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BY KRISTA ANGELA M. MONTEALEGRE REPORTER


business The Manila Times SATURDAY S eptember 18, 2010


PSE revokes Globe Asiatique listing T


HE Philippine Stock Exchange (PSE) has revoked its approval of the maiden share sale of Globe


Asiatique Realty Holdings Corp.


In a memorandum published on its website, the bourse said it gave way to the petition of the real estate firm following the “unexpected” resignation of its


issue manager and lead under- writer, BDO Capital and Invest- ment Corp.


“In relation thereto, please be advised that the approval by the


Clark utility seeks ERC approval of spending plan


CLARK Electric Distribution Corp. (CEDC), the distributor at Clark freeport zone in Pampanga, has asked regulators to approve its spending plan for next year.


In a petition before the Energy


Regulatory Commission, CEDC said that it needs to spend P169.4 million for its electrical and non-electrical projects for 2010 to 2011.


These electrical capital projects include the construction of additional transformer bay at the utility’s IE-5 substation; a 69 kilovolt tie-line to connect to Angeles Electric Milenyo Substa- tion; a 69-kilovolt line to its 230 kilovolt substation; and the installation of power quality meters, fault indicators, auto- mated meter reading, and fiber optic lines.


Non-electrical projects involve the construction of a three-storey office building and warehouse, financial management system technology upgrade and the purchase of a truck. “In an effort to improve the quality of service to its locators, [CEDC] herein seeks authority to install, construct, operate and maintain its major electrical


capital projects and non- electrical capital projects for 2010 to 2011,” the company said in its petition.


The utility said that it will fund the projects through its approved credit facilities. Radito Tuazon, CEDC chief operating officer, earlier said there has been an increase in demand for electricity in the Clark economic zone because of the growth in the number of business processing outsourcing firms.


“They’re building Clark now to be a major ICT hub and we have a good telecommunications infrastructure,” he added. He said that that over the next


10 years, Clark may need as much as 550 megawatts of additional power capacity. CEDC currently serves more than 1,000 customers in the Clark economic zone, mostly large industrial companies at the economic zone.


The utility is a joint venture


between Angeles Electric Corp. and Meralco Industrial Engineer- ing Services Corp, a subsidiary of Manila Electric Co., the country’s largest power distributor. EUAN PAULO C. AÑONUEVO


Exchange issued on August 25, 2010 of the initial listing applica- tion of the company is deemed re- voked,” Marsh Resurreccion, listing department head of the PSE, said. Globe Asiatique was originally scheduled to list 170.455 million common shares under the first board of the PSE on September 30 to raise P3.3 billion in addi- tional capital.


In a letter to the PSE on Septem- ber 6, Dexter Lee, Globe Asiatique


chief finance officer and executive vice president, said “the resignation of BDO Capital will cause obvious insurmountable difficulties to our ability to launch a successful ini- tial public offering, especially at this stage of the process.” Lee said the company is in dis- cussions with potential private in- vestors and plans to reapply an- other IPO to the Exchange “at a later point in time.” Earlier, the property firm an-


9th Filipino Franchise Show


nounced that it would defer the IPO “mainly due to weak global market conditions.”


The Exchange has also asked Globe Asiatique and BDO Capital to explain allegations of question- able housing loans.


A few months ago, Globe Asiatique complained about a change in the lending rules of the Home Development Mutual Fund that tightened qualifications for housing loan applicants.


UCPB sets expansion of operations


UNITED Coconut Planters Bank (UCPB) said it is set to expand operations before the end of the year. In a statement, UCPB said it will


open five new branches and 17 more automated teller machine (ATM) sites to sustain the growth of its deposit base and loan portfolio. The expansion will extend the bank’s


reach to 183 branch and 250 ATM locations. “Market reach and customer service will be the key to hitting our aggressive deposit and loan growth targets this year and next, that’s why we’re focusing on expanding and upgrading our main service delivery channels,” Edmond Bernardo, UCPB executive vice president for branch banking, said. UCPB is looking at a 16-percent


increase in total deposits and a 36- percent growth in new loan bookings for this year. The bank’s total deposits rose by P19


billion to P139 billion at end-August, while total loans also grew by P9 billion to P45 billion year-on-year. Bernardo said the bank will put up


new branches in Alabang in Muntinlupa, Global City in Taguig, in Malabon, and in Bacoor and Dasmariñas, both in Cavite to take advantage of the strong and steady rise of commercial activities and the growing residential communities in these areas.


“Residential communities and small


enterprises offer huge markets for retail deposits and consumer loans, and the business establishments for corporate deposits and commercial loans,” Bernardo said. The 17 ATM sites to be opened in the


BPI Family Savings Bank partnered with the Association of Filipino Franchisers, Inc. (AFFI) for this year’s biggest showcase of local franchisers, the 9th Filipino Franchise Show, which will run until September 19. Photo shows (from left to right) Richie Cuna, owner of Fiorgelato; Manny Aligada, had of Globe Business Segment; Glenn Yu, AFFI vice president; Leah del Castillo,


Entrepreneur editor in chief; Paulo Tibig, AFFI president; TG Limcaoco, BPI Family president; Joey Concepcion, founding trustee of Go Negosyo; Tess Ngan Tian, owner of Lots’a Pizza; Bards Montanido, owner of Chicharific; Imelda Trillo, BPI Consumer Banking Group senior vice president; and AFFI representatives at the BPI Family Ka-Negosyo Business Loans booth.


