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Megaworld raises P980M from block sale of MREIT shares; Kevin Tan is now Alliance Global president

ANDREW L. Tan-led property developer Megaworld Corp. said it generated P980.32 million from a block sale of MREIT, Inc. common shares on Monday in line with the company’s fundraising efforts.

Megaworld sold 79.7 million MREIT common shares at an average sale price of P12.3001 per share, equivalent to P980.32 million before the deduction for fees and taxes, the company said in a stock exchange disclosure.

“The proceeds from the sale shall be settled on June 5, 2024. The company will submit the required reinvestment plan detailing the use of proceeds from the sale transaction,” Megaworld said in a statement.

BDO Securities Corp. and Aurora Securities, Inc. served as brokers for the transaction. MREIT is the real estate investment trust of Megaworld. The company did not provide further details on the block sale.

Meanwhile, Kevin Andrew L. Tan has been appointed as the president of listed holding company Alliance Global Group, Inc. (AGI), following the retirement of Kingson U. Sian, according to a document shared by Megaworld.

Mr. Sian vacated leadership roles in AGI, Megaworld, and Travellers International Hotel Group, Inc. after his retirement on June 1.

“At its special meeting conducted on June 3, the remaining directors, while still constituting a quorum and upon the recommendation of the corporate governance committee, resolved to appoint Mr. Kevin Andrew L. Tan as president of the company to serve the unexpired term of Mr. Sian,” the company said.

Mr. Tan is also AGI’s chief executive officer and vice-chairman and has been with the company since 2012. Mr. Sian relinquished his position as AGI’s director, president, and chief operating officer (COO).

In a separate regulatory filing, Megaworld appointed Lourdes T. Gutierrez-Alfonso as one of the company’s directors to also serve Mr. Sian’s unexpired term.

Ms. Alfonso was appointed as director after Mr. Sian stepped down from the roles of director, executive committee member, and executive director.

She also became a member of the executive committee to fill the vacancy following Mr. Sian’s retirement.

Ms. Alfonso is currently Megaworld’s COO and has been with the company since 1990. She also serves as a director in other companies including Global-Estate Resorts, Inc. and MREIT, Inc.

 “Ms. Gutierrez-Alfonso graduated cum laude from the Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984. She is a certified public accountant by profession,” Megaworld said.

“She has extensive experience in real estate and a strong background in finance and marketing,” it added.

TRAVELLERS INTERNATIONAL
In a separate statement on Monday, Travellers International Hotel Group, Inc. said it appointed Nilo Thaddeus P. Rodriguez as the company’s president and chief executive officer while Lance Gautreaux was named COO. Both appointments took effect on June 1.

 Travellers International is the owner and operator of Newport World Resorts in Pasay City.

Mr. Rodriguez replaced Mr. Sian while Mr. Gautreaux succeeded Hakan Dagtas, who also left his post on June 1.

 “The appointments conclude the yearlong transition plan for Travellers International since its holding company, Alliance Global Group, Inc. (AGI), assumed full ownership on May 30,” Travellers International said.

Previously, AGI acquired full ownership of Travellers International after a share purchase agreement between Star Cruises Philippines Holdings B.V., Asian Travellers, Ltd. and Premium Travellers Ltd., whose ultimate parent entity is Genting Hong Kong Ltd.

Mr. Rodriguez has been with Newport World Resorts since August 2022 as chief strategy officer.

 “With over 25 years of professional experience, he commenced his career with the prestigious professional services firm SGV & Co., and has substantial international experience in the travel and hospitality sector. This includes nearly a decade in Japan in senior finance roles at Hilton, and Delta and Northwest airlines,” Travellers International said.

 “He held the position as chief financial officer of Philippine Airlines for a number of years prior to joining Travellers International,” the company added.

Mr. Gautreaux joined Travellers International in 2023 as chief casino officer. He has a background in gaming and hospitality across international jurisdictions.

“He was a part of the Las Vegas Sands Corp. for over 12 years, holding key positions in multiple properties—most recently as the chief casino officer of The Venetian Las Vegas,” the company said.

