City of Dreams Q1 net revenue drops 9.7% on new accounting method

May 4, 2018 | 7:04 pm

CITY of Dreams Manila posted a 9.7% decline in first-quarter net revenue to $142.2 million after adopting a new accounting method for revenue recognition, its listed parent firm reported on Friday.
“The decrease was mainly due to higher commissions reported as a reduction in revenue upon the adoption of a new revenue recognition standard issued by the Financial Accounting Standards Board,” Melco Resorts and Entertainment (Philippines) Corp., a unit of which is one of the co-licensees that developed City of Dreams Manila, told the stock exchange.
It added that the decrease was “partially offset by improved casino revenue.”
The quarterly performance of the integrated hotel, gaming, retail and entertainment complex was contained in the report of Melco Resorts & Entertainment Ltd., the controlling shareholder of Philippine-listed Melco. Its American depository shares are listed on the NASDAQ Global Select Market.
Using the previous accounting method, City of Dreams Manila’s net revenue would have been $166.4 million, representing an increase of about 6% from a year earlier, the group said.
Melco said it had adopted the new revenue standard using the modified retrospective method from Jan. 1, 2018. It said results after that date are presented under the new method “while prior year amounts are not adjusted and continue to be reported in accordance with the previous basis.”
Earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $58.8 million, down 3.8% year-on-year.
Rolling chip volume amounted to $2.8 billion, up 16.7% from a year earlier. The rolling chip win rate was at 2.9% during the period, lower than the 3.4% a year earlier. The company said the expected rolling chip win rate range is 2.7% to 3%.
Mass market table games drop rose by 22.3% to $188.2 million.
“The mass market table games hold percentage was 33.8% in the first quarter of 2018 compared to 28.7% in the first quarter of 2017,” Melco said.
Gaming machine handle for the quarter was $820.9 million, an increase of 12.5% year-on-year. This translates to a gaming machine win rate of 5.6% duing the period compared with 6.2% a year earlier.
Total non-gaming revenue at City of Dreams Manila rose 7.2% to $29.6 million.
In the Philippines, Melco’s subsidiary MCE Leisure (Philippines) Corp. is a co-licensee of the group that developed City of Dreams Manila, along with SM Investments Corp., Belle Corp., and PremiumLeisure Amusement, Inc. The gaming complex opened to the public in February 2015.
Shares in Melco were down 6.30% at P6.40 on Friday. — Victor V. Saulon

DTI eyes 11% halal share in RP’s total exports

May 4, 2018 | 7:03 pm

DAVAO CITY — The Department of Trade and Industry (DTI) is eyeing to bring back the share of halal commodities in total Philippine exports to 11% in four years following the recent establishment of the National Halal Certification Scheme.
“With our new policy in halal, we aim to increase our share back to at least 11% or more of the Philippine total exports by 2022,” DTI Secretary Ramon M. Lopez said during the opening of the two-day 1^st Philippine National Halal Conference held in the city on May 2 and 3.
Mr. Lopez, who is also chairman of the Halal Export Development and Promotion Board, said that as of 2017, the country’s halal exports comprise 8.73% or P5.52 billion of the country’s total exports of P63.23 billion.
“This is a decrease from 11% in 2013 due to the little support in the policy side,” he added.
The trade chief said now with the strengthened halal program, it is crucial for the business sector, consumers, and other stakeholders to have a “mindset shift” about how to make the Philippines a significant player in the global halal industry.
“As you know, religion is embedded in the halal discourse. But if non-Muslim countries can move the halal industry forward and make it a relative success, I see no reason for the country to do so (likewise),” Mr. Lopez said.
He cited the more than two billion global Muslim population as of 2014, and growing by 1.8% per year, with the bulk located in Asian countries.”This means halal opportunities for the Philippines are in our backyard.”
The Philippines has signed up for membership of the International Halal Accreditation Forum (IHAF), an independent, non-government network of accreditation entities that are mandated to enforce halal standards.
A single National Halal Certification Scheme and Accreditation Guidelines has also been completed.
Mr. Lopez said several outbound business missions and business-matching initiatives are also lined up this year alongside research collaboration with academic institutions.
“We are conducting capacity building and information sessions across the regions and in cities. Let us begin charting…new grounds to invigorate the Philippine Halal industry,” he said.
HALAL TOURISM
Meanwhile, Tourism Assistant Secretary Eden Josephine L. David said in a press conference on May 3 that they are targetting a two-year period to address gaps and challenges for attracting halal tourists.
This will be undertaken in six pilot areas identified as gateways of halal services in the country: Davao, the National Capital Region, Cotabato, Cebu, Palawan, and Zamboanga.
“These pilot areas have been chosen because they will be able to cater to the Muslim market (as) they have high awareness on halal/Muslim-friendly tourism and there are also Muslims situated in these cities,” said Ms. David.
The identified “gaps” include lack of information and appreciation of what halal tourism is, the capability to fully provide for the needs of Muslim travelers, and sourcing of food ingredients.
“There are other peculiar concerns found in their respective areas. It would be depend(ent) upon how the local tourism players would like to positions themselves,” she said.
The role of the Department of Tourism, she added, is to provide the necessary assistance to complete the value chain for halal tourism. — Carmencita A. Carillo and Maya M. Padillo