Shopwise to open two stores outside Metro Manila


THE operator of Shopwise chain of hypermarkets will open two more stores before the end of the year. Rustan’s Supercenters Inc. (RSCI) would spend about P700 million to open new outlets in the Pacita Complex in San Pedro, Laguna and in another area outside Metro Manila. “This year, we got two and


then we’ve signed deals for two [more outlets] that we will develop next year. But we’d like to do more,” Bienvenido Tantoco 3rd, Shopwise presi-


Roxas & Co. begins work on resort in Tagaytay


THE property unit of Roxas and Co. Inc. has started the construction of an upscale serviced resort and residential project in Tagaytay City. In a disclosure to the Philippine


Stock Exchange, RCI said Roxaco Land Corp. has partnered with VJ Properties to develop the P600- million Anya Resort and Residences, an Asian tropical-themed boutique development within a six-hectare upscale resort community. The investment will cover the


development of the residential lots, resort facilities, spa and restaurant amenities. Roxaco and VJPI will offer 48 open lots available for sale. As an added feature, buyers can choose from three pre-existing signature home designs that feature streamlined tropical Asian archi- tecture. The open lots have an average area of 450 square meters. “We will offer our residents an


array of services, such as home spa treatments, as well as housekeep- ing, repairs and maintenance, and rental management,” Santiago Elizalde, Roxas senior vice presi- dent, said. Roxas and Co. shares were last traded on June 23 at P0.95 each. KRISTA ANGELA M. MONTEALEGRE


dent, told reporters. Tantoco said the development of new stores will be financed through a combination of debt and internal cash. Shopwise is looking at several cities for its expansion, but sees that Metro Manila still has room for growth.


“Metro Manila is still underserved. If you compare us to Bangkok, the Philippines has 20 hypermarkets. In Bangkok, they have 100,” he said. Besides Shopwise, RSCI also operates Rustan’s Supermarkets


and Expresslanes. The retail group, which accounts for more than half of the P35-billion Rustan’s Group business, has 50 Shopwise, 30 Rustan’s Fresh and 20 Rustan’s Expresslane outlets. Known for its upscale depart- ment store, Rustan’s also wants to widen its consumer base to serve more customers. “We are maintaining the strength and heritage of the high- end brand, but we want to cater to more and more Filipino customers. We are expanding the customer base of Rustan’s in a


niche way,” Tantoco said. Rustan’s, which distributes 165 luxury and signature brands, has secured the fran- chise to exclusively distribute Pay Less Shoe Store, the Kansas- based discount footwear retailer, in the Philippines. “Now, we are going more middle and working class in those brands,” Tantoco said, adding that customers can buy a pair of shoes starting at P300 in Pay Less, which are now sold inside Shopwise stores. KRISTA ANGELA M. MONTEALEGRE


SMDC eyes P10-B from add’l stock sale


THE housing arm of the SM Group will raise about P10 billion from its planned one- for-three stock rights offer- ing on November 3. In a disclosure to the Philippine Stock Exchange, SM Development Corp. (SMDC) said it has secured bourse approval to list 1.83 billion common shares with an indicative offer price range of P5.45 to P5.73 per share. Based on the offer price


range, SMDC can raise be- tween P9.98 billion and P10.5 billion.


The final offer price shall


be determined on Septem- ber 20, based on an 18 percent to 22 percent discount to the volume weighted average price of SMDC shares traded in the Exchange for the 15-trading day period immediately preceding the pricing date. BDO Capital and Invest- ments Corp. has been tapped as the underwriter of the offer. The offer, which will be


available to stockholders of record as of October 6, will run from October 18 to


October 22. The company intends to use the proceeds from the offer to finance its land banking, development and construction activities for the fourth quarter this year until the second quarter of 2011. The planned offering is larger than SMDC’s previous rights offering in January worth P5 billion. SMDC’s profit grew by almost a quarter to P1.3 billion in the first half on the back of strong sales. KRISTA ANGELA M. MONTEALEGRE


second half of the year are on top of the 15 that the bank opened in the first semester, Bernardo said, adding that the lender also replaced old machines with new models to enhance service reliability. At end-August this year, the bank


had relocated or renovated 48 of its branches, with 16 others nearing completion and 37 more in the pipeline, Bernardo said.


LAILANY P. GOMEZ


ABS-CBN claims winning over TV high spenders


ABS-CBN Corp. said more advertis- ers are choosing the company be- cause viewers with purchasing power watch its TV programs over that of its leading rival.