Travellers International also announced that Bernard Than stepped down as the company’s chief financial officer.

On Monday, Megaworld shares rose by 0.56% or one centavo to P1.81 per share. — Revin Mikhael D. Ochave

Tribeca Film Festival commissions 5 AI-created short films

THE TRIBECA Festival and OpenAI plan to debut five short films made with artificial intelligence (AI) — the first time that movies created with OpenAI’s text-to-video tool, Sora, will be showcased at a festival.

The filmmakers have agreed to adhere to the AI-related terms of contracts the movie industry reached last year with directors, actors, and writers, according to a statement Friday. The pictures will be shown in Tribeca’s screening room on June 15, with a discussion following.

As part of the process, the filmmakers were educated about OpenAI’s tools, given early access to Sora and allowed to create the videos on their own terms. The participants are: Bonnie Discepolo, Ellie Foumbi, Nikyatu Jusu, Reza Sixo Safai, and Michaela Ternasky-Holland. They were given just a few weeks to complete the projects.

AI is generating both excitement and anxiety in the film community. Limits on its use were a key point in settling strikes last year by Hollywood writers and actors, who fear the technology will destroy jobs. Others have embraced AI as a potential new tool for moviemakers.

“It’s great to see how these filmmakers are extending their creativity with Sora, and we are honored for their works to debut at the Tribeca Festival,” Brad Lightcap, OpenAI’s chief operating officer, said in a statement. “We’re excited for their short films, and eager to learn how we can make Sora a better tool for all creatives.” — Bloomberg

OceanaGold Philippines income drops as gold, copper outputs fall

OCEANAGOLD Philippines, Inc. (OGP) reported a 47.9% decrease in net income to $11.5 million for the first quarter, down from $22.1 million in the same period last year, mainly due to lower gold and copper production.

In a disclosure on Monday, the company’s revenues edged lower to $92.1 million during the three-month period, down from $92.5 million the previous year.

The company operates the Didipio gold and copper mine in Nueva Vizcaya.

Under the company’s financial or technical assistance agreement, 60% of its net revenues go to the Philippine government.

OGP’s net revenues amounted to $42.2 million during the quarter, which is 14.2% lower than last year’s $49.2 million.

Government shares amounted to $25.3 million, down from $29.5 million a year earlier.

For the three-month period, gold production fell by 39% to 26,312 ounces from the 33,000 ounces the prior year.

The company said that lower production was due to its focus on mining the lower-grade monzonite ore.

Gold sales for the quarter totaled 31,863 ounces. It had sold 33% of the first-quarter gold doré production to the Bangko Sentral ng Pilipinas.

Similarly, copper production dropped 22% to 3,015 tons from 3,500 tons during the same period in 2023. Copper sales were at 3,180 ounces.

Total ore mine for the first quarter amounted to 415,000 tons, 7% higher than the 389,000 tons last year.

“Gold and copper recoveries during the first quarter of 88.6% and 88.4%, respectively, were lower than the previous quarter due to the decreased feed grades,” the company said.

OceanaGold earlier said that it expects to produce 120,000 to 135,000 ounces of gold and 12,000 to 14,000 tons of copper.

“Exploration expenditure at Didipio in 2024 will focus on extension and conversion drilling in the underground as well as planned regional exploration activities,” it added.

Shares for OGP fell 1.87% on Monday to close at P14.72 apiece. — Adrian H. Halili

Entertainment News (06/04/24)

Miniso launches line of BT21 products

MINISO Philippines launched its BT21 collaboration on June 1 at the SM Mall of Asia. The first wave of the MINISO x BT21 collection is made up of over 113 products, including bags, home items, travel essentials, stationery, and digital items. The prices range from P69 up to P1,499. The collection was first released at the Miniso branch SM Mall of Asia and will be available soon in selected stores nationwide. The second wave of the collection will be coming soon. Miniso is a global lifestyle brand offering various daily life and home essentials, health and beauty products, toys and plushies, stationery, bags, accessories, and even snack items.  Miniso Philippines has over 160+ locations nationwide