China Bank income rises in Q1

May 4, 2018 | 7:03 pm

CHINA BANKING Corp. (China Bank) saw its net profit rise slightly in the first quarter of the year amid growth in its core businesses.
In a disclosure to the Philippine Stock Exchange on Friday, the Sy-led China Bank said its consolidated net income rose to P1.5 billion in the January-March period, 2% higher compared to the same period in 2017.
Despite logging tepid profits, China Bank said the growth on its core businesses was sustained in the first three months as operating income grew 9% to P6.14 billion.
Net interest income also climbed 18% to P5.29 billion, mainly driven by the 20% growth in its gross loan portfolio.
Total deposits rose to P613.64 billion in the first quarter, up 16%, driven by the growth of its current and savings accounts (CASA) to P338.73 billion by 24%. CASA ratio improved to 55%, while loans-to-deposit ratio stood at 73%.
Non-interest income, which excludes trading gains, grew 6% to P1.14 billion last quarter on the back of increase in service charges, fees from investment banking and income from foreign exchange gains.
Core recurring income, or operating income excluding trading gains, rose 16% to P6.44 billion in the first quarter from P4.24 billion in the comparable year-ago period.
“As China Bank carried out its expansion program by investing in new branches, more people, and up-to-date technology to support the growth of new businesses, operating expenses increased 13% to P4.24 billion,” the bank added.
Overall, total assets expanded by 16% to P722.63 billion from the P620.4 billion tallied in the same period last year.
“We are working hard to meet our goals for the year, focusing on sustainable earnings through our core businesses of loans and deposits and strengthening our fee-based revenue streams,” China Bank president William C. Whang was quoted as saying in the statement.
China Bank’s asset quality metrics further improved even as its lending business is growing “robustly.” Nonperforming loans (NPL) dropped P1.31 billion, which led to an improved 1.32% NPL ratio. The lender’s loan loss coverage, on the other hand, jumped to 149% compared with the 121% industry average.
The lender’s total capital funds stood at 27%, equivalent to a 13.65% total capital adequacy ratio, with common equity tier 1 ratio of 12.79%.
Last month, China Bank said it is eyeing to conduct fund-raising activities, raising P50 billion through a combination of long-term negotiable certificate of deposit (LTNCD), retail bonds and/or commercial papers.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
China Bank said the peso-denominated program will be used to fund the bank’s initiatives and expansion, particularly its lending business.
“This program will be used to fund the bank’s strategic initiatives and expansion, specifically in relation to the expected growth in the lending business,” China Bank’s earlier disclosure to the bourse read.
Shares in China Bank grew 20 centavos or 0.57% to close on Friday at P35 apiece from P34.80 the previous day. — K.A.N. Vidal

