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Stocks rebound as top companies post double-digit earnings

By Arra B. Francia, Reporter
Shares bounced back on Tuesday, May 8, as index heavyweights reported positive performances for the first quarter of 2018, prompting investors to go bargain hunting.
The bellwether Philippine Stock Exchange index climbed 0.59% or 44.29 points to close at 7,577.57 yesterday. The broader all-shares index likewise rose 0.6% or 27.72 points to 4,629.33.
“SM Prime Holdings, Inc. and Ayala Land, Inc. (ALI) reported double-digit growth. These issues manifested a good growth of the consumer as well as property sector, which definitely boosted investor confidence,” Diversified Securities, Inc. equities trader Aniceto K. Pangan said in a phone interview.
SM Prime on Monday said net income grew by 15% to P7.6 billion, driven by its provincial mall expansion. Shares in the company were among the most actively traded for the day, jumping 4.79% to P33.90 each.
On the other hand, ALI’s earnings grew 17% to P6.52 billion as it benefited from higher residential sales alongside commercial leasing revenues. ALI’s share price gained 0.25% to close at P40.10 each on Tuesday.
“Plus most of regional markets were up which carried on the investors to bargain hunt on a number of issues helping the market to move up, rebound on today’s trading,” Mr. Pangan added.
The financials sector was the lone sub-index that declined, losing 0.59% or 11.21 points to 1,886.54.
Property surged 2.06% or 72.23 points to 3,582.03. Mining and oil went up 0.69% or 68.55 points to 10,082.93; services gained 0.56% or 8.49 points to 1,524.94; industrial added 0.5% or 54.99 points to 11,054.47; while holding firms closed 0.44% or 33.47 points higher to 7,610.70.
Advancers outpaced decliners by a hair, 98 to 96, while 48 issues were unchanged.
The trading of some 793.39 million issues resulted to a value turnover of P7.23 billion, higher compared to the P5.9 billion seen on Monday.
Net foreign outflows slimmed to P225.77 million, versus the P462.74-million net sales recorded in the previous session.

SMB, Standhardinger make Commissioner’s Cup debut

By Michael Angelo S. Murillo
Senior Reporter

THE defending Philippine Basketball Association (PBA) Commissioner’s Cup champions San Miguel Beermen finally make their debut and they are doing it with a “big package” at hand in rookie Christian Standhardinger.
Selected number one overall in this season’s rookie draft, Mr. Standhardinger suits up for the Beermen for the first time when they take on the Meralco Bolts in the 7 p.m. main game today at the Mall of Asia Arena.
Had his debut delayed as he honored his contract with the Hong Kong Eastern Basketball Team in the just-concluded ASEAN Basketball League season, Mr. Standhardinger now dons the red and white with many expecting him to further shore up what already is a solid crew.
Apart from him, also debuting for the Beermen is import Troy Gillenwater, a veteran in leagues in Korea, Japan and Russia.
But undeniably all eyes are on 6’8” Standhardinger and his “twin tower” tandem with San Miguel’s resident giant and league most valuable player June Mar Fajardo, which many are looking forward to since the Beermen drafted the former first in the draft.
Rival teams have made it known that the arrival of the Gilas Pilipinas player has fortified the Beermen’s hold as the team to beat, with NLEX Road Warriors coach Yeng Guiao even quoted as saying that the rest of the field are “fighting for the second spot” because San Miguel is expected to take the top position.
But while they are welcoming Mr. Standhardinger with open arms and acknowledging that his arrival is a boon to them, the Beermen are choosing not to get ahead of themselves and instead taking a “wait-and-see” stand on their Commissioner’s Cup campaign.
“On paper we got stronger but we got to show up and play. So we’ll see,” said San Miguel gunner Marcio Lassiter in the run-up to their debut in the midseason PBA tournament.
“Christian will be of help to us but we have to do a good job in incorporating him in our system to make things work. But we’re confident it can be done,” San Miguel coach Leo Austria, for his part, said.
While Mr. Standhardinger is set to make his debut, it remains to be seen if San Miguel guard Chris Ross will be available for their first game after aggravating his thigh injury during their championship run in the Philippine Cup.
FIRST SHOT
Taking first shot at the fortified Beermen are the Bolts (2-1) who are coming off a big 106-90 victory over NLEX on May 4.
Chris Newsome had a big offensive night last time around, finishing with 30 points.
Import Arinze Onuaku had a double-double of 15 points and 23 rebounds in the end-to-end win of Meralco with Mike Tolomia, Jared Dillinger, Baser Amer and Anjo Caram also finishing in double digits.
Meanwhile, playing in the 4:30 p.m. curtain-raiser are the undefeated Rain or Shine Elasto Painters (3-0) and Columbian Dyip (2-2).

