IMPATIENCE and passion have brought young and emerging visual talent Nadia Marie Ibay to put up her own art gallery where she can, of course, showcase her own works.
“I was going around the galleries and they have a waiting time of two years. I was like ‘No.’ So I made my own. I saved money to build a gallery. If my paintings have to wait for it, wala eh. I don’t really have the patience for that,” said the 21-year-old artist.
At 18, she was able to sell her abstract works which she then used to open her eponymous gallery.
The NMI gallery is located in Antipolo Rizal and opened on Dec. 13. The gallery will be home to contemporary Filipino abstract artists and their art works.
And of course, Ms. Ibay is NMI’s first featured artist.
Called Intuition of Colors, the ongoing exhibition on view at NMI art gallery runs until Dec. 31.
On showcase are her works in acrylic, spray paint, and mineral pigment.
“I love colors,” said Ms. Ibay, whose other passion includes music and makeup, and antiques and crystals.
With a penchant for texture, Ms. Ibay’s style includes multiple layers of colors, and incorporation of techniques like drip paints, splatters, and splashes of acrylic.
“All of my works have texture. I don’t even mind if someone touches my art. It’s fine. For example, there’s a blind person, I want them to appreciate the art,” she said.
A riot of colors in her canvas, she said that “each piece is always busy,” yet planned despite being abstract. Nadia Marie Ibay, a 21-year old abstract painter and gallerist.
Written in a small note about the artist, it’s said that she sets herself apart from the other artist thanks to “the dichotomy of her old soul” which becomes “the quintessence of her art.”
“My art inspiration comes from my everyday experiences and my other passions,” she explained.
A self-taught artist, Ms. Ibay said she doesn’t have an art idol she looks up to, but she likes Banksy “because he’s scandalous and mysterious.”
Her youth and vigor allows her to work and finish ten abstract paintings in one week.
“I don’t sleep. The only rest I have is when I am waiting for them to dry,” she said while laughing.
“My mind is always on. I never stop,” she added.
Besides aiming to become a home for young artists looking for their platform, NMI is also self-serving. The artist-owner said: “It’s also my showroom, I have a lot of friends who wanted to see my painting, so I opened this for that [reason].”
Her ongoing exhibition has prices that start at P40,000 up to P60,000.
After Ms. Ibay’s Intuition of Colors finishes on Dec. 31, the artist-owner will be opening the NMI line up with another exhibition of her work.
Her second show is scheduled in February and will be about the Greco-Roman mythology. — Nickky Faustine P. de Guzman
THE property unit of DMCI Holdings, Inc. will launch on January the final tower for its The Atherton condominium in Parañaque City, following the strong take-up of units in the first two towers.
DMCI Project Developers, Inc., operating under the name DMCI Homes, said in a statement posted on the company’s website that it will develop a 14-storey tower called the Almond, putting up an initial 206 units for sale from its total offering of 318 units.
Units at the Almond range from one-bedroom to two-bedroom layouts with sizes between 29 square meters (sq.m.) to 61.50 sq.m. Prices start at P3.32 million. The company looks to attract both end-users and investors for the project.
Amenities in the development include a lap pool, leisure and kiddie pool, a play area, picnic area, activity lawn, basketball court, gazebo, jogging path, and roof garden.
The Almond will add to the combined inventory of 680 units from The Atherton’s first two towers called Oak and Helicia. The company said that Oak and Helicia have generated P2.2 billion in reservation sales as of Dec. 5, with 76% and 54% of the buildings’ units sold, respectively.
The entire project stands on a 1.7-hectare property along Dr. A. Santos Avenue, formerly Sucat Road in Parañaque.
“Southern Metro remains an attractive market as reflected by the robust sales of The Atherton. We don’t see the market slowing down especially with the emergence of new businesses in the ‘Bagong Nayong Pilipino-Entertainment City,’” DMCI Homes Senior Vice-President for Sales Florante C. Ofrecio said in a statement.
Mr. Ofrecio was referring to the Entertainment City, a strip of integrated resorts and casinos in Parañaque operated by the Philippine Amusement and Gaming Corp. The company expects the Entertainment City to further spur development in the south.