Eagle Cement Q1 profit rises 3% on stronger volumes

May 4, 2018 | 7:03 pm

EAGLE Cement Corp. said net profit was P1.1 billion in the first quarter, up 3% from a year earlier, due to higher sales.
The company said revenue was P4 billion during the quarter, up 6% year-on-year.
It said efficient production allows it to raise volumes and serve more markets.
“The growth rides on the back of the company’s increase in sales volume which is attributed to Eagle’s long standing cost-effective and efficient production grounded on owning the country’s most modern end-to-end cement manufacturing plant. The higher cement output, coupled with the company’s highly capable team, contributed to Eagle’’s ability to meet demand in more markets,” Eagle Cement said in a statement.
Eagle Cement’s third production line in Bulacan is set to being operations this year. The third line will add two million metric tons to the current annual production capacity of 5.1 million metric tons. The Bulacan line will serve northern and central Luzon markets, as well as new markets in MIMAROPA (Mindoro, Marinduque, Romblon, Palawan), Bicol, and Western Visayas.
The company has said that the Bulacan facility is expected to increase sales by 35% this year, giving the company market share of around 25%.
A fourth production line in Cebu will be operational by 2020 to add another two million metric tons of production, to bring annual capacity to about 9.1 million metric tons.
“We remain confident about the future as private consumption continues to drive our economy coupled with the infrastructure boom. We are constantly looking at opportunities to grow the company, at the same time continuously manage costs to maintain our competitiveness,” Eagle President and Chief Executive Officer Paul Ang said in a statement.
For 2018, Eagle has a net profit target of P6.5 billion.
Eagle Cement rose P0.02 or 0.13% to P15.86. — Patrizia Paola C. Marcelo

ATN gets initial clearance to have property declared ecozone

May 4, 2018 | 7:02 pm

By Victor V. Saulon, Sub-Editor
ATN Holdings, Inc. has received pre-qualification clearance from the Philippine Economic Zone Authority (PEZA) on its application to have a property in Rodriguez, Rizal declared a special economic zone, the company told the stock exchange on Friday.
The listed firm, which invests in real properties and stocks, said it had received on Friday the PEZA resolution dated April 26 for the declaration of the 2,561,017-square-meter or 256.1017-hectare area in Barangay Macabud, Rodriguez (Montalban), Rizal.
The approval is subject to a Presidential Proclamation. The property will be known as ATN Industrial Technology City. Locators in a special economic zone enjoy fiscal and non-fiscal incentives.
ATN said prospective international partners and investors had expressed interest “to locate their export manufacturing businesses in the property” as well as in a joint venture in the government’s various “Build, Build, Build” projects.
The property is registered under the name of the firm’s fully owned subsidiary Palladian Land Development Inc., which is engaged in real estate development.
ATN said its ecozone is aimed at supporting Executive Order No. 5 issued in 2016 to accelerate infrastructure projects.
The company in a statement said the order is consistent with the Philippine Development Plan for 2017-2022 “and supported by legislative approval through various laws on infrastructure, investments and taxation geared towards the development of the Philippines.”
The company said further it had achieved “major milestones” in the Rodriguez property, including the construction in 2017 of 225 distribution line facilities to three tapping points of the Manila Electric Co.
ATN has also completed the procurement and installation of substation equipment, including medium voltage switchgears, transformers, ring main units and distribution cables. It has also built a 500 ton-per-house crusher plant with the commissioning of primary crushers set this month.
ATN said it had also constructed internal road development and land development works with environmental facilities. It has also reached financial closing with commercial banks for project development in the ecozone area.
Shares in ATN were trading lower by 1.49% at P0.66 each on Friday.

BPI lists SRO shares

May 4, 2018 | 7:02 pm

BANK OF THE Philippine Islands (BPI) has listed 599.7 million new common shares at the local bourse following the completion of a P50-billion stock rights offer.
After the bell-ringing ceremony at the Philippine Stock Exchange Friday, BPI listed the new shares priced at P89.50 apiece.
The new shares were issued to shareholders entitled to subscribe to a share for every 7.0594 common shares as of record date April 6.
The rights offer, which was conducted on April 16-25, was met with “strong support from both domestic and foreign shareholders,” resulting in an oversubscription of 22.3% as of the close of offer on April 25.
BPI’s major shareholders, including Ayala Corp., applied to subscribe for more than their pro-rata entitlements under the terms of the rights offer.
“We thank our shareholders who have supported this exercise as we pursue our growth strategy this year,” BPI president and chief executive officer Cezar P. Consing was quoted as saying in the statement.
“We will continue to aim for efficiency and profitability as we harness the burgeoning and emerging opportunities brought about by our economic growth and favorable macroeconomic conditions.”
Earlier, the lender said the fresh capital raised from the rights offer will be used to focus on “four strategic priorities” in the coming years — digitalization, deposit franchise and delivery infrastructure, small and medium enterprise and retail business and financial inclusion.
After the bell-ringing ceremony, Mr. Consing said the bank eyes to widen the share of its retail lending in its loan portfolio.
“[Our loan portfolio ratio is about] 80-20 [with the latter on retail lending]. In the next few years, we want to bring that to 70-30 to 65-35,” he told reporters, adding that it may “take a while.”
“We’re already a big retail lender. BPI Family Savings Bank, which does our retail loans for us, is very big in housing, auto and personal loans.”
Mr. Consing explained that the lender put more resources into the retail loan segment and streamline the process.
“We would like to make it easier for people to avail of those loans. We like to reduce turnaround times. We like to increase the marketing,” Mr. Consing said, adding that BPI also wants to grow its microfinance segment.
BPI Capital Corp. acted as the sole global coordinator, lead manager, sole domestic manager, domestic bookrunner and underwriter during the rights offer, while Deutsche Bank AG, Hong Kong Branch, Goldman Sachs (Singapore) Pte. and JP Morgan Securities plc. acted as joint international bookrunners and underwriters for the offer.
In 2017, BPI booked a net profit of P22.42 billion, up 1.7%, amid net interest income of P48.04 billion.
BPI shares went down P1.60 or 1.6% to P98.25 apiece on Friday. — Karl Angelo N. Vidal