LeBron leads Cavaliers sweep; Sixers stay alive

LOS ANGELES — LeBron James led the way as the Cleveland Cavaliers wrapped up a series sweep with a ruthless demolition of the Toronto Raptors on Monday to book their place in the NBA Eastern Conference finals.
James, the buzzer-beating hero of Cleveland’s epic victory in game three on Saturday, scored 29 points as Toronto’s bid to avoid the ignominy of a 4-0 series loss ended in a 128-93 pounding.
Toronto had entered the playoffs as the number one seed from the Eastern Conference, and were desperate to avoid a third straight series defeat to James and the Cavs after losses in 2016 and 2017.
But their fragility was underscored by a rampant Cleveland on Monday, with James leading a blowout win that ensures the Cavs will be well rested for the Eastern Conference finals, where they will play either Boston or Philadelphia.
“It was a great series for us,” James said afterwards. “We had a lot of challenges, considering the dominance (Toronto) had in the regular season. But we had a great game plan and we executed it.
“We want to continue to improve. I think we’ve done that from the seven-game series against Indiana to these four games.”
James was once more the tormentor in chief for Toronto, contributing eight rebounds and 11 assists in addition to his 29 points.
Four other Cavaliers starters cracked double digits, with Kevin Love scoring 23 points and Kyle Korver 16 points.
J.R. Smith added 15 points while George Hill added 12.
Cleveland coach Tyronn Lue said the Cavs’ defense and all-round offensive display had been crucial factors in the sweep.
“I think defensively we’re playing pretty good,” Lue said. “And I think in this series, we made shots, a lot of different guys stepped up.
“Four or five different guys getting double figures for us every night — that was big for us. We’ve got to continue getting better but I like where we’re at right now.”
Toronto’s miserable night saw DeMar DeRozan ejected in the fourth quarter while Kyle Lowry was restricted to just five points.
Jonas Valanciunas was a notable beacon of resistance, providing 18 points off the bench. But it was too little, too late for Toronto, who were comprehensively outplayed in every department.
‘EMOTIONALLY DRUNK’
Raptors coach Dwane Casey said his team had paid the price for not being able to recover from shattering losses in games one and three.
“We were emotionally drunk after game one and game three,” Casey said. “I thought we could bounce back, but we didn’t.”
DeRozan, meanwhile, was at a loss to explain yet another defeat to the Cavs.
“They’ve just got our number. Things just don’t seem to go right for us,” DeRozan said, adding that the James-inspired Cavs were anything but a one-man band.
“It’s not just him going out there and scoring 128 points,” DeRozan said. “The things he does for his teammates gets them going. It’s been a challenge for us over the years.”
In Monday’s other playoff game, T.J McConnell and Dario Saric combined to give the Philadelphia 76ers a lifeline with their 103-92 win over the Boston Celtics.
The Celtics could have clinched a 4-0 sweep but instead the Sixers’ win ensured there will be a game five in Boston on Wednesday.
McConnell’s introduction into the starting lineup proved crucial for the Sixers, with the point guard scoring a career-high 19 points.
Croatian power forward Saric added 25 points while Ben Simmons finished with 19 points and Joel Embiid 15.
Sixers coach Brett Brown said McConnell had been brought in for his positive mind-set as the Sixers attempted to stave off a clean sweep.
“We wanted to remind the team of how good a season they have had to this point,” Brown said afterwards.
“There’s no better player to help catapult that kind of mind-set than T.J. He’s like a throwback kind of player. A tremendous teammate, an incredible competitor.”
McConnell, meanwhile, saluted the Sixers’ mental resilience.
“We showed a lot of maturity today and came up with a win,” said McConnell, adding that the team was unfazed by the statistical improbability of overturning a 0-3 series deficit.
“We had nothing to lose. Our coach told us that the team that is down 0-3 is 0-129. So we’re just trying our hardest to be that one team that comes back,” he said. — AFP