Jeepney Jazz returns with Brass Rosette

FOR the return of Jeepney Jazz, the Filipinas Heritage Library’s music series, the dynamic band Brass Rosette is set to take guests on a groovy ride. Composed of multi-instrumentalist, vocalist, and band leader Nicole Tejedor-Reluya, trombonist and vocalist Vanessa Celestial, and guitarist John Reluya, the band aims to turn back time to the 1920s to the 1950s, when the Philippines reigned supreme in the jazz age of Southeast Asia. The concert will take place on June 8, 8 p.m. onwards, in the main lobby of the Ayala Museum in Ayala, Makati City. Tickets, inclusive of food and drink, cost P1,500, with discounted tickets at P1,200 for students, teachers, and Ayala employees, and P1,000 for seniors and PWDs. Sign up via bit.ly/fhl-jeepneyjazz-brassrosette.

Deadpool & Wolverine tickets now on sale

WHILE the superhero team-up of Deadpool and Wolverine hits theaters on July 24, fans can already book tickets now. The film follows Deadpool who returns for a throwdown with an unexpected ally at his side. The film stars Ryan Reynolds, Hugh Jackman, Emma Corrin, Morena Baccarin, Rob Delaney, Leslie Uggams, Karan Soni, and Matthew Macfadyen. The Marvel Studios’ feature film is directed by Shawn Levy.

Taeyeon to star in HK Disneyland featurette

ON June 7, K-pop star Taeyeon will be starring in a Disneyland-set featurette called TAEYEON’s Frozen Journey. It will follow the singer as she explores the wonders of the kingdom of Arendelle at Hong Kong (HK) Disneyland, which opened its World of Frozen some months ago. This Disney+ release accompanies For the First Time in Forever: The Making of the World of Frozen, a behind-the-scenes look at the world’s first and largest Frozen-themed land from the perspective of animatronics creators, costume designers, and cast members. TAEYEON’s Frozen Journey starts streaming on June 7 on Disney+.

Munimuni to stage Alegorya concert this July

FILIPINO indie-folk collective Munimuni will celebrate the release of their second full-length album Alegorya with a major concert on July 20 at the UP Theater in Diliman, Quezon City. ALEGORYA: A Munimuni Concert is named after their latest release, which, according to the five-piece act, carries many strikingly different emotions and thoughts that don’t normally belong to a single collection of songs. The concert will integrate live performances with a chamber setup and a more intricate piece of storytelling. Presented by GNN Entertainment Production, tickets range from P800 to P2,800 and are now on sale at bit.ly/alegoryaconcert.

HBO premieres House of the Dragon season two

THE EIGHT-episode second season of the HBO Original drama series House of the Dragon is coming soon on the platform. The narrative following House Targaryen is based on George R.R. Martin’s book Fire & Blood, which is set 200 years before the events of Game of Thrones. It stars Matt Smith, Olivia Cooke, Emma D’Arcy, Eve Best, Steve Toussaint, Fabien Frankel, Ewan Mitchell, and Tom Glynn-Carney. House of the Dragon season two premieres June 17 on HBO.

Keiko Necesario releases new single

FILIPINO indie singer-songwriter Keiko Necesario has released her new single, “Kahit Pa Anong Mangyari,” a pop-rock confessional that chronicles a challenging period in her married life. “Last year, it came to a point when we only had P700 in our bank account, and we had to figure out what to do because there were bills to pay and other things to think about. During that difficult time, we chose to have faith because we knew and believed that seasons come and go,” Ms. Necesario said in a statement. She then wrote and co-produced the song, with her bassist Charles Bautista assisting with production. “Kahit Pa Anong Mangyari” is out now on all digital music streaming platforms.

Prime Video announces Asian LOL series

THE LATEST of Prime Video’s local adaptations from global fan-favorite series is LOL: Last One Laughing. The comedy show will have Philippine, Indonesian, and Thai versions. The star-studded comedian hosts were also announced: Vice Ganda in the Philippines, Pandji Pragiwaksono in Indonesia, and Siwat Chotchaicharin and Pramote Pathan in Thailand. LOL: Last One Laughing Philippines is set to premiere on July 4, exclusively on Prime Video, in more than 240 countries and territories worldwide.