DMCI Homes booked reservation sales of P33.48 billion in the first nine months of 2018, seven percent higher than the same period a year ago. The company expects to hit its target of P40 billion in reservation sales for the entire year.
The company saw its attributable profit jump 29% to P34 billion in the January to September period, lifted primarily by a one-time gain from the sale of its undeveloped lot in Quezon City. Without this item, DMCI Homes’ attributable profit rose two percent to P2.7 billion. Meanwhile, revenues went up by two percent to P14.7 billion.
Aside from property development, DMCI Holdings also has core interests in general construction, coal and nickel mining, power generation, water concession, and manufacturing.
Shares in DMCI Holdings gained 0.67% or eight centavos to close at P12.08 each at the stock exchange on Tuesday. — Arra B. Francia
THE YEAR’S about to draw to a close, and it’s but safe to assume that the Philippine theater scene has been vibrant and prolific. The theater lovers have welcomed international presentations as well as local productions. To keep the ball rolling this 2019, here are some of the shows we can all look forward to next year. The Phantom of the Opera
Feb. 20 — March 17
First staged at the Cultural Center of the Philippines in 2012, Andrew Lloyd Webber’s The Phantom of the Opera will delight Filipino fans once more as it revisits the country in February. A partnership with Ticketworld and Concertus Manila, the same company that brought Les Miserable, Wicked, and Lion King in Manila, the longest Broadway musical on earth will be on view at the Solaire Theater. Phantom tells the haunting love story of the young ballet dancer Christine Daae who becomes the Phantom’s object of affection. The romantic tragedy musical, and its iconic chandelier scene, includes hit songs such as “The Music of the Night,” “All I Ask of You,” “Think of Me,” and “The Phantom of the Opera.”
Set in the heart of the Paris Opera House, the musical is one of the most successful shows in history, with a worldwide combined gross of over $6.5 billion, and has been seen by more than 145 million people in 30 countries. The Phantom of the Opera celebrated its three decades on stage on Jan. 24. For tickets, www.ticketworld.com.ph Ang Huling El Bimbo Rerun
March 1 — April 6
Resorts World Manila’s successful original production will hit the stage once more time for a limited rerun. Ang Huling El Bimbo The Musical features Eraserhead’s iconic hit songs like “With a Smile,” “Pare Ko,” “Ligaya,” and of course, “Ang Huling El Bimbo,” which the narrative is anchored on. The original Pinoy production tells the story of four college friends who suddenly find themselves together again after 20 years without connection. Brought together by a problem, they are forced to reminisce and look back how their relationship was form, and how it was torn apart. For more information, www.rwmanila.com. Miong
Feb. 15 — March 10
Who wants to get to know the life story of Emilio Aguinaldo? Miong, a musical about his life, particularly about his youth, was part of Repertory Philippines lineup in 1998 in celebration of the 100th declaration of our independence. It was written and directed by REP’s artistic director Joy Virata, and the rerun is also her work.
Ms. Virata will re-direct the musical on view at Onstage in Greenbelt 1, with music by Ian Monsod and additional lyrics by Freddie Santos.
The musical will star Tim Pavino, Noel Rayos, Cara Barredo, Meynard Penalosa, and Elver Esquivel, and will span the president’s life birth on March 22, 1869 until our Independence on June 12, 1898.
The show, however, will only cover Aguinaldo’s youth. He was 29 years old when he declared independence in Kawit. For more information, www.repertoryphilippines.ph Deux, Ballet Manila
March 2,3,9,10
A French word meaning two, Deux is a double-header production with rock and roll and romance. Who doesn’t love that? Ballet Manila’s Deux will feature Les Sylphides, a dreamy and romantic ballet set to the music of Frederic Chopin and an original ballet by Martin Lawrance set to the music of the Beatles. Deux is part of Ballet Manila’s 23rd season, Tour de Force. For more information, www.ticketworld.com.ph Ballet Philippines presents Romeo and Juliet in February for its 49th season. Romeo and Juliet
Feb. 15-25
and Tales of Manuvu
March 22-31 Ballet Philippines’ 49th season, Towards the 50th, is a celebration of love and more. Choreographed by Alice Reyes to the music of Prokofiev and sets of National Artist Salvador Bernal, the Shakesperean classic Romeo and Juliet will surely be a great Valentines date. It tells the story of the star-crossed lovers caught in between their warring families.