Ceres hosts Yangon Utd for first leg of KO match

REIGNING ASEAN Zonal winner Ceres-Negros FC hosts Yangon United FC of Myanmar today for the first leg of their home-and-away knockout match in the AFC Cup.
Back in the KO stage of the tournament for the third straight year, the “Busmen” try to get its bid in the next phase of the competition to a good start in their 7 p.m. game at the Panaad Park and Football Stadium in Bacolod City.
Ceres was able to book a spot in the semifinals by catching the last bus as the best runner-up in group play after a big 2-0 loss to Home United FC of Singapore in its final game in Group F on April 25.
The turn of events spoiled Ceres’ dominant showing in group play where it practically led the grouping right from the start.
The loss pulled the Bacolod-based team to a share of the top spot with Home United with four wins, a draw and a loss and 13 points apiece.
Having the advantage in their head-to-head record though, Home United claimed number one.
But Ceres still got a break after the loss of Song Lam Nghe An in Group H that kept it at just 10 points.
Not having the finish they were looking for, Ceres was left to rue the tough loss to Home United and expressed hope that it served as a good lesson for the team moving forward.
“Let this be a lesson for us. We have to continue playing and fighting. Nothing comes easy in the tournament,” said Ceres coach Risto Vidacovic following their last game.
Bienvenido Marañon of Spain is Ceres’ leading scorer with seven points in the tournament followed by Takumi Uesato with three.
DOMINANT
For visiting Yangon United, its path to the knockout stage was a dominant one, finishing with a record of four wins, a draw and a loss and 13 points in Group G.
Midway into group play it already secured the top spot and a ticket to the next round and eventually wound up head and shoulders above its group mates, which included Philippine side Global Cebu FC.
Sekou Sylla, formerly of Global, and Maung Maung Lwin, meanwhile, are expected to play a key role for Yangon United against Ceres.
The first leg of the Ceres-Yangon United KO match will be beamed live over FOX Sports. — Michael Angelo S. Murillo

Pistons dump Stan Van Gundy as coach, team director

CHICAGO — Stan Van Gundy was fired as coach and president of basketball operations for the Detroit Pistons on Monday, unable to turn the struggling NBA club into a consistent winner.
The Pistons went 152-176 in four campaigns under Van Gundy, whose younger brother Jeff is a former NBA coach now working as a television analyst.
Detroit went 44-38 in 2015-2016 for the team’s only playoff appearance since 2009, being swept out by Cleveland in the first round. The Pistons last won an NBA playoff game in a 2008 run to the Eastern Conference finals.
“We have decided that this change is necessary to take our basketball organization to the next level,” Pistons owner Tom Gores said. “This was a very difficult decision and we did not come to it lightly.”
Gores praised Van Gundy as the key person who “rebuilt the culture of our basketball team, re-instilled a winning attitude and work ethic and took us to the playoffs two years ago. He went all-in from day one to positively impact this franchise and this community.
“But over the past two seasons our team has not progressed, and we decided that a change is necessary to regain our momentum.”
The departure of Van Gundy, who had one year remaining on his contract, leaves the Pistons with two holes to fill, coaching and organizing team personnel.
“His presence and leadership helped move this franchise forward,” Gores said. “Although we did not get the success both of us wanted, his efforts and leadership have put the franchise in better shape today than when he came on board.”
The Pistons went 39-43 in the just completed season, two games better than last season but still four games behind Washington for the eighth and final playoff berth in the Eastern Conference.
“He retooled a roster that we think can be very competitive in the East,” Gores said. “I know he’s disappointed.” — AFP