FDC says focused on improving sugar unit productivity, cost efficiency

May 4, 2018 | 7:02 pm

FILINVEST Development Corp. said it is satisfied with the current operations of its sugar unit but does not see any ”immediate” need to scale up that business.
“We’re hoping we can get a decent profit there,” Jonathan T. Gotianun, the Filinvest Chairman told reporters after the listed firm’s annual meeting Friday.
The sugar farming and milling operations are under its Pacific Sugar Holdings Corp., Cotabato Sugar Central Co., Davao Sugar Central Co. Inc. and High Yield Sugar Farms Corp. Mr. Gotianun said the the companies last year produced some P2 billion worth of sugar on volume of 1 million tons.
Asked if the company is going to ad to the sugar business by venturing into bioethanol, Mr. Gotianun said: “Just like any business we have to do more. But I don’t see any immediate plan.”
He noted the large capital requirements for a bioethanol plant, adding that companies with scale in producing molasses, a type of feedstock for bioethanol, will have an advantage.
“The focus is really to improve in managing cost and productivity,” he added, noting that the sugar unit remains a “good investment.”
Filinvest Development in 2017 booked a net profit of P10.3 billion, up 21%. Revenues rose 15% to P67.6 billion, with its banking and property arms contributing 42% and 40%, respectively.
Filinvest Development fell 0.26% to P7.60 on Friday. — Janina C. Lim

Stocks mixed as PSEi rebounds from weeklong losses

May 4, 2018 | 7:01 pm

SHARE prices were mixed in thin trading, with the benchmark index rising after a string of post-holiday losses as investors were enticed by the market’s oversold conditions, though most individual stocks closed lower.
The Philippine Stocks Exchange index (PSEi) rose 11.09 points or 0.14% to 7,546.19, the first gain since trading resumed after the May 1 holiday.
The all-shares index rose 2.82 points or 0.06% to 4,605.3.
“Expect a rally to ensue very soon,” Summit Securities Inc. President Harry G. Liu said, adding that market participants remain concerned about the direction of interest rates and the US-China trade dispute.
But he added that no definitive negative factors are present that are of sufficient gravity to justify long-term bearishness.
“Because of the thin market, there’s a lack of demand but there are no fundamental signs whatsoever that point to a big crisis. It’s purely day-to-day operations absorbing the news that’s available,” like interest rate moves by the central bank in response to the latest inflation readings, Mr. Liu said. He added that the market is oversold.
“I expect a consolidation to follow in the next few months,” he said.
Aniceto K. Pangan, Diversified Securities, Inc. equities trader, said the rise in the PSEi was driven by weaker-than-expected inflation.
“The market moved up today as (April) inflation was only 4.5%, lower than the BSP (Bangko Sentral ng Pilipinas) estimate of 4.7%. Investors went bargain-hunting after shares turned oversold yesterday,” he said.
He added, “The market will continue to be volatile until the government comes up with appropriate policies to address the upward inflationary trend within the manageable range of 2% to 4%.”
Only two sectors ended higher: holding firms, which added 81.12 points or 1.08% to 7,592.15, and industrials, which rose 15.5 points or 0.14% to 10,948.
Mining and Oil was the biggest loser, shedding 98.57 points or 0.94% to 10,311.39. Property lost 40.61 points or 1.14% to 3,520.39.
Services fell 6.98 points or 0.46% to 1,511.15. Financials fell 2.25 points or 0.11% to 1,906.87.
Decliners outnumbered advancers 107 to 88. Thirty-eight remained unchanged.
Foreign investors were net buyers of P532.119 million. — Denise A. Valdez