Following the tragic story is another production called Tales of Manuvu. Also choreographed by National Artist for dance, Alice Reyes, the show retells the myths of Manuvu. The story revolves around heaven and earth, and the tugging forces between good and evil.
National Artist for Literature Bienvenido Lumbera wrote the script and lyrics for the music of Nonong Pedero while Broadway theater designer Loy Arcenas creates all-new sets. For more information, www.ballet.ph Dirty Old Musical
Feb 22 — March 23
A funny story on aging and legacy, Dirty Old Musical features an all-male band in the ‘80s who enjoyed popularity but had to disband later on because of their differences.
Starring Robert Seña, Nonie Buencamino, Bo Cerrudo, Jett Pangan, and Carlo Orosa, the men have a one-time concert come back for their ailing member. Now in their 50s, the men are showing DOM signs, or, andropause, diminishing sex life, erectile dysfunction, and different medical conditions men in their ripe age experience. Here soon unfolds the reality of their old age. Would the audience know them still? Would they get a support? Can they still do a concert?
Some of the songs in their reunion concert are OPM hits like “Kastilyong Buhangin”, “Mag Exercise Tayo Tuwing Umaga”, “Nais Ko”, “Kay Ganda ng Ating Musika”, “Legs”, “Kung Liligaya Ka”, among others. For more information, www.ticketworld.com.ph Angels in America: Millennium Approaches
March
A heavy story on sex, homosexuality, and AIDS, Angels in America: Millennium Approaches will headline the Atlantis Theatrical Entertainment Group’s 20th anniversary next year.
The Atlantis’ show will feature some of the best theater actors and actresses in the country: Art Acuña, Pinky Amador, Angeli Bayani, Topper Fabregas, Cherie Gil, Nelsito Gomez, Andoy Ranay, and Markki Stroem. The cast will be playing many roles throughout the show.
The most Tony Award-nominated play in Broadway history, Angels is the first part of playwright and lyricist Tony Kushner’s Pulitzer Prize, Tony, and Oliver award-winning magnum opus. Set in New York between 1985 and 1986, the story includes a gay man who contracted AIDS, a former drag queen who works as a nurse, and an angel.
Bobby Garcia will direct the show, while Faust Peneyra will do the set design, JonJon Villeareal will handle the lighting design, and Odelon Simpao will do the costume design. For more information, www.atlantistheatrical.com Sweeney Todd
October
While Atlantis’ will open with Angels in America and its dramatic story, the company’s 20th anniversary celebration will end with a thriller and a comedy: Sweeney Todd which won eight Tony Awards, including a Best Musical.
Book by Hugh Wheeler and music and lyrics by Stephen Sondheim, Sweeney Todd will also be celebrating its 40th anniversary since it first opened on Broadway in 1979.
On view at The Theater at Solaire, the production will see Jett Pangan as Sweeney Todd and Leah Salonga as Mrs. Lovett.
The original Broadway cast had Len Cariou and Angela Lansbury playing respectively as Sweeney Todd and Nellie Lovett while in the 2007 movie version, Johnny Depp and Helena Bonham Carter played the leads.
Atlantis’ artistic director Bobby Garcia will also be directing Sweeney Todd. He said in a statement about the Atlantis’ 20th anniversary: “On behalf of everyone at Atlantis, we thank you for supporting us for 20 years. We have lined up a terrific 20th season that we are very excited about. We have a bit of something for everyone. We hope to see you at the theatre in 2019.” — NFPDG
By Melissa Luz T. Lopez Senior Reporter
NEW RULES exempting special-use trust funds from bank reserves will take effect next year, as the Bangko Sentral ng Pilipinas (BSP) streamlines rules for trust companies.
Circular 1025 signed by Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr. on Dec. 13 prescribes that specialized institutional accounts under trust will be excluded in computing the required reserves for banks, as these will not be treated as deposits.
