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DMWAI’s lower IPO price may spark interest

By Arra B. Francia, Reporter
PROPERTY DEVELOPER and construction firm D.M. Wenceslao & Associates, Inc. (DMWAI) has priced its initial public offering (IPO) at a discount, which analysts said would make the offer more attractive to investors given the persistent volatility in the stock market.
In a listing notice posted to the stock exchange on Monday, DMWAI said it has priced its IPO at P12 per share, significantly lower than the maximum price of P22.90 per share it announced before.
The final offer price will allow the company to raise P8.15 billion from the issuance of 679.17 million shares, and up to P9.37 billion should it exercise its overallotment option of up to 101.88 million shares.
DMWAI had initially targeted to raise P15.55 billion from its primary offer, and up to P17.89 billion including the overallotment option.
“Investors will look at it as an opportunity to buy. Since it looks like the company (is giving) the investing public some room for price appreciation. From an investors’ standpoint, it’s a huge discount most especially (since) the maximum price is P22.90,” UPCC Securities Corp. Trader Aristotle D. Reyes, Jr. said in a text message.
Timson Securities, Inc. trader Jervin S. De Celis noted the company may have opted for a lower price due to the market’s volatility.
“I think they did it on purpose as the market’s volatility may dampen investors’ appetite for IPO’s so lowering the offer price will make it attractive to the investing public,” Mr. De Celis said in a separate message.
The volatility in the market has already discouraged Del Monte Philippines, Inc. from pushing through with its planned P17.55-billion share sale this month, announcing last week that it will wait for the market to stabilize before proceeding with the IPO.
Despite the discount, Mr. De Celis is keeping a conservative stance on the stock’s performance given the size of the offer.
“However, I don’t expect that this stock will perform as stellar as the IPO of DoubleDragon (Properties Corp.) and Xurpas, (Inc.) a few years ago, when those stocks rallied on the first day of trading since DMWAI’s offer is too big,” Mr. De Celis added.
DMWAI will use the net proceeds of the offer to finance its projects in the 204-hectare Aseana City in Parañaque City. The company has nine projects lined up in the area set to be completed in the next five years.
In a market note, brokerage F. Yap Securities, Inc. cited DMWAI’s land bank of 56.91 hectares in Aseana City as one of its competitive strengths.
“(DMWAI) currently has a land bank of 77.56 hectares in the Philippines, that will meet the development needs for the next 10 years. Bulk of this is in Aseana City (56.91 hectares) with a value at around P132.8 billion, including existing properties and current developments,” according to F. Yap Securities.
However, the brokerage also said that “stiff competition from other developers in close proximity” may also affect the company’s performance. Aseana City is located near the SM Mall of Asia complex, as well as Entertainment City.
DMWAI’s IPO is set to run from June 18 to 22, with target listing at the stock exchange on June 29. It will have the ticker DMW.
The company has engaged BPI Capital Corp. and Maybank King Eng Securities Pte. Ltd. as the joint global coordinators and bookrunners for the offer, with the latter also acting as international lead manager and underwriter.

HBO OKs Game of Thrones prequel

LOS ANGELES — HBO said on Friday it is moving ahead with a prequel for its hit television series Game of Thrones, the first green light for five potential spin-off projects for the award-winning medieval fantasy.
HBO said it had given a pilot order to a prequel that will take place thousands of years before the events of Game of Thrones, the biggest international hit for the Time Warner channel.
If all goes well with the pilot, the network will order a full TV series.
The as yet untitled prequel was created by British screenwriter Jane Goldman with author George R.R. Martin, whose novel series A Song of Ice and Fire is the basis for the Game of Thrones television series, HBO said in a statement.
It will chronicle “the world’s descent from the golden Age of Heroes into its darkest hour,” and look at the secrets of the history of the warring families in the fictional kingdom of Westeros.
News of the prequel comes ahead of the eighth and final season of Game of Thrones, which is due to be broadcast in 2019.
The series, which has won multiple Emmy awards, is HBO’s biggest hit ever with some 30 million viewers in the United States and an army of devoted fans worldwide.
HBO gave no timescale for when the prequel series might air but executives have said any spin-offs would not be broadcast until at least a year after the final season of Game of Thrones in 2019.
Martin said a year ago that he is working with at least four other writers on ideas for other spin-offs but details have remained under wraps.
But HBO and Martin have said some of them may not even be set on Westeros, and that fans should not expect them to feature the same characters as Game of Thrones.
“This story, A Song of Fire and Ice, is done. There’s no revival, reboot, spin-off talk,” HBO programming president Casey Bloys told the Hollywood Reporter earlier this year. — Reuters