BFAR seeks more funds, resources for mandate

May 4, 2018 | 7:01 pm

THE Bureau of Fisheries and Aquatic Resources (BFAR) is seeking more funding to increase its capacity in post-harvest facilities and deterring Illegal, Unreported and Unregulated Fishing (IUUF).
BFAR Director Eduardo B. Gongona cited the need to modernize and increase the number of the government’s fishing vessels and machineries to protect the country’s aquatic resources.
“We have 24 major fishing grounds and we only have 10 MCS (monitoring, control and surveillance) boats,” he added.
“Per fishing ground, you should have an MCS, two 30-footer [boats with outboard [motors] and a 39-footer twin engine boats to prevent IUUF,” he added.
Another plan being considered by BFAR is a food boat which can carry fisheries products and other agricultural crops around the country. Mr. Gongona said he is seeking P1.1-billion budget for this.
But Agriculture Secretary Emmanuel F. Piñol said that they have allotted P270 million for the food boat’s budget.
The proposed 80-meter refrigerated vessel will still go through a bidding process by next year. With the food boat expected to take 18 months to be built, the DA is expecting the vessel to set sail by mid-2020.
“Part of the recommendation of the National Security Council is for the [BFAR] to purchase helicopters for coastal patrol,” Mr. Piñol also disclosed.
“The number of helicopters will depend on…the budget…and the model, but the budget allocation proposed is P400 million.”
Mr. Piñol also said another P650 million will be allotted to enhance BFAR’s efforts against IUUF. — Anna Gabriela A. Mogato

Peso ends flat after inflation data

May 4, 2018 | 7:01 pm

THE PESO moved sideways against the dollar on Friday following the faster inflation print in April.
The local currency ended at P51.675 versus the greenback on Friday, mostly flat from the P51.67-per-dollar finish on Thursday.
The peso opened the session flat at P51.67 against the US currency, while it soared to as high as P51.555. Meanwhile, it slipped to a P51.71 low before landing at its close.
Dollars traded rose to $823.4 million from Thursday’s $723.1 million.
“The peso closed sideways today, while appreciating at the morning trade after the release of stronger Philippine inflation for April,” a currency trader said in a phone interview on Friday.
The increase in consumer prices accelerated in its fastest pace in five years in April, the Philippine Statistics Authority announced early Friday.
April inflation stood at 4.5%, faster than the 4.3% print the previous month while matching the median estimate in a BusinessWorld poll of 11 economists.
This was also near the upper band of the 3.9-4.7% target range set by the Bangko Sentral ng Pilipinas.
Meanwhile, another trader said the April inflation print “aggravated the selling because [Bangko Sentral ng Pilipinas] Governor [Nestor A.] Espenilla, Jr. was saying we’re getting closer to a rate hike.”
On Thursday, Mr. Espenilla told reporters on the sidelines of the Asian Development Bank annual meeting that the monetary authority will not hesitate to take “decisive” action should the inflation continues its ascent.
“What we react to is whether it’s spreading and it is affecting expectations. And our reading, based on the latest data, it seems to have spread somewhat,” the central banker said, referring to the inflation that is becoming broader than initially expected.
During the afternoon trading session meanwhile, the second trader said the peso lost its momentum as investors took profits ahead of the US non-farm payroll data to be released late Friday (Manila time).
“Given that the market awaits for the non-farm payroll data, there are investors who took profit so the went weaker.”
The other trader added that the peso depreciated in the afternoon trading “ahead of likely upbeat US non-farm payrolls and unemployment data.” — K.A.N. Vidal