The rules will take effect Jan. 1 or 15 days after their publication in a newspaper yesterday.
BSP Deputy Governor Chuchi G. Fonacier said last month that the Monetary Board decided to remove these institutional trust accounts from the computation of required reserves of banks.
This includes arrangements created by institutions, foundations, agencies from both government and private sector players which are “primarily for charitable, religious, educational, athletic, scientific, medical, cultural, specialized lending or developmental projects,” according to existing BSP rules.
Ms. Fonacier said the proposal came from industry players. Prior to this change, the central bank official said imposing the reserve requirement on these special trust accounts “hinders the main purpose for their establishment.”
However, Ms. Fonacier noted that the new rule will have a “minimal” impact on bank liquidity.
A trust company acts as a wealth manager for a number of investors looking to generate profit from their funds. Already exempted from reserve computations are trust accounts held under administratorship, trust under indenture, custodianship and safekeeping, depository and reorganization, escrow, personal trust, executorship, and guardianship.
Also part of the list are employee benefit plans under trust, life insurance trust, individual and institutional pre-need plans, personal equity and retirement account, as well as legislated and quasi-judicial trust accounts.
The BSP has been updating rules covering trust firms over the past month. Last week, the central bank announced that trust companies will soon be required to set aside allowances for credit losses to align with tighter management standards under the Philippine Financial Reporting Standards 9.
MRC Allied, Inc. expects to push through early next year with the issuance of new shares amounting to around P1 billion to fund its renewable energy development projects, its top official said.
“We’d like to see the investment first half of next year,” Augusto M. Cosio, Jr., MRC Allied president and chief executive officer, said during the company’s year-end media briefing in Makati City on Tuesday.
The fund-raising was stalled because of issues with the Securities and Exchange Commission (SEC) relating to the use of the proceeds, he said.
In October, MRC Allied announced that it was consolidating under the listed company all its assets and portfolio, while its operating subsidiaries will be implementing the projects.
Mr. Cosio was appointed after the resignation of Gladys N. Nalda, who was named president and chief executive of subsidiary Menlo Renewable Energy Corp., which will pursue the group’s renewable energy projects.
Before the reorganization, MRC Allied announced in June plans to issue 1,428,571,428 common shares. The shares at P0.70 would amount to nearly P1 billion.
Mr. Cosio said the issuance of new shares will be done through private placement.
“We were somewhat constrained not to actively offer because of the pending issue with the SEC… We’re trying to approach institutions rather than individuals,” he said, adding that these institutions are private equity investors, fund managers, investment companies and investment banks.
“One of my goals is to try to institutionalize the shareholding of MRC. Right now it’s held by retail investors. For that to happen we have to have a good program to offer the institutions,” Mr. Cosio added.
Should the private placement push through, the P1 billion worth of new shares would account for about a quarter of the company’s capital.
“Right now, [our] total market cap[italization] is about a little over P3 billion, so it will be close to 25% of the market cap,” he said.
Mr. Cosio said foreign institutional investors would have greater appreciation of what the company is doing.
Earlier this month, the company announced that it had executed a memorandum of agreement (MoA) to develop at least 1,100 kilowatt-peak (kWp) of solar photovoltaic (PV) rooftop system for a mall in Mindanao.
It also entered into an MoA with Edward Marcs Philippines, Inc. for the design, supply, delivery, construction, installation, testing and commissioning of its 550 kWP grid-tied solar PV rooftop project for two rice milling plants in northern Luzon.
In October 2017, MRC Allied bought a 15% stake in a 50-MW Sulu Electric Power and Light (Phils.), Inc. (Sepalco), which translates to an attributable capacity of 7.5 MW. — Victor V. Saulon
MA CHUNYAN’S hands appear to hold Vincent Van Gogh’s swirling dreamscape vision of the night sky, the painter’s iconic work The Starry Night.
But the 32-year old Chinese artist is actually handling a 1,000 yuan ($145) reproduction she made in one day from an image on her cell phone, not Van Gogh’s masterpiece that is estimated to be worth over $100 million.