In a statement, the Lopez-led broadcasting network said its na- tional TV ratings in August hit 41 percent compared with GMA Net- work Inc.’s 34 percent. ABS-CBN’s strong performance brings its year-to-date share to a high of 44 percent as against GMA Network’s 32 percent.


ABS-CBN said its ratings in


Visayas rose to 58 percent during the period compared with the 25 per- cent of GMA Network. In Min- danao, ABS-CBN had 64 percent as against GMA Network’s 16 percent. “More advertisers prefer ABS- CBN,” the Lopez-led network said, adding that 43 percent of viewers with purchasing power belonging to classes ABCD, which comprise 75 percent of the total population watch it as against GMA with only 34 percent. GMA Network’s new programs “didn’t quite make enough impact to topple ABS-CBN’s program- ming,” the company said. ABS-CBN said the reality show Survivor Philippines: Celebrity Show- down of GMA Network rated 27.4 percent, or lower than ABS-CBN’s Noah, which rated at an average of 35.7 percent.


Based on the Kantar Media’s na- tional TV ratings, nine out of the top 10 programs in August belonged to ABS-CBN.


These were Noah, 35.9 percent;


Agua Bendita, 34.1 percent; TV Pa- trol, 33.9 percent; Miss Universe, 29.4 percent; Maalaala Mo Kaya, 27.2 percent; Tatak ng Agimat, 26.3 percent; Momay, 25.2 percent; Magkaribal, 24.7 percent; and Agimat: Elias Paniki, 24.3 percent. In the first six months, ABS-CBN recorded a 179 percent growth in profit to P2.265 billion from P813 million last year. The company’s consolidated


revenues amounted to P16.84 billion compared with P11.69 billion in the same six-month pe- riod last year.


Its consolidated advertising rev- enues across all platforms and subsidiaries reached P11.5 bil- lion, up 71 percent from P6.72 billion last year. Total advertising minutes sold by Channel 2 jumped 42 percent, boosted by strong regular advertis- ing minutes growth, and comple- mented by election-related advertis- ing that contributed 11 percent of total minutes sold. Advertising minutes sold to regu-


lar advertisers in the first semester rose 26 percent, driven by strong national ratings and high audience shares. “Channel 2 has overtaken GMA


7’s advertising minutes load since March, based on figures from Nielsen Media Research,” ABS- CBN said. For the full year, ABS-CBN expects to post a P3 billion net income, higher than last year’s P1.79 billion. DARWIN G. AMOJELAR


Smart offers new unlimited Internet promo to grow subscribers


IN A bid to increase its subscriber base, Smart Broadband Inc. (SBI) said it has offered a new unlimited Internet promotion to attract more customers. In a statement, SBI said the Unlisuf


100 allows the prepaid subscribers to access unlimited, high-speed Internet surfing for two days for P100. For five days of unlimited Internet surfing, subscribers will be charged P200. “We know that broadband sub- scribers now upload and download content that’s more robust than ever, such as videos, photos, and music. While we continuously fortify our networks and optimize available technologies to ensure service qual- ity, we also strive to keep access as


affordable as possible, and offering a variety of ‘sachet’ prepaid options is in keeping with this direction,” Danilo Mojica, Smart’s Wireless Consumer Division head, said. SBI has about 1.32 million sub- scribers nationwide, about 870,000 of whom are prepaid customers. Smart provides cellular and broadband coverage to 1,629 cities and municipalities in the country. Earlier, Universal Maccann’s


Power to the People, a social media tracker survey, showed that more than four million Filipinos are ac- tive Internet users who access vari- ous social networking sites and online videos. Of the total, 98 per-


cent watch videos over the Internet, or higher than the global average of 82.8 percent.


China and Spain followed with 89.1 percent and 84.1 percent, re- spectively.


Filipinos also enjoy uploading vid-


eos, according to the survey, trailing only Korea, which topped this category. About 67.51 percent of Filipino


active Internet users uploaded or shared videos, almost double the global average of 35 percent. Koreans are the most active in uploading videos at 70.98 percent. The majority of Filipino Internet users likewise maintain social net- working accounts.


The survey said 3.9 million Filipi- nos manage a social network profile. Meanwhile, SBI’s parent firm, Smart Communications Inc. warned the public to be vigilant against fraudulent texts or calls that ask for “emergency money” from abroad, especially now that the Christmas season is approaching. The country’s largest mobile phone provider said scammers usu- ally target families or relatives of overseas Filipino workers. Senders of hoax texts usually claim to be family members, rela- tives or friends of family members and relatives. Government data showed that


more than eight million out of 90 million Filipinos work abroad. The central bank said 761,836 Filipinos left the country to work in the first seven months, a 28.2-per- cent increase over the same period last year. The bulk of the latest re- mittances came from Canada, Hong Kong, Japan, Saudi Arabia, Singa- pore, the United Arab Emirates, United Kingdom and United States. Data from the National Telecom- munications Commission showed that text scam complaints reached 776 cases from January to June this year as against 844 in the same pe- riod last year.


DARWIN G. AMOJELAR


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