Alveo’s Sandstone to be finished this year

By Francis Anthony T. Valentin
Special Features Assistant Editor
ALVEO LAND Corp. is on track to complete within the year the construction of The Sandstone, its first condominium in Portico, an emerging, primarily residential complex in Ortigas Business Center, Pasig City.
The Sandstone, which was launched in 2013, is now 93.8% complete, according to the upscale property developer.
The units of The Sandstone will be turned over to the owners in the first quarter of 2019, company officials said at a June 5 press briefing held at Portico’s showroom in Pasig City.
Portico, which was launched in the same year as The Sandstone, has a special significance for the subsidiary of the property giant Ayala Land, Inc.
“It’s actually very special to us because it’s our first project in Ortigas,” said Rufino S. Gutierrez, chief operating officer of Alveo Land, adding that the company is looking to capture a share of the Ortigas office worker market.
The 3.6-hectare development is located on Captain Javier St. in Barangay Oranbo, within easy driving distance of two of Metro Manila’s arteries — Epifanio de los Santos Avenue (EDSA) and Circumferential Road 5 (C-5). Alveo Land noted that it is a few kilometers from Bonifacio Global City in Taguig City, the central business district of Makati City, and Vertis North, a Quezon City estate of its parent company.
“What will make it better in the future are the infra ‘Build, Build, Build’ projects [of the government],” Mr. Gutierrez said, referring to the BGC-Ortigas Center link road that will connect the two business districts, and the Mega Manila Subway that will have two stops — Ortigas North and Ortigas South — in Pasig City.
The development also promises to provide residents with a “rare breathing space,” which stems from the fact that 65% of the lot area is open. “There are a lot of open spaces, something that our competitors cannot offer,” Mr. Gutierrez said, noting that Portico will have underground parking spaces.
The remaining 35% of the lot area will be occupied mostly by residential structures and a one-hectare shopping center. These structures will be put up in two phases. The first phase includes the construction of the 43-storey The Sandstone, the 45-storey The Travertine, a cluster of townhouses called The Brownstone Villas, and a clubhouse featuring pools, function rooms and a gym.
The Sandstone will have 440 units ranging in size from 56 to 130 square meters (sq.m.), starting with one-bedroom units.
On the other hand, The Travertine will have 552 units ranging in size from 30 to 121 sq.m., starting with studio units. It was launched in 2017 and is already 16.42% complete.
“It was intentional that the first tower has bigger units, so it’s less dense, and to target to more end users,” Mr. Gutierrez said.
Alveo Land noted that 96% of the units at The Sandstone, which are priced from P166,000 to P202,000 per sq.m., are already sold out.
Of The Travertine, Mr. Gutierrez said it is seeing “fast take-up.” Nearly two-thirds (74%) of The Travertine units, whose prices range from P172,000 to P203,000 per sq. m., are sold out, despite being made available for purchase only last year. “It shows how strong the demand for the project is,” he said.
Only eight three- and four-storey townhouses that range in size from 256 to 324 sq.m. will be built, but all of them have already been snapped up, Alveo Land noted.
Alveo Land will soon release more details about the second phase of Portico development, which includes the shopping center and several residential properties.
“Phase 2 is currently under planning, but because of the fast take-up, we may launch it within the year or early next year,” Mr. Gutierrez said.

