offer to acquire the remaining Intex shares it did not own.

However, Intex said its board observed that Severstal’s standing offer did not match the value of the Norwegian miner’s mineral assets.

Based on 91.7 million Intex shares outstanding, the company said the proposal valued its equity at approximately $58.3 million.

Intex CEO Erlend Grimstead said earlier that the deposit has a total resource of 2.6 million tons of contained nickel, which lends itself well to processing and is very cost-efficient. Annual production at Mindoro is expected to start in three to four years and is estimated that it will be at 63,000 tons a year.

http://business.inquirer.net/money/topstories/view/20100922-293766/Russian-miner-buys-stake-in-Mindoro-project

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Stock News 2010: SMC hikes stake in Petron

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SAN MIGUEL Corp. has increased its stake in Petron Corp. to 37.8 percent of the oil refiner’s outstanding capital stock as part of its intention to acquire a controlling interest by year’s end.

On Aug. 31, San Miguel bought 1.52 million Petron shares from the Ashmore group at P7.20 a share or a total of P10.9 billion. Based on the latest regulatory filing by Petron, it said San Miguel now owned 3.58 billion shares.

Prior to the purchase, San Miguel acquired an initial 19.83-percent stake from Ashmore equivalent to 1.88 billion shares at P6.85 a share. But even before the acquisition of the initial block from Ashmore, San Miguel had conducted a tender offer at P6.85 a share given its intention to exercise the option to acquire 100 percent of Ashmore unit SEA Refinery Corp., which controls Petron.

Doris Dumlao

September 7, 2010

http://business.inquirer.net/money/topstories/view/20100907-291016/SMC-hikes-stake-in-Petron

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