Corporate News

Other Stories

Posted on February 24, 2012

Income tripled

FARM SUPPLIER Calata Corp., which is planning to conduct an initial public offering (IPO), nearly tripled its total comprehensive income in 2011 on the back of strong sales, latest documents filed with the Securities and Exchange Commission showed. According to an updated IPO prospectus dated Feb. 22, Calata posted 196% growth in comprehensive net income to P100.17 million versus P33.84 million in the previous year. The farm supplement distributor, meanwhile, booked P2.001 billion in sales, 11.29% higher than P1.798 billion in year-ago levels. Cost of sales also rose by 7.19% to P1.774 billion from P1.655 billion in 2010. The company in December last year filed its IPO registration, planning to raise P270 million in gross proceeds. Calata, a Bulacan-based retailer of seeds and feeds, plans to sell 36.0132 million shares at up to P7.50 apiece under a primary offer that is seen to raise P242.358 million in proceeds excluding fees and expenses.

Targets met

AGRINURTURE, INC. (ANI) in 2011 posted profits and revenues well above its target because of its “aggressive� expansion and acquisition, an official said. Antonio L. Tiu, president and chief executive officer of ANI, told reporters yesterday that the company has “met its target� for both revenue and profit last year, noting that it posted a “double-digit growth�. “Our 2011 revenue was at about P2 to P3 billion,� he said. However, Mr. Tiu declined to give exact figures for its net profit, noting that the company intends to issue a disclosure within the next few weeks. Following this, Mr. Tiu said that the company is looking to perform even better this year, in light of recent local and international expansion plans. “We’re targeting more than P5 billion [in revenue] for 2012,� he said. “We started the year with a [big] acquisition.� ANI, through its The Big Chill, Inc. unit, announced its acquisition of Sugarhouse, a local high-end cake shop, two weeks ago. The executive said that the company intends to acquire more assets this year. “We’re mainly interested in [companies involved with] farming, distribution, manufacturing, and retail,� he said. Aside from acquisitions, the company is also planning to bring the Big Chill brand to international markets. ANI is also consolidating banana plantations in Mindanao and is planning to expand its rice farms.

Partner sought

PHILEX PETROLEUM Corp., through its subsidiary Forum Energy Plc., is looking for a partner for plans to drill of an exploration well in the Reed Bank near the disputed Spratlys Islands, the firm disclosed to the bourse yesterday. Forum Energy is “continuing to discuss potential partnerships with regards to service contract 72 to assist and augment in the successful acceleration of the development of the project.� The company is currently planning the second sub-phase of its work program in service contract 72 “which is expected to involve the drilling of up to two wells before June 2013.� Forum Energy is the operator of service contract 72 located in the Reed Bank. Philex Petroleum owns around 60% of Forum Energy. Service contract 72, the former Geophysical Survey Exploration Contract 101, was awarded to Forum Energy in 2005. It is estimated to have 4.3 trillion cubic feet of oil and gas potential. It covers 8,800 square kilometers west of Palawan. Shares of Philex Petroleum closed at P12.20, down 7.71% from its previous close P13.22 apiece.

Agent replaced

SY-LED real estate firm Belle Corp. has decided to tap BDO Trust & Investments Group to handle its stock transactions, replacing its current agent, a disclosure to the Philippine Stock Exchange showed yesterday. Following a meeting last Wednesday, the company’s board of directors approved the replacement of stock transfer agent Professional Stock Transfer, Inc. in favor of BDO Trust & Investments, effective March 31. “The decision to change the corporation’s stock transfer agent has been made in light of the desire to align the corporation with other listed entities under the SM group of companies which have engaged BDO as their stock transfer agent,� Belle said in a disclosure. As a result, BDO Trust & Investments will begin serving as Belle’s stock transfer agent beginning April 1, the disclosure noted. Belle, first incorporated in 1973 as Belle Resources, entered the property sector with the development of golf course Tagaytay Highlands International Golf Club, Inc. in 1989, its Web site showed. Belle shares plunged 4.19% to P4.34 yesterday from P4.53 at its previous close.