Filinvest Land completes commercial hub for 100 West

FILINVEST LAND, Inc. is developing 100 West, a mixed-use project in Makati City. — WWW.FILINVEST.COM

FILINVEST Land, Inc. (FLI) has recently completed the three-storey podium that will serve as the commercial hub of its 100 West project, a mixed-use development within the Makati central business district.
The listed property developer said in a statement that the podium will serve as the link to 100 West’s residential and amenity area, allowing residents and tenants the convenience of having a shopping center nearby.
Located along Sen. Gil Puyat Ave. Corner Washington Street, 100 West offers a mix of residential, commercial, and office spaces. The 38-storey building sits on a 4,330-square meter lot, and is targeted to be completed by the fourth quarter of this year.
“The completion of the podium ascertains that we are on track in our target delivery date. We are confident that this milestone will further boost the confidence of investors who took prime advantage of the pre-selling stage and are now enjoying investment growth,” FLI Vice-President for Metro Manila Mixed-Use projects Cesarine Janette Cordero said in a statement.
FLI looks to open the doors of the podium mall by the end of this year. The company said tenants will include a mix of dining options, convenience stores, banks, services, and wellness shops.
Meanwhile, 100 West’s residential component consisting of 898 units will be located from the 14th to 38th floor. Units range in size from 29 to 61 square meters each, with prices from P4.5-P11 million. Each residential floor will have 35 units, 17 of which will have one bedroom and 18 with two bedrooms.
“Each Scandinavian-inspired condo unit combines functionality and luxury with its one-bedroom unit or a two-bedroom unit with flexi-room that can double as a personal office,” the company said.
The sixth to seventh floor of the tower will be reserved from podium parking for residents.
Amenities available to residents include a fitness gym and yoga room, kids central study room and games room, infinity pool and children’s play pool, playground and landscaped gardens, a sky deck, and sunset deck that features a pool bar and lounge areas.
For the office component, FLI is allotting four levels for business process outsourcing (BPO) firms. Cuts of the office spaces range from 1,000 sq.m. to 3,400 sq.m.
“These office spaces are equipped with fiber optic facilities, perfectly suited for outsourcing, IT and knowledge-based companies making 100 West an ideal office space development. Locators can look forward to an enviably located and convenient workplace provided with the practicalities of modern technology,” the company said.
FLI said the office spaces are set to be operational by the fourth quarter of 2018.
“With projects like 100 West, we offer more variety to investors. The integration of office spaces, residential and commercial units allows investors to easily tap the lucrative rental market of businesses looking to expand, or the growing millennial work force seeking accommodations near workplaces,” Ms. Cordero said.
FLI booked P1.51 billion in net income for the first quarter of 2018, 7% higher year on year after revenues grew 7% to P6.33 billion for the period. — Arra B. Francia

ALI cuts 37% of emissions in 2017

AYALA LAND, Inc. (ALI) reported it has reduced controllable emissions from its commercial properties by 92,234 tons of carbon dioxide equivalent (t-CO2e) in 2017, keeping the property giant on track to achieve carbon neutrality by 2022.
In a statement, ALI said the figure represents 37% of its “business-as-usual” emissions “or the equivalent carbon dioxide emissions it would have released had it not undertaken carbon reduction and offset initiatives.”
“To contribute to our carbon neutrality target, a number of ALI’s office buildings and malls have already shifted to renewable energy through power purchase agreements. Commercial developments such as the UP AyalaLand Technohub, the Bonifacio One Technology Tower, and the Makati Stock Exchange building, and malls including BHS Central and Harbor Point, have all shifted to clean energy and account for a significant decrease in emissions for the year,” ALI Sustainability Manager Anna Maria M. Gonzales was quoted as saying in a statement.
The property arm of Ayala Corp. has set aside 450 hectares (has) of its land bank to carbon forests which are protected through assisted natural regeneration (ANR). These carbon forests are located in Lio, Palawan (50 has.); Sicogon, Iloilo (148 has.); Alaminos, Laguna (133 has.); Kan-Irag, Cebu (63 has.) and Talomo, Davao City (54 has.)
“These forest sites’ stored carbon was measured and hold approximately 68,000 metric tons of CO2e. Through ANR, a combination of practices that focus on protection, nurturing and enhancement planting of native species, these sites’ early second growth forests and initial succession areas are expected to hold more carbon in the next years,” ALI said.
Aside from carbon forests, ALI has committed to providing passively cooled spaces in its developments, and shifting to renewable energy.
The real estate company expects the usage of renewable energy in its malls, offices and hotels to increase to 80% from the current 10%.
ALI was the only Philippine company included in The Sustainability Yearbook 2018, which is considered the world’s most comprehensive publication on corporate sustainability.

