Corporate News

Other Stories (03/17/15)

Posted on March 17, 2015

Buyout deal scuttled
GLOBAL Ferronickel Holdings, Inc. dropped a plan to buy a mining company ahead of its follow-on offering. Global Ferronickel told the stock exchange its board of directors approved the termination of the memorandum of agreement (MoA) in November 2014 for the acquisition of Ferrochrome Resources, Inc. (FRI), citing “non-fulfillment of the conditions enumerated in the MoA.” Global Ferronickel is raising up to P31 billion from a follow-on offering within the first half of the year, mainly to bankroll the acquisition and expansion of two mining companies -- one being FRI.

More Ford dealers
FORD MOTOR Company Philippines said it will have 45 dealerships this year -- more than initially planned -- as it is setting up more satellite service facilities nationwide. “For dealerships, we’re looking to close the year with 45. That’s what we are focusing this year, setting up more service-only facilities,” Minnie Valencia-Bustamante, Ford’s director for Marketing and Sales, said in an interview in her office in Taguig City on Thursday. Ford earlier this month said it plans to continue the expansion of its nationwide dealer network to 40 locations this year from the current 36.

Boracay resort sales
BOULEVARD Holdings, Inc. (BHI) expects monthly sales in its Boracay resort to recover by up to 125%, after the enforcement of a court-issued writ of injunction on March 13 ended a long-standing ownership dispute over the property. The Panlilio group had said in previous disclosures that around 200 armed men, reportedly associated with the former landowners, forcibly took over a portion of Friday’s Boracay Island Beach Resort on Feb. 15 last year. “With this wonderful report, our sales with the extra 17 deluxe rooms will rise from P8 million a month to P18 million a month during peak season,” said Jose Marcel E. Panlilio, BHI chairman, president and chief executive officer.

Rehab sought for PWU
THE matriarch of the Benitez family filed a petition for involuntary rehabilitation of Philippine Women’s University (PWU) before the Manila Regional Trial Court to allow the university to meet its obligations to its creditors, including STI Education Systems Holdings, Inc., and save the school and its properties from foreclosure. In a statement, PWU said its chairperson Dr. Helena Z. Benitez asked the court to “suspend all actions or proceedings, in court or otherwise, for the enforcement of claims against PWU and against third-party mortgagers.” If granted, the extrajudicial sale of land occupied by PWU in Manila and Jose Abad Santos Memorial School in Quezon City will be put on hold, the school said. As a creditor of PWU, STI is seeking these properties as payment for the P513-million principal loan it extended starting 2011.