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US vaccine data gaps shows millions lack shots

REUTERS

THE US government has over-counted the number of Americans who are at least partly vaccinated against the coronavirus, state officials warn, meaning millions more people are unprotected as the pandemic’s winter surge gathers steam.

Last weekend, the Centers for Disease Control and Prevention (CDC) revised a bellwether metric — the share of people 65 and older with at least one shot. The agency reduced the proportion from 99.9%, where it had been capped for weeks, to 95%, without changing its raw shot totals.

The move acknowledged a dynamic that state officials have discovered: in collating reams of data on vaccinations, the US has counted too many shots as first doses when they are instead second doses or booster shots.

CDC data show 240 million people with at least one shot, or about 72.5% of the population. But the agency says only 203 million are fully vaccinated, or 61.3%, an 11-percentage-point difference that is far larger than in other developed countries.

State and local officials say it’s improbable that 37 million Americans got one shot without completing their inoculations. Instead, they say, the government has regularly and incorrectly counted booster shots and second doses as first doses, a dynamic the CDC acknowledged in a statement.

That means both the fully vaccinated and completely unvaccinated are officially undercounted. The precise number miscounted is unknown, but revisions in data from three states — Illinois, Pennsylvania and West Virginia — found enough over-counting of first shots to indicate millions of unvaccinated people nationally who’ve mistakenly been counted as having received a dose.

Changes to national data on the scale of Pennsylvania’s revisions, for example, would mean increasing the number of Americans who are unvaccinated by more than 10 million.

“The truth is, we have no idea,” said Clay Marsh, West Virginia’s Covid czar.

The White House referred questions about the over-count of first shots to the CDC. In a statement, the agency acknowledged the ongoing data review. “Given the complex nature of vaccine administration and data reporting in the United States, CDC has been actively working with partners at state and local levels to enhance the quality of vaccine data,” the agency said.

The Biden administration is girding for the new omicron variant of the virus to sweep across the US this winter, accelerating a surge that already threatens to overwhelm hospitals. Without more accurate data on who is unvaccinated and where they live, state and federal officials will struggle to effectively target resources such as publicity campaigns.

“Where it has really made it difficult for us is targeting our booster messaging,” said James Garrow, a spokesman for the Philadelphia Department of Public Health, which has worked with the state to blend data sets for a more accurate view of vaccination trends.

“We don’t have any faith in the numbers on the CDC website, and we never refer to them,” he said.

BIDEN’S WARNING
The unvaccinated will pay the price, President Joe Biden warned Thursday. Omicron is “here now, and it’s spreading, and it’s going to increase,” he said. “For unvaccinated, we are looking at a winter of severe illness and death.”

Some states say they’re confident in their data and no changes are needed, but others have begun submitting revisions. Last month, in one data change submitted to the CDC, the state government in Pennsylvania lowered its estimate for adults with at least one shot to 94.6% from 98.9%. The proportion of fully vaccinated older people also fell. Another data update is due by year’s end.

Illinois found that it had 540,000 more completely unvaccinated people, age 12 and up, than thought — about 6% of what the count would otherwise now be. But the audit also found 730,000 people who were fully vaccinated and hadn’t been counted as such in previous counts.

The official US gap between people with just one dose and those who are fully vaccinated — about 11 percentage points — far outpaces other nations. The next highest gap among Group of Seven nations is the UK, at 6.7 percentage points, according to the Bloomberg Vaccine Tracker. That figure is more in-line with the revisions made in Illinois and Pennsylvania.

In the European Union, it’s just 2.6 percentage points.

State officials say the explanation isn’t that Americans are uniquely unlikely to get a second shot but instead that the country’s health system, unlike its G-7 peers, is exceptionally fragmented. Each state maintains its own set of data, some have several, and all blend their information with data from health providers such as pharmacies and federal programs.

The system struggles to accurately record people who get shots in different places or from different providers. For example, someone who got a shot in one county and a second shot in another might be recorded as two first doses, instead of fully vaccinated.

Another example: a patient vaccinated in the Department of Veterans Affairs system who then gets a booster shot at a private pharmacy might also be inaccurately recorded as two first doses.

The CDC says estimates of vaccine share are now capped at 95% because of these sorts of scenarios, where linking vaccine records is impossible. “This can lead to over-estimates of first doses and under-estimates of subsequent doses,” the agency said.

MORE BOOSTERS
The over-count grew in the summer and early fall as some fully vaccinated people sought booster shots before they were formally authorized by federal regulators, officials say. Those shots were likely recorded as first doses, inaccurately.

On the bright side, the miscount means more Americans have received booster shots than shown in official federal data.

Nationally, CDC estimates of people 65 and up with at least one shot out-pace state totals by about 4.5 million, data compiled by Bloomberg show. While there are some explanations that could narrow the difference — some states don’t count shots administered by federal agencies, like Veterans Affairs, while others do — it also signals a discrepancy in the millions.

One of the biggest gaps was identified in Pennsylvania, where CDC estimates of first doses for the elderly exceed state estimates by about 850,000.

Alison Beam, the state’s acting health secretary, said their review showed that some first doses were actually second doses — meaning that fully inoculated people were counted twice as half-vaccinated.

Other states have submitted revisions for varying reasons to the CDC, including Minnesota, Colorado, New Jersey, North Carolina and Maine. Others, including California, plan to do so.