SB19, Apl.de.Ap collaborate on new song

P-POP boy group SB19 collaborated with Filipino-American hip-hop star Apl.de.Ap on their new song, “Ready,” a club tune that captures the sound of summer, with bombastic beats and sonic builds combining the two artists’ sensibilities. Keith Harris, a longtime collaborator of the Black Eyed Peas, produced the song. According to Apl.de.Ap, Harris blended pop music influences with electronic music elements, dance music, and Afrobeats. Apl.de.Ap penned the lyrics with Jean-Baptiste, Vince Nantes, and Denzel. Meanwhile, SB19’s Pablo and Josue (Radkidz), helped with the production of the track, adding final touches and subtle sonic elements. “Ready” is out now on all digital music streaming platforms.

Dwta drops new single

FOLK-POP artist Dwta, or Jhasmine Villanueva in real life, has released her new single, “Pauwi Na ‘Ko (Dito Ka Na Lang),” via Sony Music Entertainment. The upbeat pop track expresses the excitement of going back home and experiencing a love filled with comfort and security, combining the Filipino and Bicolano languages. “Since I speak both languages fluently, why not just mix them?” the singer said in a statement. It was penned the night before she was headed back to Bicol, and later arranged to blend acoustic elements with pop and bossa nova influences. “Pauwi Na ‘Ko (Dito Ka Na Lang)” is out now on all digital music streaming platforms.

VISTAREIT, Inc. to conduct annual stockholders’ meeting online on July 5

 

 

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AllDay Marts, Inc. to hold virtual Annual Stockholders’ Meeting on July 1

 

 

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Gogoro eyes more financing options, new ‘green’ scooter models 

PHOTO FROM GOGORO PHILIPPINES

ELECTRIC MOBILITY and battery-swapping technology firm Gogoro Philippines is planning to introduce more financing options  to capture the prepaid market amid increasing demand for green scooters.

The company saw growing interests for electric two-wheel vehicles among different market segments, Gogoro Philippines said in a statement on Monday.

With the growing demand, the company is introducing more financing options by the second quarter while also making more units available, Gogoro Philippines said.

Gogoro Philippines is a partnership among Ayala Corp., Globe Telecom, Inc.’s 917Ventures, and electric vehicle company Gogoro, Inc.

“To make its innovative two-wheel batteries-swapping ecosystem more accessible to a wider population, Gogoro is looking to introduce new energy plans for the prepaid market without a lockup period,” Gogoro Philippines said.

In 2023, Gogoro introduced its subscription-based energy plans in the Philippines or its Swap-and-Go plans allowing riders to swap out depleted batteries with newly charged ones.

The electric vehicle company said it is planning to expand its GoStations to provide accessible charging solutions and battery-swapping technology to its customers.

To date, the company has a total of 14 GoStations spread across Metro Manila. It is planning to add seven more within the first semester, bringing its GoStations to a total of 21.

Gogoro Philippines is also planning to commence operations in Visayas and Mindanao within this year. — A.E.O. Jose

Jennifer Lopez cancels This Is Me… Live tour to be with family

LIVENATION.COM

LOS ANGELES — Jennifer Lopez said on Friday that her This Is Me… Live summer concert tour has been canceled so she can take time to be with her family.

Representatives of Live Nation also announced on Friday that the “On the Floor” and “Waiting For Tonight” singer needs a break to be with “her children, family and close friends.”

Ms. Lopez wrote on her website onthejlo.com that she is “completely heartsick and devastated” about letting her fans down.

“Please know that I wouldn’t do this if I didn’t feel that it was absolutely necessary. I promise I will make it up to you and we will all be together again,” she added.

The tour cancellation comes amid rampant speculation in the media that her marriage to actor Ben Affleck is on the rocks and may lead to their separation.

Ms. Lopez had already canceled seven dates of the North American tour in early May.

The 54-year-old was going to be performing songs from her recent 2024 album This is Me… Now as a companion to the Amazon MGM documentary of the same name.