NBA is committed to the Philippine market, says Mark Tatum

FINDING a “welcoming home” here in the Philippines, the National Basketball Association (NBA) said it is high on its presence in the country and reaffirmed its commitment to continuing its business here.
Meeting members of local media for a roundtable discussion at the NBA Philippines office in Bonifacio Global City on Monday, May 7, NBA Deputy Commissioner and Chief Operating Officer Mark Tatum shared that they were very appreciative of the kind of reception the NBA has been getting from the Filipinos and that they hope to continue building on it moving forward and providing worthwhile fan engagements and activations in return.
“There is really no place like the Philippines when it comes to basketball. It is our highest affinity market in the world. Ninety-nine percent of Filipinos know who the NBA is and many follow the NBA,” said Mr. Tatum, who met the media along with NBA Philippines Managing Director Carlo Singson and other local NBA officials.
“I know three-quarters of all TV households this year tuned in to an NBA game. On social media, in terms of Facebook it’s the number one region that participates in our Facebook global page. As far the local Facebook page, it is the biggest regional Facebook page that we have. Love for the NBA and basketball here is second to none,” added the NBA official as he shared some of the dimensions that the Philippine market brings to the NBA as an organization.
Mr. Tatum went on to say that the Philippines being a ‘basketball country” makes it enjoyable to build their presence here but at the same time keep them on their toes as they have standards to be met considering how passionate Filipino fans are about the NBA.
“I think it’s fun doing our initiatives here because we know the fans have an appreciation of what we do. So as we set out to do our initiatives here we really think of what kind of partnerships and activities we should create,” he said.
Adding, “In the Philippines, the fans here are so knowledgeable so it requires a deeper engagement than in any country in this part of the world.”
PARTNERSHIPS
Much like how they do business in other places, Mr. Tatum highlighted that key in their Philippine presence has been the partnerships they have forged with various groups and corporations along the way, allowing them to take the NBA brand to more people. “It’s critically important to have partners. In everywhere we do business obviously we cannot do it alone. In the Philippines, we have over 30 marketing and merchandising partners that really help us get the word out about the NBA and they allow us do various programs and run NBA-themed advertisements,” Mr. Tatum said.
One such partner is Alaska Milk, which together with the NBA has been the motor that keeps the league’s global youth program, Jr. NBA, going for more than a decade now in the Philippines.
“We like partnering with companies which are committed to working to promote the NBA and what it stands for. We are high on our grassroots development program, specifically our Jr. NBA programs. And our partner here Alaska Milk has enabled us to grow it,” Mr. Tatum said.
MORE CAN BE DONE
But while the NBA has been experiencing success doing business in the country, Mr. Tatum said they believe it can still be taken further which is why they are continuing to look for ways to have fans and partners in the Philippines stay engaged.
“I’d say we always look for ways like how we can make our products accessible to the fans not only just merchandise but even our games. How we can make it seamless like on your mobile devices. We want to make sure that fans here have full access to the season, the games and highlights. It is something we are focusing on and we feel we can do more on,” the NBA deputy said.
“With the popularity of NBA here we are also looking at brand extensions. Like in China, we have what we called Playzones where kids can spend the day and birthday parties there. There are NBA fitness centers in other parts of the world, maybe we can consider it here. In Orlando, we are opening an NBA Experience in Disney World which is going to be an immersive experience for fans. Things like these maybe can consider here in Philippines as well,” Mr. Tatum added.
Looking ahead, Mr. Tatum said they are bullish of the Philippine market and continuing their business in the country.
“We are very optimistic about us continuing our business here and prospects of expanding our presence. Number one reason is the passionate fan base so the NBA has to be here. And the future of basketball here is fantastic with the 3×3 World Cup next month and the World Cup in 2023 playing in Indonesia, Japan and the Philippines where our players would participate in,” Mr. Tatum said. — Michael Angelo S. Murillo

Ex-Grizzlies coach Fizdale named coach of NY Knicks

NEW YORK — David Fizdale, fired as coach of the Memphis Grizzlies last November, was named Monday as the new coach of the NBA’s struggling New York Knicks.
The 43-year-old American — who has served assistant coaching stints with Golden State, Atlanta and Miami — took on the challenge of reviving a woeful side that has missed the playoffs for five consecutive campaigns.
“I am honored and humbled to join the Knicks,” Fizdale said. “I appreciate the enormous responsibility it is to coach the Knicks and am ready to give my all to build the type of winning team the passionate fans of New York will be proud of.”
Fizdale guided the Grizzlies to a 43-39 record in his first season, losing to San Antonio in the opening round of the playoffs. This past season, he was fired after the team opened the campaign 7-12 on their way to a 22-60 finish, second-worst in the NBA.
The Knicks didn’t finish that much better, going 29-53, which led to last month’s firing of coach Jeff Hornacek, setting the stage for Fizdale to be hired.
“After a thorough coaching search, it was clear that David would be a great fit with the Knicks and we’re thrilled he’s joining our organization,” Knicks President Steve Mills said. “He’s an experienced coach, strong leader and effective communicator who understands what it takes to build a winning culture.”
With Miami, Fizdale was an assistant on NBA championship teams in 2012 and 2013 powered by LeBron James.
“David is a dynamic coach who will thrive in New York,” Knicks General Manager Scott Perry said. “His championship pedigree, resiliency and expertise in player development make David well-suited to establish the Knicks as a consistent winning basketball team.” — AFP