Once an obscure village of 300 rice growers, Dafen became an international hub of painting reproductions in a few short years after former Chinese leader Deng Xiaoping opened up China’s economy in 1978. The town once accounted for 75% of the world’s oil painting reproductions.
Dafen has 1,200 galleries and art businesses, employing 20,000 people. Its output reached 4.15 billion yuan ($601 million) in 2017.
But as China celebrates the 40th anniversary of opening up on Tuesday, Dafen ponders its fortunes, which have waned since the global financial crisis in 2008 when foreign demand for art reproductions fell and never returned.
The declining overseas orders have spurred the local government to embark on a plan to transform Dafen into a producer of original works instead.
Success remains elusive, however, with demand for Dafen’s original art tepid and artists who are interested in creating original works few and far between.
To attract artists, Dafen has invested 100 million yuan in an art museum and built 268 apartments to accommodate the painters who live there. The town now has 300 artists focusing on original works.
However, Chen Jingyang, an original artist who has been in Dafen for 12 years, is not very optimistic about the future.
“The big buyers know that the market here used to be famous for copies, and it was a low-end market, so not many are coming for the original paintings,” Chen said. — Reuters
BANKERS and borrowers are bracing themselves for a difficult year selling eurobonds now that the days of easy money are coming to an end.
January’s often the busiest month of the year for new bond sales but as credit markets lose their biggest backer and political threats loom — Brexit, Italian fiscal angst and trade woes — companies must wise up to 2019’s primary-market challenges. In vogue: opportunism, front-loaded issuance and higher borrowing costs.
“The year as a whole will be window driven, but many will try to access the market in January,” said Duane Elgey, a debt syndicate director at Societe Generale SA. “Once it is accepted that spreads are not returning to early 2018 levels there will be a number of deals coming back to market.”
That’s a picture similar to the last weeks of 2018 as financial conditions have worsened and borrowing costs increased as credit investors react to rising US rates and the end of the European Central Bank’s (ECB) stimulus program.
“What we have experienced for the first time in many years is if it’s a bad market, it means there is execution risk, people are acutely aware of that and want to avoid that type of market,” said Frazer Ross, Deutsche Bank AG’s head of EMEA investment-grade credit bond syndicate. January could be “very hit and miss” and a lack of jumbo merger and acquisition activity could also stymie sales, he said. PULLED DEALS
German car-parts maker ZF Friedrichshafen AG and payment process Ingenico Group both postponed deals in the past couple of months citing market conditions. Chocolate maker Barry Callebaut AG and US-based Emerson Electric Co. are both yet to offer bonds even though they had met with investors for potential deals.
Sales of new bonds dropped about 18% to €227 billion ($256 billion) in 2018, according to data compiled by Bloomberg, with SAP SE on Dec. 3 selling probably the last corporate deal of the year. Closure of the market in December may mean there are more borrowers now on the sidelines and looking to sell bonds next month. MISSING OUT
January issuers could be the first in more than two years to miss out on the ECB’s Corporate Sector Purchase Programme, as the central bank will end €2.6 trillion of quantitative easing at year-end. That tally included buying nearly €180 billion of corporate bonds in primary and secondary markets.
The central bank is set to reinvest asset proceeds as they mature, although it’s not yet clear what the mix will be between new bonds and secondary market purchases. Bonds maturing next month include securities from BMW Finance NV, BASF SE and Orange SA, data compiled by Bloomberg show. BMW has often been one of the first issuers in the market each January.
If market conditions are good enough, next month may be even busier than is normal for January, said Patrick Wuytens, head of high-grade syndicate at ING Groep NV. “Issuers should better prepare themselves for a potential window,” he said.
Getting in early may help issuers avoid volatility around looming risks, such as the UK’s March 29 exit from the European Union. This list of geopolitical dangers could also easily scupper even modest expectations for primary sales next year.
“The biggest concern is a lack of resolution,” said Mariano Goldfischer, global head of syndicate at Credit Agricole CIB. “You can analyze company fundamentals but the uncertainty of the political landscape could derail everything.”