Ultra-short TV cooking show tackles ramen, more in 4th season

FOR ITS fourth season, the three-minute cooking show San Miguel Purefoods Home Foodie is bringing with it “trending dishes” from restaurants as well as classic favorites with a twist.
The new season which starts airing on June 11 on GMA after the daily morning show, Unang Hirit, will present 16 recipes including Chicken galantina and Cheesy sweet potatoes, all of which are described as both easy and delicious, hence the tagline: “madalicious,” a portmanteau of madali (easy) and delicious.
“It’s quite a challenge [to come up with these recipes], for example the ramen episode where we created an easy-to-make version of ramen (Japanese noodle soup): ramen broth can take anywhere from six to eight hours to prepare and has a whole slew of ingredients. With our recipes, the ingredient list might be long but they are pantry-friendly,” chef Llena Tan-Arcenas of the San Miguel Purefoods Culinary Center told BusinessWorld shortly after the launch on June 4 at GMA Network Center in Quezon City.
Their ramen version is only three steps long and can be made in an hour.
She said it was the most requested recipe by the show’s viewers and it took them a few weeks to develop it.
Ms. Tan-Arcenas, credited as the show’s creator, mentioned that while the show is on TV because the Philippines is still a TV-centric country, they have also amped up their engagements on digital platforms, specifically the show’s website and Facebook page.
The Facebook page contains one-minute time-lapse videos of earlier recipes while the website has the show’s previous episodes and recipes.
“We want to be everywhere and be accessible as much as possible,” she said.
Home Foodie starts airing on June 11 on GMA 7, Monday to Friday after Unang Hirit. It will be hosted by Drew Arellano and Iya Villania and will see two new chefs joining the hosts and Ms. Tan-Arcenas — Martin Narisma and John Valley. — ZBC