Both the album and the documentary were released in February with the album peaking at number 38 in the Billboard album charts.

The tour was originally supposed to begin in Orlando, Florida on June 26 and finish on Aug. 17 in New York’s Madison Square Garden. — Reuters

Netplates Corp. earmarks P200-M capital for next 3 years

NETPLATES Corp., the company behind the La Parillada restaurant, has earmarked P200 million in investment for the expansion of its food service business in the next three years.

In a statement on Monday, Netplates said it is targeting to open a total of 20 La Parillada outlets in the next three years, which will be funded by its retained earnings and third-party investors.

La Parillada serves a fusion of American and Mexican cuisine under the supervision of internationally renowned chef Pablo “Boy” Logro.

“It is a venue for consumers to enjoy old-fashioned barbeque ribs and similar products,” said Mr. Logro.

On Saturday, the company opened its eighth La Parillada outlet on the second floor of the Royale Palace Mall, which is beside the Ever Commonwealth Mall.

“The opening of the new La Parillada outlet signifies the company’s serious expansion into the food service and franchising sectors,” said Jeff Agudelo, general manager of Netplates.

“We are offering the La Parillada brand as a franchise opportunity for entrepreneurs,” he added.

The company pegged franchise investment at P3.5 million per outlet.

With the newly opened store, the restaurant chain now has branches at eight sites, including Gateway and SM Megamall.

According to Mr. Agudelo, the new store openings at La Parillada will help make Netplates a major player in the food service industry.

This is also why the company is planning to launch a public offering in the future to further fuel its growth, he said.

Netplates is a company that has business interests in service contracting, business outsourcing, management services, security services, construction, cloud kitchens, restaurant information technology, and financial services. — Justine Irish D. Tabile

K-pop agency HYBE asks US court to help unmask X account in defamation case

SEOUL — Entertainment group HYBE, home to K-pop group BTS, has asked a US court to compel social media platform X to reveal the identity of a user it accuses of defamation and harassment, according to a court filing reviewed by Reuters.

The application for a court order is to assist a criminal complaint filed by HYBE against anonymous X user with the handle “@guiltyarchive” with the Seoul Yongsan Police Station on May 2, it showed.

The case follows calls by BTS fans to better protect the group against malicious rumors amid an ongoing internal dispute with a sub-label.

Some of the fans, known as ARMYs, sent flowers and trucks bearing supportive messages to HYBE’s headquarters in Seoul this month and called on the firm to take legal action.

HYBE said it had no comment to add. X Korea did not respond to request for comment, while X Corp. and HYBE’s lawyer Eugene Kim were not immediately available for comment.

The operator of the account said to Reuters in a direct message on X that the posts mentioned in the court filing were “not defamatory against certain artists” and that they had been deleted.

In South Korea, those who make sensationalist social media content, often targeting celebrities, are dubbed “cyber wreckers” and have been blamed for encouraging cyberbullying.

In a rare move, K-pop singer Jang Won-young and her agency Starship Entertainment identified an individual behind a YouTube channel with the help of Google while seeking lawsuits over defamation charges against the individual.

“It’s a process of gathering evidence about a dispute in a foreign court so when you judge freedom of expression, you don’t judge it from the standpoint of US law,” Kyongsok Chong at LIWU Law Group, who is representing Jang and her agency, told Reuters.

HYBE’s lawyer said in the legal document that “false” and “defamatory” statements from the X account, which has over 100,000 followers, had caused irreparable harm to the firm’s business and shareholders.

The X posts cited in the filing mention K-pop groups managed by HYBE and its subsidiaries including BTS and girl group Le Sserafim.

The subpoena request was made at the San Francisco Division of the United States District Court for the Northern District of California, where X’s headquarters are located. — Reuters

First Atkins expands facility in AyalaLand Logistics’ Cavite Technopark

FIRST Atkins Holdings Corp. (FAHC) said it is expanding its facility within the AyalaLand Logistics Holdings Corp.’s (ALLHC) Cavite Technopark.