PhilRealty issuing shares to pay for BGC, Ortigas properties

May 4, 2018 | 7:01 pm

PHILIPPINE Realty and Holdings Corp. is increasing its authorized capital stock to accommodate the issuance of new, primary shares to two companies in exchange for their “prime real properties,” it told the stock exchange on Friday.
“The transactions shall provide [PhilRealty] with an opportunity to acquire quality, premium real estate in the fastest growing central business districts… which can be a source of future income from development projects and/or as a source of recurring rental income,” the company said.
A proposed amendment to PhilRealty’s articles of incorporation involves the issuance of new common shares at 4,177,777,778 to Greenhills Properties Inc. (GPI), and 150,396,296 to Meridian Assurance Corp. (MAC). The shares will be issued from the increase in the authorized capital stock.
GPI will be contributing two vacant lots in Bonifacio Global City (BGC): Lot 1 Block 8 measuring 1,600 square meters (sq.m.) at the corner of 6^th Avenue and 24^th Street; and Lot 4 Block 8 also 1,600 sq.m. at 6^th Avenue corner 25^th Street.
Lot 1 Block 8 is registered under the name of GPI, which also acquired Lot 4 Block 8 from its wholly owned subsidiary, Lochinver Assets Inc. through a merger approved by the Securities and Exchange Commission (SEC), with GPI as the surviving entity.
The two properties to be contributed by GPI carryaverage fair market value of P2.256 billion.
MAC will be contributing three office condominium units and six parking units in the Philippine Stock Exchange Centre, formerly Tektite Towers, in Ortigas Center with a total floor area of 699 sq.m. These are valued at P44.961 million.
It will also contribute two commercial condominium units and two parking units in Icon Plaza in BGC wit a total floor area of 223 sq.m. The combined value of these properties is P36.253 million.
The transaction was approved by PhilRealty’s board on April 18. It requires a number of regulatory approvals and notices, including authorization from the SEC on the increase in authorized capital stock to P8 billion from P4 billion. The shares have a par value of P0.50 apiece.
“The BGC properties to be contributed by GPI are being tentatively planned to be developed into luxury residential condominium building for sale and another residential condominium building for lease,” PhilRealty said.
It said the office and commercial condominium units, as well as parking units, that will be contributed by MAC will be leased out to generate recurring income.
GPI currently owns 35.67% of the total outstanding shares of PhilRealty while MAC owns 0.13%. PhilRealty owned 30% of MAC before its board approved the sale of the stake in January this year.
PhilRealty was up 1.82% at P0.56 on Friday.

ONE Championship's mobile thrust takes further root

May 4, 2018 | 5:55 pm

By Michael Angelo S. Murillo, Senior Reporter

ONE Championship’s push into the mobile platform took further root after it signed a memorandum of understanding with Singtel Group to deliver martial arts-related content and other digital assets to customers across Asia.

Singtel, along with its mobile associates Globe and Telkomsel, and ONE, through the newly forged partnership, will explore integrating the former’s mobile wallets and carrier billing services to power e-commerce functions in the just-launched ONE Championship app which offers live and recorded telecasts of martial arts matches and events.

The two groups said they will also consider jointly producing original content.

“We are excited to collaborate with ONE Championship to bring new entertainment offerings such as martial arts to our customers while raising the profile of the martial arts community here.” said Arthur Lang, CEO of International Group at Singtel, at the partnership launch on May 4 in Singapore.

He added, “Content, particularly premium sports content, delivered over our advanced network is one of the key pillars of our consumer strategy. This is why we will also be exploring ways to develop and deliver exclusive martial arts content to not just customers in Singapore and Australia but also our regional associates in Thailand, the Philippines, Indonesia and India. Sports content is a big winner with our consumers, with millennials comprising a large part of our customer base.”

For ONE CEO Chatri Sityodtong, the Singtel deal is a “landmark” deal that should only enhance their brand’s standing as Asia’s largest sports media property and amplify their mission of championing martial arts in its truest form.

“We are pleased to enter into this MOU with communications giant, the Singtel Group, on a range of initiatives. ONE Championship is focused on bringing the unique action and adrenaline of our live ONE Championship events straight to our audience on all platforms, making sure that millions of martial arts fans around the world have access to our digital content. I am excited to work with Singtel in executing this vision, delivering the unique experience of Asian martial arts to the world,” Mr. Sityodtong said.

The MOU was announced alongside the launch of ONE Championship’s mobile app in Singtel’s flagship store where Singapore’s mixed martial arts champion Angela Lee made an appearance.

Ms. Lee is set to defend her ONE Women’s Atomweight World Championship title against Japan’s Mei Yamaguchi on May 18.

Available on Android and iOS mobile platforms, the app aims to give fans of the sport access to ONE Championship live events, as well as their complete library of digital content for free. Content will be streamed in full HD and will also provide users with statistical information and a detailed background on ONE Championship superstars.

1...12,68412,68512,686...14,278 Page 12,685 of 14,278