Security Bank Corporation (PSE: SECB) and The Bank of Tokyo Mitsubishi UFJ, Ltd. (BTMU) have completed the strategic partnership deal signed last January 14, 2016. Security Bank received capital investment of Php 36.9 billion from BTMU. In turn, SECB issued to BTMU 150,707,778 common shares and 200,000,000 preferred shares, representing BTMU’s 20% ownership of the voting stock in Security Bank. The strategic partnership was earlier approved by the Bangko Sentral ng Pilipinas (BSP) on February 24, 2016. BTMU is now the second largest shareholder of Security Bank. Security Bank is now an equity affiliate of BTMU. The Dy Group remains…
Author: Business News Asia
Elders (ASX:ELD) has re-acquired 10% of Elders Insurance Underwriting Agency Pty Limited (EIUA) from QBE. Elders sold the final tranche of its investment in EIUA to QBE in June 2014 to retire debt. Elders has purchased the holding in EIUA for the same net profit after tax multiple that applied when Elders sold the stake to QBE. The purchase price, which is confidential, will be funded by Elders from free cash flow. EIUA is the vehicle through which insurance product branded “Elders Insurance” is distributed to rural and regional Australia through a network of Elders Insurance franchisees. EIUA franchisees are…
New Zealand Oil & Gas has applied to the Australian Securities Exchange (ASX) for removal from the official list of ASX. The company will continue to be listed on the New Zealand Stock Exchange (NZX) and trading on the NZX will continue after the ASX delisting process. “For 34 consecutive years since our company was founded, NZX has provided a reliable, well-regulated platform with ample liquidity for our shareholders,” said chairman Rodger Finlay. Finlay said the company’s board of directors has noted that trading in the company’s shares on the ASX consistently suffers from poor liquidity and low daily trading…
Public Bank Berhad (PBB) has on 24 March 2016 received the 100 percent foreign-owned bank license from the State Bank of Vietnam (SBV) in relation to PBB’s acquisition of the remaining 50 percent equity capital in VID Public Bank (VPB), the 50:50 joint venture bank with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV). Effective 1 April 2016, VPB will become a 100 percent wholly-owned subsidiary of PBB and will be renamed as Public Bank Vietnam Limited (PBVN). Under the terms of the foreign-owned bank license, PBVN has been granted a term of operations of 99 years.…
AUSTRALIA – Norwest Energy NL (ASX:NWE) announced that Peter Munachen has resigned as Chief Executive Officer and Executive Director of the company effective 31 March 2016. In a disclosure to the Australian Securities Exchange, Norwest Energy said Munachen has resigned on 24 March. John Annand will continue in his role as acting CEO until a permanent appointment is made. Munachen became a director of Norwest Energy on 26 November 2003 and was appointed CEO on 3 December 2008. A chartered accountant and a former partner in an international accounting practice, Munachen has considerable experience in the resource sector. During his…
Ariadne Australia Limited (ASX:ARA) has announced that it has completed the sale of its interests in both the Port Macquarie and Batemans Bay marinas. In a disclosure to the Australian Securities Exchange (ASX), Ariadne Australia Limited executive director Gary Weiss said the sale of Port Macquarie and Batemans Bay marinas was for $3.5 million and in line with book value. As part of the transaction, the bank debt associated with the Port Macquarie marina was repaid, further reducing the group’s overall financial leverage. Ariadne Australia Limited is an investment company listed on the Australian Securities Exchange (ASX:ARA), with operations in…
GMR Megawide Cebu Airport Corp. (GMCAC), operator of the Mactan-Cebu International Airport (MCIA), welcomes the launch of two more international destinations out of Mactan-Cebu International Airport (MCIA) via two new airline companies. This March 28, Xiamen Airlines of China is launching a route between Cebu and Xiamen of Fujian province in China. Three round-trip flights will be scheduled each week. The plane will leave Xiamen at 9am on Mondays, Wednesdays and Saturdays, arrive in Cebu at 11:55 am, and return to Xiamen one hour later. It will be utilizing a Boeing 737 aircraft with a 170-seat capacity. Xiamen Air has…
ServiceSource, the global leader in customer and revenue lifecycle solutions with 2015 revenue of more than $250 million, has officially opened its new office in the Philippines, celebrating the occasion with an official ribbon-cutting ceremony. “This marks a significant step in ServiceSource’s growth and our commitment to powering the world’s revenue relationships,” said Christopher M. Carrington, CEO of ServiceSource. “The top-quality and rapidly growing workforce in the Philippines has made it one of the most attractive markets for growing global companies, and ServiceSource is extremely proud to make the Philippines home to our newest global office and to be part…
Singapore’s Ministry of Health has announced that Singaporeans will soon have an option of additional coverage beyond the MediShield Life when the country’s insurers introduce a new product in May. The new private insurance product, called Standard Integrated Shield Plan, will be introduced in response to the calls of Singaporeans for affordable Integrated Shield Plans (IPs), with coverage above the B2 and C class wards but at affordable premiums. The existing MediShield Life provides coverage sufficient for services at Classes B2 and C wards. Under the new product, policyholders will stay in a four-bedded ward with air-conditioning and TVs. Patients…
The Indonesian government has ordered all companies in the country that are employing foreigners to have their workers covered by state insurance program. Manpower Minister M Hanif Dhakiri said all foreigners working in Indonesia for more than six months must become a member of the state’s health and labor insurance programs run by the Social Security Agency (BPJS). The order is stipulated in Law No. 40/2004 and Law No. 24/2011, which seek to provide protection to foreign workers in Indonesia. Hanif was quoted as saying that every business operator must report and register its foreign workers as participants in the…