With so many uncertainties, there’s no consensus on how many corporate bonds will be sold in Europe next year. Barclays Plc and JPMorgan Chase & Co. analysts expect issuance to rise on this year, while UniCredit SpA’s market watchers see volumes shrinking. BNP Paribas SA and Morgan Stanley predict broadly unchanged volumes on this year.
The end of ECB support has contributed to a jump in borrowing costs this year. Average euro investment-grade corporate spreads have surged 75% this year to 151 basis points, the highest in nearly three years, Bloomberg Barclays index data show. Issuers will just have to accept that they aren’t going down again anytime soon, according to Suki Mann, founder of Creditmarketdaily.com.
“Yields are higher and spreads are wider and costs to fund are elevated,” he said. “We will have reset the bar higher come 2019.” — Bloomberg
GLOBE TELECOM, Inc. on Tuesday said it has secured a P5-billion loan from China Banking Corp.
In a disclosure to the stock exchange, Globe said it will use the loan proceeds to partially fund its capital expenditures and general corporate requirements.
Globe President Ernest L. Cu had previously told reporters while the company has not finalized its 2019 capex yet, the figure is likely to remain close to its budget this year, which was at $950 million (about P49.8 billion).
For the first nine months of 2018, Globe has spent P32.5 billion to expand its network, in response to the growing subscriber base and increasing demand for data.
UNIONBANK of the Philippines has completed the acquisition of the majority stake of PETNET, Inc., effectively consolidating Aboitiz Equity Ventures’ (AEV) interests in financial services.
In a disclosure to the local bourse on Tuesday, Aboitiz-led UnionBank said its subsidiaries CitySavings Bank, Inc. and Union Properties, Inc. signed on Monday the respective deed of absolute sale with AEV for the sale of the holding company’s 51% stake in PETNET.
Under the deal, the subsidiaries acquired 2.46 million shares in PETNET at P487.54 apiece, which is based on the agreed enterprise value of PETNET and its assets, net of the amount attributable to the other shareholders of PETNET.
CitySavings now owns 40% of the PETNET, while Union Properties holds the remaining 11% of the common shares.
“The acquisition by CitySavings and UPI of a significant stake in PETNET will enable the bank to better align its strategies and take direct control of the business decisions in the latter,” the Aboitiz-led UnionBank was quoted as saying in the disclosure.
“This will enable PETNET to deliver a customer experience consistent with that of UnionBank.”
PETNET, known under the retail brand PERA HUB, has the largest network of Western Union outlets in the Philippines. With over 2,800 outlets nationwide, it offers a variety of cash-based services including remittance, currency exchange and bills payment.
CitySavings, the thrift lending arm of UnionBank, intends to take advantage of PERA HUB’s retail network and expand its existing loans marketing partnership with PETNET to boost its market reach.
The acquisition gives the commercial bank a platform to conduct agency banking, in which lenders can employ third-party outlets to perform basic banking services in their behalf.
In May, UnionBank received the approval of the Philippine Competition Commission for the said acquisition.
The Aboitiz-led lender booked a P6.1-billion net profit in the first nine months, lower than P6.4 billion a year ago, due to higher rates and its inability to issue loans for teachers.
Shares in UnionBank closed at P63.50 apiece on Tuesday, down 45 centavos or 0.70% from the previous session. — K.A.N. Vidal
THE Cultural Center of the Philippines (CCP), the Metropolitan Opera of New York and the Filipinas Opera Society Foundation, Inc., opens the sixth season of the Met Opera in HD with Wolfgang Amadeus Mozart’s Die Zauberflote (The Magic Flute) on Jan. 8 at the Greenbelt 3 Cinema 3 in Makati.
Featuring the German libretto by Emanuel Schikaneder, The Magic Flute tells the story of a handsome prince who has been persuaded by the Queen of the Night to rescue her daughter Pamina from captivity. Accompanied by Papageno, the prince and the princess undergo severe trials, which end in triumph.
Soprano Golda Schultz stars as Pamina, tenor Charles Castronovo as Tamino, baritone Markus Werba as Papageno, and soprano Kathryn Lewek as the Queen of the Night. Julie Taymor’s spectacular production is a classic of the Met repertoire.