Banding together

Having covered the local sports beat for a while now and talked to many stakeholders, one thing stands out is the fact that much still needs to be done as far as the country’s sports program is concerned.
Various tangents for discussion go with it, including the role that the private sector can play in furthering local sports organizations’ thrust to shore up their programs and look after the welfare of our athletes.
In line with this, the Philippine Basketball Association (PBA), MVP Sports Foundation (MVPSF) and San Miguel Corp. (SMC) recently released separate donations totaling P46 million to the Philippine Olympic Committee (POC).
MVPSF and SMC each gave P20 million while the PBA donated P6 million, with each of the 12 competing teams contributing P500,000.
The donated money will be directed towards the athletes and their National Sports Associations for their preparations for the Southeast Asian (SEA) Games next year and the Asian Games later this year.
The donation was formally handed over to the POC in a brief ceremony during the halftime break of the game between the Barangay Ginebra San Miguel Kings and TNT KaTropa on May 6.
POC President PBA Chairman Ricky Vargas, along with other officials of the sports body, received the donation and expressed his gratitude, saying “this is for the athletes, country and the programs.”
To ensure transparency and clarity, Vargas said for each donation there is “a directed memorandum of agreement for the donee.”
For San Miguel it will choose the NSAs and programs it will be supporting while that of the MVPSF is geared towards the incentives for medal-winning athletes and for training as well.
That of the PBA, meanwhile, is for training in the SEA Games and Asian Games and the NSAs.
This banding together of these various groups is surely a welcome development.
As said at the top, the involvement of the private sector in local sports development could not be more overstated considering funding for such is admittedly far from being ideal.
While the P46-million donation may not be big relative to what Philippine sports in general needs, still it is a step in the right direction and would go a long way in inspiring more people, groups and corporations to come on board and pick up the cause of supporting our country’s sports programs and athletes.
So kudos to the PBA, MVPSF and SMC. May this be the start of a steady commitment from your end to Philippine sports. And may more groups follow suit.
 
Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.
msmurillo@www.bworldonline.com