Treasury bills on offer partially awarded

THE GOVERNMENT partially awarded the Treasury bills (T-bill) it offered on Monday to temper the rise in rates as yields bid by banks climbed across all tenors amid slower-than-expected inflation.
The Bureau of the Treasury made a partial award of the short-dated securities, raising just P12.369 billion out of the P15 billion it intended to borrow yesterday.
Total tenders received at the auction stood at P24.08 billion, lower than the P29.67 billion offered a week ago but still above the planned borrowing.
Broken down, the Treasury made a full award of the P5 billion programmed under the 91-day tenor, with bids amounting to P8.92 billion. The average rate rose by 2.7 basis points to 3.323% from the 3.296% fetched during the previous auction.
The government also awarded P4 billion as planned from the 182-day papers. The offer was likewise oversubscribed as tenders reached P7.231 billion, even as the average yield climbed by 3.7 basis points to 3.714% from the 3.677% quoted at the auction last week.
Meanwhile, the 363-day debt papers were partially awarded, with the BTr only accepting P3.369 billion out of the P7.839 billion tendered by banks and other financial institutions, falling short of the P6 billion it offered. The average rate went up 7.8 basis points to 4.324% from the 4.246% posted last week.
At the secondary market before the auction, the three-month papers were quoted at 3.865%, while the six-month tenor fetched 4.1393%. The yield on the one-year T-bill, on the other hand, was at 4.4917%.
At the close of trading, the 91-day and 364-day rallied to fetch 3.3203% and 4.2354%, respectively, while the 182-day paper’s rate was steady at 4.139%.
After the auction, National Treasurer Rosalia V. De Leon told reporters that the government opted to partially award the one-year papers following the slower-than-expected May inflation print.
“We are trying to temper the increase [in rates] in terms of the one-year [papers because] if you would look at the inflation print last May, it was just 4.6%,” Ms. De Leon said on Monday.
Headline inflation accelerated to a new five-year high of 4.6% last month, a tad faster than the 4.5% logged the previous month. However, this was slower than the market expectation of 4.9%.
“Also, based on what [Bangko Sentral ng Pilipinas] officials have more or less said, we deemed that probably inflation is already tapering and it might have already reached the peak,” Ms. De Leon explained. “There is basically no need for investors to ask for higher rates, so we cut it at that level. We are just tempering the increase in the rates right now.”
Meanwhile, a trader said there was good demand for the T-bills auction despite the settlement of the retail Treasury bonds (RTBs) sold by the government.
“We saw slightly higher rates for the T-bills, although there is demand because the focus of the market was still on the RTBs,” the trader said in a phone interview. “The result was still good and there was still demand.”
Ms. De Leon said the Treasury raised P121.765 billion from the government’s 21st RTB offering last week as it saw strong demand from the public.
“We had a very good reception. The total amount that we were able to issue was about P121.765 billion, so that’s within our expectation given the rates for the three years that we offered,” Ms. De Leon said.
The three-year retail bonds carry a coupon of 4.875% and will mature in 2021.
Proceeds from the RTB issuance will be used to fund the government’s projected fiscal deficit for the year and compensate for the rejections the Treasury made during its recent auctions.
Aside from this, plans for another dollar bond float as well as yen-denominated “samurai” papers are also being finalized.
The government plans to borrow a total of P888.23 billion this year to plug its budget deficit that is capped at three percent of the country’s gross domestic product. — KANV

Austal taps Aboitiz unit to expand shipyard in Cebu

THE CONSTRUCTION arm of Aboitiz Equity Ventures, Inc. (AEV) has secured the design and construction contract for the expansion of Australian shipbuilder Austal Philippines Pty Ltd.’s facilities in Cebu.
In a statement issued Monday, Aboitiz Construction, Inc. (ACI) said the deal will include civil and building works, electrical, and pre-fabrication of steel materials for Austal Philippines’ shipyard in Balamban, Cebu. It will tap a team of 670 people to complete the work by February 2019.
Austal Philippines has already engaged ACI for its previous projects. For instance, the shipyard that Austal Philippines bought in 2012 was previously built by ACI.
The company also contracted ACI to refurbish its current shipyard.
“Once again, a repeat client has placed its trust in Aboitiz Construction. As a reliable contractor that upholds integrity, we will not fail them,” ACI President and Chief Operating Officer Alberto A. Ignacio, Jr. said in a statement.
For its part, Austal Philippines said the expansion will more than double its current capacity.
“This expansion will more than double the capability of the shipyard in terms of output and size of vessels it can manufacture. It will also generate hundreds of additional employment,” ACI quoted Austal Philippines Project Manager Mitch Barnett as saying.
Established in 2012, Austal Philippines is an Australian shipbuilder that has set up its local base in Balamban, Cebu. The company draws on the global resources of the Austal Group for major commercial contracts for vehicle-passenger ferries and offshore support vessels, according to its website.
“With the rapid growth of Austal Philippines reputation and confidence from clients around the world, it is expected that the Philippines will become Austal’s center of excellence for commercial vessel manufacturing,” Mr. Barnett said.
ACI is part of AEV, which also has core interests in power, infrastructure, financial services, food manufacturing, real estate, and portfolio investments.
Last year, the company said it was in negotiations with Chinese firms Shangdong Electric Power Construction Corp. III and Dongfang Electric Company to increase its footprint overseas.
AEV booked P4.8 billion in consolidated net income during the first quarter of 2018, 3% higher year on year amid lower one-off lesses representing net unrealized foreign exchange losses.
Shares in AEV were unchanged at P64 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia

The women of Ocean’s 8 steal a big lead at US box office

LOS ANGELES — The women of Ocean’s 8 proved this weekend that they know how to steal the show — and much more — as the new heist flick took in an estimated $41.5 million in North American theaters.
With an all-star cast led by ever-popular Sandra Bullock and supported by Cate Blanchett, Anne Hathaway, Helena Bonham Carter, Mindy Kaling, and Rihanna, the Warner Bros. film was Hollywood’s latest experiment — after Ghostbusters — in replacing an all-male cast with female stars.
The result: one of the top 10 openings of the year so far, which also bests three earlier Ocean’s editions.
The film stars Bullock as Debbie Ocean, sister of Danny Ocean (originally played by George Clooney), as she assembles a gang of talented women to plan a seemingly impossible diamond heist from a glamorous gala in New York.
In second place in the three-day weekend was last weekend’s leader, Solo: A Star Wars Story, starring Alden Ehrenreich as a young version of the swashbuckling space pilot. The Disney film took in $15.2 million, roughly half its previous weekend’s total.
Third spot went to Deadpool 2 from 20th Century Fox, at $13.7 million. This latest in Marvel’s X-men series stars Ryan Reynolds in the title role. Its worldwide ticket sales have surpassed $650 million.
In fourth was a new film, Hereditary, at $13 million the best opening ever for the A24 production company. The horror film, about a family haunted after its matriarch dies, stars Toni Collette and Gabriel Byrne. Its decent opening came in spite of an R-rating and less-than-glowing reviews, including a D+ from CinemaScore.
In fifth was Disney/Marvel blockbuster Avengers: Infinity War, at $6.8 million. With a cast including Robert Downey, Jr., Benedict Cumberbatch, and Scarlett Johansson, the superstar-rich extravaganza has now taken in $1.998 billion worldwide.
Also of note: Focus Features’ tender documentary Won’t You Be My Neighbor, about the life of Mister Rogers host Fred Rogers, took in $470,000 as it opened on just 29 screens (a better per-screen average than any other top-25 film). It has a remarkable 99% “fresh” rating on Rotten Tomatoes.
Rounding out the top 10 were: Adrift ($5.1 million); Book Club ($4.2 million); Hotel Artemis ($3.2 million); Upgrade ($2.2 million); and, Life of the Party ($2.1 million). — AFP

Federal Land unit launches final phase of General Trias project

A SUBSIDIARY of real estate developer Federal Land, Inc. recently launched the final phase of its master-planned integrated community in General Trias, Cavite.
Horizon Land’s Florida Sun Estates features clustered house-and-lots, low-rise residential buildings, and a commercial complex.
In a statement, Horizon Land said the project’s final phase Orlando is a 29,788 square meter-development comprised of 161 house and lots, as well as resort-inspired amenities.
“Florida Sun Estates offers three type of housing units – the 131 sq.m. 2-storey single detached unit, Madison; the 126 sq.m. 2-storey single attached unit, Lauren, and the 86 sq.m. Bungalow unit, Holly,” the company said.
Named after the “Sunshine State,” Florida Sun Estates is described as a “charming Southern community” that combines rural and urban living, and offers residents a quiet neighborhood near educational institutions, medical facilities, commercial areas and industrial hubs.
Within the community is a commercial complex called The Plaza that features shops, restaurants, recreational spaces and transport terminal.
“With all these conveniences, Florida Sun Estates is an ideal community for families who prefer a less-stressful environment and more laid-back lifestyle,” the company said.
Federal Land, Inc. is the property arm of Ty-led GT Capital Holdings.

Rediscount borrowings climb to P1.266 billion

BSP
REDISCOUNT LOANS increased as of May.