The CCP partnered with the Met Opera of New York to feature screenings of its operatic productions through the high-definition digital video technology and Dolby sound, recreating the experience of watching an opera production at the Met “live.”
Other productions slated for the 2018-2019 season are: Giacomo Puccini’s Tosca on February 12, 2019; Gaetano Donizetti’s L’Elisir D’Amore (The Elixir of Love) on March 19; Giacomo Puccini’s La Boheme on April 16; Wolfgang Amadeus Mozart’s Così Fan Tutte on May 21; and Vincenzo Bellini’s Norma on June 11.
All screenings will be held at Greenbelt 3 Cinema 3, 6:30 p.m.
Tickets are priced at P450 for a single screening. Season subscription is at P2,400 for six shows. For subscription and ticket reservation, contact CCP Sales and Promotions at 832-3706, e-mail ccpsalesandpromo@gmail.com or call Greenbelt 3 cinemas Customer Service at 757-7883. You may also visit www.culturalcenter.gov.ph.
PH RESORTS Group Holdings, Inc. (PHR) will conduct a P4.55-billion share swap with the leisure company of businessman Dennis A. Uy, as part of his group’s ongoing takeover of the firm.
PHR, formerly known as Philippine H2O Ventures Corp., said in a disclosure to the stock exchange on Tuesday that it will issue 4.14 billion shares valued at P4.55 billion in exchange for shares in PH Travel and Leisure Holdings Corp. (PHTLHC) held by Udenna Corp., Mr. Uy’s holding firm.
“The PHR shares exchanged for PHTLHC shares are transferred at fair value, as determined by a valuation report and fairness opinion issued by an independent firm,” the company said.
PHTLHC will also subscribe to a total of 406.38 million shares in PHR at P406.38 million to be paid in cash.
The share swap is in relation to the increase in PHR’s authorized capital stock to P8 billion from P500 million. The issuance will also ensure that the company will still comply with the 10% minimum public float for listed companies.
PHTLHC holds Mr. Uy’s tourism-related businesses. The group is currently developing an integrated resort and casino project in Lapu-Lapu City, Cebu, as well as another resort and casino project in Clark Global City, Pampanga. — Arra B. Francia
Those and other mysteries were unraveled by dozens of African storytellers in Nairobi on Saturday, helping keep alive oral traditions increasingly under threat in the internet and smartphone age.
“To have that storyteller in front of you with an audience being able to interact is something very precious that we are in danger of losing,” said Maimouna Jallow, who organized the one-day Re-Imagined Storytelling Festival in Kenya’s capital.
Although written history has existed for centuries in West Africa, elsewhere on the continent knowledge and morality have mostly been transmitted through performance art, including the spoken word.
For her research, Ms. Jallow collected folk tales from East African villages. “Nearly everywhere I went people had no recollection of their own stories, and the generation who used to tell these stories are now in their 80s,” she told Reuters.
“For me it was really important to see how we preserve not only the stories but in particular the culture of telling (them).”
With nods to giants of African culture such as Thomas Sankara and Fela Kuti, those narrated in Nairobi addressed issues common to African societies, ranging from war and materialism to humility and respect for children, often with a contemporary twist.
For Alim Bamara, a rapper from Sierra Leone who grew up in London, storytelling has never been more relevant or topical.
“There’s a story about truth, and how truth knocked on people’s doors, and was always rejected and turned away,” he told Reuters.
“One day, parable took truth home, and fed truth and clothed truth in story. “Now truth… knocked on those people’s doors and this time was readily welcomed.”
From toys to socks, celebrities share their best and worst Christmas gifts
Accompanying some performances was Gambian kora (African harp) player Sanjally Jobarteh, whose family has kept alive oral histories for over seven centuries.
For Usifu Jalloh, from Sierra Leone, storytelling can help validate existence. “When Africans were enslaved, and when invaders came in, the first thing they did was wipe out the identity of the people that they conquered and superimposed theirs on top,” he said.
“When you know your story, you have a lot of power. When you forget your story you are just like a sheep.”
So why don’t chickens fly? Because chicken squandered all the wealth given to him as king of the sky. When the other birds found out, he was banished from the air and became man’s favorite food. — Reuters