CEBU CITY – Microsoft Philippines announced here the “ICT for Shared Prosperity: A Technology Manifesto for the Philippines, 2016 and Beyond”, which identifies national challenges and issues that need to be addressed, and key technology pillars that can help in championing and driving economic progress in the Philippines. The Manifesto identifies three economic growth drivers that rely heavily on technology for their operations: Business Process Outsourcing, now a US$20-billion industry in the country; Online Filipino Workers or freelancers, now estimated at over 1 million strong; and Small and Medium Businesses, which comprises of 99% of the total business landscape in…
For most Singaporeans, one of the biggest investments they make is purchasing an HDB apartment. Whether you are single and 35, or married and looking to build a house, money is a critical factor that you should consider when you are on Property Guru for an HDB for sale. Below is a comprehensive list of questions you should ask, as well as guidelines that will help you eventually enjoy restful nights in your new home for next few years. Should You Opt for a Build to Order Apartment or Find One in the Resale Market? With the average price difference…
The Filipino showbiz industry woke up to a sad news that box-office Filipino director Wenn Deramas died due to cardiac arrest on Monday. He is 49 years old. The news was confirmed by the director’s friend, June Rufino, who revealed that Deramas was rushed to the Capitol Medical Center at 2AM Monday. Local celebrities immediately took to their social media accounts to expressed their shock and relay their condolences to the family of De Ramas. Ruffa Gutierrez said “I can’t even celebrate and enoy #88thOscars because I’m so devastated and shocked!!!”. Deramas was a graduate of University of Santo Tomas…
Phoenix Petroleum Philippines, Inc. (PNX.PM) posted a 47% increase in net income in 2015, earning Php 905.9 million compared to Php 616.4 million in the previous year, the company said in a disclosure to the Philippine Stock Exchange. The increase was driven by a 27% increase in fuel sales volume plus Php 319 million from the combined net income of the company’s subsidiaries Phoenix Petroterminals and Industrial Park Corp. (PPIPC) and Chelsea Shipping Corp. (CSC). PPIPC contributed Php 190 million in income from park operations and sale of land in its industrial park in Calaca, Batangas, while CSC contributed Php…
BDO Leasing and Finance, Inc. (BDO Leasing) posted a 10% increase in net income to P556 million in 2015. The company’s strong performance was driven by the 16 per cent increase in net lease and loan portfolio to P27 billion as BDOLF strengthened its marketing efforts and leveraged on its Parent Company’s extensive market reach. This resulted in gross revenues growing by 15% to P2.6 billion. Going forward, the company said it will continue to intensify its provincial thrust and tap opportunities in growth areas. The Company also seeks to take advantage of the sustained growth in vehicle sales through its…
TORONTO – Manulife Financial Corporation (“Manulife”) today announced that it has completed its offering of 16 million Non-cumulative Rate Reset Class 1 Shares Series 21 (the “Series 21 Preferred Shares”) at a price of $25 per share to raise gross proceeds of $400 million. The offering was underwritten by a syndicate of investment dealers co-led by RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc. The Series 21 Preferred Shares commence trading on the Toronto Stock Exchange today under the ticker symbol MFC.PR.O. Manulife has granted the underwriters’ an option, exercisable in whole or in part, to purchase up…
South Luzon Thermal Energy Corporation (SLTEC), announces the start of operations of its second 135 MW Unit (Unit 2) in Calaca, Batangas, doubling the capacity of the plant and bringing additional power supply to the Luzon grid. The 2 x 135 MW coal power plant in Calaca, Batangas utilizes circulating fluidized bed technology (CFB) to reduce emissions and minimize adverse environmental impact. SLTEC is the joint venture company of AC Energy Holdings, Inc., a wholly owned subsidiary of Ayala Corporation, and Trans-Asia Oil and Energy Development Corporation. Construction of Unit 2 was completed in the second half of 2015. It…
Bridgestone Canada is expanding its Canadian passenger and light truck tire manufacturing facility in Joliette with a USD300 million investment. In a statement, the company said the investment, which will be made over the next five years, will expand its plant capacity to produce 20,000 tires per day from the current 17,000. The expansion will also allow BridgestoneCanada to produce larger diameter tires for pickup trucks and SUVs. “Our investment in updated equipment and improved manufacturing processes reflects our ongoing commitment to identifying new, cost-effective and innovative ways to serve consumers, dealers and original equipment manufacturers,” Robert Verreault, Joliette plant…
CEBU CITY – Cebu will host this year’s franchising event that seeks to help regional franchises survive growing competition and educate the public on franchise investments. The event, dubbed Franchise Visayas 2016, will run from April 8-10 at the Activity Center of Ayala Center Cebu, according to the Philippine Franchise Association (PFA), the event organizer. According to the PFA, which is an internationally recognized franchise association in the Philippines, the event will feature a franchise summit, franchise seminars, and a three-day franchise exhibit that will feature national and regional franchise brands looking for franchisees and area developers in Cebu and…
Amidst market volatility, the Philippine Stock Exchange (PSE) posted a net income of Php683 million (US$14.4 million) in 2015, representing a 21 percent decrease from its net income in 2014. Listing-related income, which made up 40 percent of operating revenues, went down by 41 percent year-on-year to Php483 million while capital-raising activities for 2015 were higher, other listing activities arising from other market deals were slower compared to 2014. This decline was tempered by higher trading-related revenues, including service fees derived by the Securities Clearing Corporation of the Philippines, which grew by 2 percent. Despite volatilities in the second half…