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Posted on May 01, 2012

Approval sought

GLOBE TELECOM, Inc. is seeking the Securities and Exchange Commission’s approval of plans to sell P10 billion worth of fixed rate bonds, a disclosure to the local bourse yesterday showed. The company said that it filed on March 19 the registration of five-year and seven-year fixed rate bonds with in an aggregate amount of P10 billion. “The bonds will be issued in denominations of P50,000 each and multiple of P10,000,� Globe Telecom said. “The company intends to list the bond on the Philippine Dealing and Exchange Corp.�

Delisting readied

THE PHILIPPINE Stock Exchange (PSE) has approved the voluntary delisting of PLDT Communication and Energy Ventures, Inc. (PCEV), a circular yesterday stated. The PSE said that PCEV’s shares would no longer be traded by May 18. Last week, majority shareholder Smart Communications, Inc. said that 0.21% of the total outstanding common stocks of PCEV have been bought back from the public, a number which constitutes 43.98% of the 45 million shares subject to tender offer from March 19 to April 18.

Gains reported

RFM Corp. hiked profits by 30.17% to P130.3 million in the first quarter from year-ago levels, a statement released yesterday showed. “Its income gathered momentum this year given the higher sales revenues and easing of commodity cost inputs such as milk and sugar that started in the second half of last year. Rationalization of production processes and focus on higher-margin products helped improve the profit picture for the company,� the company stated.

Costs increase

ALLIANCE SELECT Foods International, Inc. reaped lower profits in 2011 as expenses for an acquisition of a foreign firm shaved off earnings, an annual report showed. Alliance Select Foods posted a net income of $951,663 last year, down by 41.15% 2010. This, despite an 6.17% increase in revenue to $51.34 million, which includes sales worth nearly $5 million from its newly acquired Spence & Co. Ltd., a United States-based processor of smoked salmon. However, expenditures rose by nearly 60% to $6.68 million last year as the company bought a 100% stake in American firm.

Incentives awarded

THE BOARD of Investments (BOI) has granted tax perks to the P737-million palm production project of Zanorte Palm Rubber Plantation, Inc. The BOI said the plantation, to be put up in Sirawai and Sibuco, Zamboanga del Norte, will produce 9,900 metric tons (MT) of palm oil and 2,338 MT of dried palm kernel. The project is expected to generate 1,055 jobs.

Outlook bared

REPUBLIC GLASS Holdings Corp. expects to post a profit hike this year following a double-digit drop in its 2011 earnings, a ranking official said yesterday. “For this year, we’ll do much better than last year. For one, I think the local market is very good, so our mark-to-market gains will also be good. We will also have one-time gains from the sale of our Batangas property. These should all augur well with the company,� Geronimo F. Velasco, Jr., Republic Glass president and vice-chairman, told BusinessWorld after the firm’s annual stockholders’ meeting in Makati City yesterday.

Share sale slated

IPVG CORP. is poised to issue 10.86 million shares to a British investor in line with an investment agreement inked in 2009, disclosure to the local bourse yesterday showed. The company said that its board of directors last Friday approved the listing of the shares with the Philippine Stock Exchange pursuant to the P300-million investment agreement with GEM Group in 2009. Last February, IPVG also listed 24.25 million shares in line with the same investment deal. In April 2009, GEM Global Yield Fund Ltd., GEM Investment Advisors, and Elite Holdings, Inc. invested P300 million in the listed IT company.

Deal inked

METRO PACIFIC Tollways Corp. has forged a cost-sharing agreement with its two subsidiaries to streamline the cost management in the company, disclosure to the local bourse yesterday showed. The company, in board meeting on April 27, approved the execution of “cost sharing and management services agreement with Manila North Tollways Corp. and Tollways Management Corp.,� the disclosure read.