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Posted on September 30, 2011

P7.3-billion issue okayed

SAN MIGUEL Corp. has bagged the local bourse’s approval to list 97.333 million preferred shares that had been issued to private investors, generally banks, for a total of over P7.3 billion. The Philippine Stock Exchange said in a notice yesterday it approved on Sept. 14 the listing of the shares, of which only 0.2.7% will be up for trading by Oct. 3. A bulk of the preferred shares had been sold to BDO Capital Investment Corp. and its affiliates.

Investment pledged

CLARK FREEPORT -- Ingasco, Inc., the local arm of Japanese firm Taiyo Nippon Sanso Corp., is putting up a $50-million air separation plant here, Clark Development Corp. President Felipe Antonio B. Remollo yesterday said. The facility will rise on a 32,928-square-meter lot in the free port along Panday Pira Ave. Ingasco will supply nitrogen, argon, and oxygen to Clark firms like Texas Instruments and Phoenix Semiconductor Philippines Corp. Ingasco’s main production plant site is located at Banay-banay II, San Jose, Batangas City.

Dividends declared

AYALA LAND, Inc. has decided to pay out dividends of 4.64% per annum on its unlisted preferred shares, a disclosure to the local bourse yesterday showed. The cash dividend worth P0.005 per share was endorsed in a special meeting on Wednesday. It will be payable on Oct. 18 to all company shareholders on or before Oct. 3 this year, the disclosure read. The firm realized a 35% growth in its first-half profits, climbing to P3.4 billion from P2.51 billion in year-ago levels on the back of higher real estate and hotel revenues.

Sale period extended

ONGPIN-CONTROLLED Anchor Land Holdings, Inc. moved to extend its existing special share sale to run until Oct. 14, a disclosure to the local bourse showed yesterday. The offering had been due to end this week. Anchor Land says the extension was due to numerous request from its shareholders. The listed property developer is selling one referred share for every common share held by an existing shareholder as of Sept. 15 at P1 apiece. Any unsold shares will be subscribed by company shareholder LTC Prime Holdings Corp., Anchor Land had said.

More shares listed

JOLLIBEE FOODS Corp. has listed 101.5 million more common shares, with a par value of P1 per share in line with its senior management stock option plan, the firm said in a disclosure to the local bourse yesterday. Another 7,787 common shares are set to be listed today as well. Jollibee earnings in the first semester stood at P1.345 billion, 6.3% down from year-ago levels reportedly due to financing costs for its acquisitions along with higher input prices.

Shipment completed

MINER TVI Pacific, Inc. yesterday said it had completed its 24th shipment of copper from its Zamboanga del Norte project. TVI Pacific said its subsidiary, TVI Resource Development, Inc. (TVIRD), shipped 5,369 dry metric tons (dmt) of copper from the port of Santa Maria in Siocon, Zamboanga del Norte, to MRI Trading AG on Sept. 26. “TVIRD expects to earn gross revenues of approximately US$14.8 million from MRI for this shipment,” the statement read.

Capital infused

TECHNOLOGY FIRM IPVG Corp. has infused more capital to its subsidiary IP Converge Data Center, Inc., a disclosure to the local bourse yesterday showed. IP Converge Data Center said its parent company subscribed to 40 million shares on Wednesday, bringing its total issued and outstanding capital stock to 221,866,669. The firm, however, did not say how much IPVG paid for each subscribed share. IPVG’s first-half profits rose to P296.72 million from the P10.18 million recorded in the same period last year. The firm is moving to spin off all its listed units into a private firm.

Payout received

UNITED STATES-BASED salmon firm Spence & Co., Ltd. paid $600,000 in dividends to its new parent company Alliance Select Foods International, Inc. according to filings with the local bourse. This was after Alliance Select acquired Spence for $8.5 million in August. In a phone interview yesterday, Rajat Balain, Alliance corporate information officer, said the money would be invested in the firm’s operations. “What we are looking into is expanding the sales of Spence & Co by introducing new products and therefore hiring more sales people,” Mr. Balain said.