BANKS SECURED bigger loans under the central bank’s peso rediscount window in May to fund more commercial lending and asset purchases at a time of higher borrowing costs.
Total availments under the peso rediscount facility reached P1.266 billion last month, latest data from the Bangko Sentral ng Pilipinas (BSP) showed. The amount doubled from the P615 million in credit secured by lenders in April.
The BSP’s rediscount window allows banks to secure additional money supply by posting their collectibles from clients as their collateral. The cash — which may come in peso, dollar or yen — can then be used to grant more loans or service unexpected withdrawals, depending on the bank’s needs.
As a result, total rediscount borrowings reached P8.917 billion for the first five months of the year, well above the P15 million availed during the comparable period in 2017.
Nearly half of the loans were acquired to finance capital asset spending, which accounted for 44.17% of the total, the central bank said. Meanwhile, borrowings for commercial credits also took a 43.87% share of the rediscount availments.
Additional cash secured by banks were lent to fund activities in services (6.49%), permanent working capital (5.39%), housing (0.06%) and production (0.02%), the BSP said in a statement.
The bigger borrowings came just as yields for the rediscount window climbed to reflect higher benchmark interest rates set by the BSP during their May 10 policy meeting.
Effective May 15, loans maturing in 90 days or lower are charged a 3.8125% rate while 180-day credit lines carry a 3.875% spread. The rediscount rates are computed based on the BSP’s overnight lending rate — which is now at 3.75% — plus term premia.
These changes reflect the 25 basis point hike in key rates, which was the first tightening move from the BSP in nearly four years. Policy makers raised rates last month given the view that inflation has spread to cover more basic goods and services, with the move seen to temper price increases in the coming months.
Meanwhile, the dollar and yen rediscount facilities remained untouched as of end-May, sustaining a trend since the previous year.
Yields for dollar-denominated credit lines even dropped in June compared to the previous month. For June, margins for dollar loans stand at 4.32125% for 90-day loans; 4.38375% for 91- to 180-day loans; and 4.44625% for 181- to 360-day loans.
On the other hand, spreads on yen borrowings rose anew to 1.98183% for one to 90-day loans, 2.04433% for 91- to 180-day loans, and 2.10683% for 181- to 360-day loans, which will be the rates imposed for the entire month. — Melissa Luz T. Lopez

SPi Global acquires knowledge services provider

CONTENT TECHNOLOGY and content solutions company SPi Global on Monday said it has completed the acquisition of Scope e-Knowledge Center, a knowledge services provider, to expand and boost its solutions portfolio.
In a statement, SPi Global President and CEO Ratan Datta said the acquisition is part of the company’s plan to become a leader in content technology and knowledge services industries.
SPi currently provides data service and subject matter expertise to publishing, finance, health care, media, and retail industries.
“(The acquisition) will reinforce our ongoing efforts to build a sophisticated suite of solutions for data-discovery and smart content in STM [science, medical, technical] publishing, health care and a wide spectrum of professional content segments. This is an exciting development for our customers, employees and partners,” Mr. Datta was quoted as saying in the statement.
A Quattro Global Services company, Scope provides content and data enrichment solutions to publishing and information industries. It has 1,000 employees at its delivery centers in Chennai and Salem in India.
“Being one of the most advanced players in its space, Scope’s skills, knowledge and capabilities are complementary to SPi Global’s. Coming together is therefore a highly strategic step forward and we believe SPi’s wide reach in different content markets and geographies makes this a good move for us,” Scope President Tram Venkatraman said.
On its website, Scope said SPi has catered to more than 300 clients and has implemented more than 1,500 projects in the past 15 years.
“With Scope now in the SPi Global fold, we look forward to leveraging our joint strengths and vision in order to deliver increasing value to customers. This move also enables us to offer a broader range of innovative solutions to serve existing and new markets that will further solidify our position as an industry leader,” Mr. Datta said.
SPi Global has a client base of 30 countries and has 19 centers globally. The company has 14,700 employees in the Philippines, India, United States, China, Nicaragua, and Vietnam. — P.P.C. Marcelo

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