Coach of the Year

For the record, the National Basketball Association has already seen the spectacle of a Coach of the Year awardee fired just after taking home the Red Auerbach Trophy. The singular distinction belongs to George Karl, whose newly minted status as the best of the best on the bench in 2013 was followed by his unceremonious dumping by the Nuggets. He deserved the regular-season honor, having led the blue and gold to 57 wins and homecourt advantage to start the playoffs. Whether he also deserved to then be bounced from the hot seat — even after losing in the first round without injured star Danilo Gallinari — is another matter altogether.
To be sure, the Nuggets’ “What Have You Done For Me Lately” consideration of Karl’s position is nothing new. Every single year, franchise owners bankrolling outrageous payrolls expect their bench tacticians to squeeze the most out of those who wear their jersey. And “most” invariably means constant improvement, not a steep decline when the matches truly matter. Which, in a nutshell, is why Dwane Casey may yet find his own standing with the Raptors in question following their second straight zero-four elimination at the hands of the Cavaliers, never mind the sterling work he did en route.
Certainly, what Casey accomplished for the Raptors heading into their 2017-2018 campaign wasn’t easy. He sought to take apart the star-centric system that hitherto generated for them modest successes and then put up a new one that emphasized the importance of ball movement for a deeper rotation. In other words, he willingly took a step back in order to be given the opportunity to move two steps ahead. And, for the most part, it worked; they claimed the top seed in the East on the strength of a net rating that crowded the league elite. Even as their competitiveness continued to be spearheaded by All-Stars DeMar DeRozan and Kyle Lowry, they employed a bench whose productivity had no equal.
There was just one problem, however: They had too much of a history against the Cavaliers, whose pitfalls prior to the conference semifinals served only to ramp up the pressure on them to deliver. Their traditional foils were down and close to out; they just had to strike the knockout blow. Instead, they found themselves giving in to ghosts of playoffs past and — after snatching defeat from the throes of victory in Game One — essentially surrendering to the inevitable. In the end, it didn’t matter that their opponents were actually outscored by a whopping 40 points in the previous series against the Pacers, and that advanced analytics had them winning handily. It mattered only that longtime tormentor LeBron James was on the other side.
In combing through all the What Ifs and Could Have Beens, the Raptors are right to wonder if starting over won’t ultimately prep them for success. They’re very, very good as presently constructed, but because they so happen to be toiling in the James Era, they have to be great. Anything less will simply be an exercise in futility. And it doesn’t help that their increasing desperation during the best-of-seven affair may well have broken their trust with DeRozan. True, Game Three became a humdinger because Casey bravely chose to bench their erstwhile leader over the last 14 minutes and 16 seconds of the contest. On the other hand, nothing prevented him from employing offense-defense substitution patterns and turning to their primary scorer during crucial sequences.
That Casey didn’t even think of calling on DeRozan even while designing after-timeout plays under pressure speaks volumes of his reactionary style. He went with the group that got the Raptors close in the crunch, the evident mismatches notwithstanding. And, no doubt, he will be called to account for it; until now, for instance, fans remain baffled as to why, out of a full timeout with 57.9 ticks remaining in the fourth quarter, he tapped reserve guard Fred VanVleet to take a contest 34-foot shot from an unimaginative inbounds sequence. They were down by just three, and with the shot clock down to five, he could have gone to — or even merely involved — either of his All-Stars. Instead, he went with a substitute who had previously missed six of eight field-goal attempts, including five of six from three-point territory.
So, yes, Casey can rest easy knowing he worked extremely hard to be the Coach of the Year favorite. And, no, he won’t be able to do so knowing he also flubbed his chance. No one will care that the series was actually just three points from being a two-all affair instead of one more sound shellacking. Instead, what will be etched in the minds of all and sundry is the part they were given in the midst of James’ march to greatness. And if he winds up being the latest victim, he can find small mercy in the fact that he won’t be the last.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

EDC expects flat profit, revenues this year

Energy Development Corp. (EDC) expects this year’s revenues and profit to be flat, a positive development for the Lopez-led listed company that ended the first quarter with a double-digit decline in top- and bottomline figures.
Erwin O. Avante, EDC vice-president and head for corporate finance, told reporters this would just approximate last year’s crucial numbers as the company recovers from the impact of the natural disasters that occurred last year.
In the first quarter, the country’s largest geothermal and wind energy company posted consolidated revenues of P8.18 billion, down 15% from the level a year ago.
Its consolidated recurring net income attributed to equity holders of the parent firm was at P1.81 billion, lower by 44% from a year earlier.
Mr. Avante also said that the company expects to spend P6.1 billion this year, which he said is about the same as the capital expenditure last year. — Victor V. Saulon

LT Group sets around P11 billion capex for 2018

LT Group, Inc. (LTG) plans to spend P10 billion to P11 billion for capital expenditures in 2018, amid expectations of a better year given the government’s move to address illicit activities in tobacco trade.
The holding company of tycoon Lucio C. Tan, Sr. cited the government’s efforts in addressing underground cigarette firms produced locally and imported as finished goods, which it said has given its tobacco business a level playing field.
“We’re still hopeful that enforcement will continue, and that government could put a lid on these illegal and illicit activities. Enforcement is continuing, I think the secretary of finance said that although numerous but volume is not as big as previous years,” LTG President Michael G. Tan said in a press briefing in Century Park Hotel in Manila on Tuesday, May 8. — Arra B. Francia

Robinsons Land partners with Hong Kong firm for P5.6-billion Pasig project

Robinsons Land Corp. (RLC) has partnered with Hong Kong Land Group (HKLG) for the development of real estate projects in the country, starting with a P5.6-billion residential property in Pasig City.
The Gokongwei-led property developer disclosed to the stock exchange on Tuesday, May 8, that it has signed an agreement with HKLG through its representatives Hong Kong Land International Holdings Ltd. and its subsidiary Ideal Realm Limited.
The parties will be forming a 60-40 joint venture (JV) firm for the residential project, set to rise on Block 4 of Bridgetowne East in Pasig City. Aside from developing the property, the JV company will also be in charge of marketing and sale of the residential units. — Arra B. Francia