FAHC, a player in the wholesale and retail meat industry, inaugurated its facility within Cavite Technopark last year.

The company sees the Cavite Technopark location as advantageous due to the upcoming Bataan–Cavite Interlink Bridge, FAHC President and Chief Executive Officer Gabriel J. Ang said in a statement on May 31.

He said it would transform regional travel, reducing the time from four to five hours to just 45 minutes.

He added that this would contribute to the company’s objective of providing “high-quality meat products” to Filipino consumers.

FAHC supplies various traditional and modern trade channels, hotels, restaurants, meat shops, commissaries, and meat traders across Luzon.

FAHC is currently expanding its reach in the south of Metro Manila, including Cavite, Laguna, and the rest of Regions IV and V.

The company said it distributes over 120,000 metric tons of meat, including pork, chicken, and beef, through more than 150 trucks and with a workforce of over 900 individuals. — Aubrey Rose A. Inosante

K-pop producer wins ruling to keep control of NewJeans

INSTAGRAM.COM/NEWJEANS_OFFICIAL

A SEOUL court barred K-pop giant Hybe Co. from dismissing producer Min Hee-jin as head of its music label Ador, leaving her in control of acts such as the hit group NewJeans.

The Seoul Central District Court said Hybe’s evidence and rationale were not sufficient to back the company’s case for Min’s dismissal, according to a Yonhap News report. With the court’s decision, Hybe couldn’t exercise its voting rights to remove Ms. Min from the record label at the company’s shareholder meeting that Friday.

The power struggle at K-pop’s largest company comes as Hybe seeks to diversify through acquisitions and reduce its dependence on the superstar group BTS. Hybe bought Scooter Braun’s Ithaca Holdings for about $1 billion in 2021, but several stars later left the label.

“We urge Hybe to respect the court’s decision,” Ms. Min’s attorney said in a statement after the ruling. “If Hybe takes any action to remove Min from her position as CEO, it will be in direct violation of the shareholders’ agreement.”

Ms. Min’s attorney also urged Hybe not to dismiss two other Ador directors from their posts at the Friday meeting.

In its own statement, Hybe said it would not exercise its voting rights to try to remove Min at the shareholders gathering.

“We plan to follow up within the framework of the law,” the company said.

Ms. Min was scouted by Hybe founder Bang Si-hyuk in 2019 after she resigned from rival K-pop company SM Entertainment Co., where she spent more than 15 years as a producer behind popular idol bands such as EXO and Red Velvet. But the relationship between the two producers quickly soured over the debuts of girl groups produced by each of them. In early April this year, Min sent a lengthy letter to Bang and Hybe management alleging they discriminated against NewJeans.

The internal strife between Ms. Min and Hybe’s management spilled into public view in April after Hybe started an internal audit against Ms. Min. The company’s executives probed whether she had attempted to seize the control of the label from the parent company by contacting investors for a potential management buyout or initial public offering. Ms. Min, who owns 18% of Ador shares, has denied the allegations.

Ms. Min then held a dramatic press event that drew millions of viewers online. She said that her contract with Hybe was unfair and that headquarters had underestimated the value of the label behind NewJeans.

Hybe refuted Ms. Min’s claims and filed a complaint with the police to investigate Ms. Min for alleged breach of duty. Ms. Min filed the injunction request to block Hybe from exercising its voting rights in Ador during the shareholder meeting on Friday. Each side staged campaigns to win public support. Bang and the Korean producers behind Hybe labels filed petitions to the court, while NewJeans’ members and their fans signed onto Min’s petition, according to Yonhap.

Hybe Chief Executive Officer Park Ji-won has tried to encourage employees not to let the case affect their work, according to local reports, which cited an internal memo he sent after the ruling was announced. Mr. Park pledged to protect the intellectual property employees have created.

The K-Pop drama isn’t fully resolved. Hybe plans to continue to press its case that Ms. Min sought to take control of Ador. In the meantime, Ms. Min will be able to set the direction for NewJeans, which helped Ador generate about 100 billion won ($73 million) of revenue last year. — Bloomberg

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