Some states have declined to revise their data, saying either that they’re confident it’s correct, or that the CDC required line-by-line review and it’s too onerous or that their data vendors limit the ability to make changes. Others say they don’t have the resources to comb through the figures. New York, where the CDC’s estimate of first shots among the elderly exceeded the state’s by more than 700,000 as of this week, reviewed its data and found no material changes. — Bloomberg

Martinelli double helps Arsenal rout hapless Leeds

LEEDS, England — Brazilian forward Gabriel Martinelli’s double helped Arsenal ease to a dominant 4-1 win at Leeds United in the Premier League on Saturday.

In the only Premier League game to go ahead on Saturday due to a huge rise in coronavirus disease 2019 (COVID-19) cases among players, Arsenal blew beleaguered Leeds away with a blistering first-half display.

Having shipped seven goals at Manchester City in midweek, Leeds were repeatedly carved apart in the opening period, with Martinelli’s brace putting Arsenal 2-0 up inside 28 minutes.

Frustrations were palpable all round Elland Road as Bukayo Saka added a third for Arsenal three minutes before the break, with the scoreline not at all flattering for the dominant London side.

Leeds did threaten a late comeback when Rafinha converted a penalty 15 minutes from time, but substitute Emile Smith Rowe’s late goal put the game beyond the hosts.

Arsenal’s third league success in a row consolidated fourth spot in the standings, while Leeds’ second successive hammering left them down in 16th, five clear of the drop zone, but having played three more games than Burnley in 18th.

“I am very happy with the performance, the week that we had, and the way we are moving forward,” Arsenal coach Mikel Arteta said.

“It is always difficult to play against Leeds. They didn’t give up on the second half. I am pleased, it is not easy to play the way we did in this atmosphere. We made a real statement.”

The visitors were well on top from the start against an injury-ravaged Leeds. Home goalkeeper Illan Meslier was forced into a fine save as the hosts’ defense still looked shell-shocked after their mauling at the Etihad Stadium on Tuesday.

Saka should have scored from the rebound, but Arsenal did not have to wait long for the opener as Martinelli, leading the line in place of Pierre-Emerick Aubameyang who was again left out for a disciplinary breach, arrowed a shot into the top corner.

The Gunners continued to dominate, with Scotland full back Kieran Tierney forcing another fine save out of Meslier, before the hosts mustered their first attack as Rafinha fired wide.

Martinelli, whose Arsenal career has been plagued by injury, made it two after brilliantly latching onto Granit Xhaka’s through pass and lofting the ball over Meslier.

Saka’s goal had an element of fortune about it as a deflection took it past Meslier whose performance ensured it was only three at the break.

Arsenal’s 11 shots on target in the first half is the most in the opening 45 minutes by any side in a single Premier League match since 2003-04, when Opta started collecting such stats.

Leeds improved in the second half and deservedly got a lifeline when Ben White fouled Joe Gelhardt in the penalty area and Rafinha hammered in the spot-kick.

Without injured striker Patrick Bamford, however, Leeds lacked the firepower to complete the turnaround and Smith Rowe’s calm finish ended their faint hopes.

It was the first time Leeds have lost three successive league games under manager Marcelo Bielsa.

“There were more chances generated than the goals that they scored,” Bielsa said. “When we lost the ball in our own half, this increased the amount of chances they (Arsenal) could create.

“Always the support like the team received today is inspiring to us. It is not easy when a team has conceded 14 goals in three games. If the fans were not so supportive of me, I could understand it.” — Reuters

Chinese city’s tennis ambitions imperilled by Peng Shuai scandal

SHENZHEN, China — Hosting the Women’s Tennis Association (WTA) Finals was supposed to put the Chinese technology hub of Shenzhen on the sporting map, but the suspension of the tournament in the wake of the Peng Shuai scandal has left its ambitions in limbo.

China’s “miracle” city, best known as the launchpad of the country’s 40-year economic transformation, is among China’s wealthiest and is home to tech giants including Huawei Technologies and Tencent Holdings.

In January 2018, the WTA announced that Shenzhen had trumped rival bids from Manchester, Prague, St Petersburg and former host Singapore to stage what would “easily be the largest and most significant WTA Finals” in its history, its chairman and CEO Steve Simon said at the time.

The city of more than 17 million that neighbours Hong Kong had promised a state-of-the-art stadium, while local real estate developer Gemdale Corp put up $14 million in prize money — double the pot of the previous finals — winning the right to stage the event from 2019 to 2028.

But early this month, Simon announced the WTA would suspend tournaments in China over the treatment of former No. 1 doubles player Peng Shuai, who was not seen in public for nearly three weeks after accusing China’s former Vice-Premier Zhang Gaoli of sexual assault.

“Unless China takes the steps we have asked for, we cannot put our players and staff at risk by holding events in China,” Simon said, taking a stand that drew support from the global tennis community but embarrassed Beijing as it prepares to host the Winter Olympics in February.

Doubt over the tournament’s future highlights the clash between China’s global sporting ambitions and western criticism of Beijing’s authoritarianism. A handful of countries led by the United States have announced a diplomatic boycott of the Olympics — meaning they won’t send government representatives.

China hosted nine WTA events in 2019, but the WTA confirmed on Dec. 7 that the traditional season-opening Shenzhen Open, an event separate from the WTA Finals, will not take place in the first half of 2022. China has been all-but-shut to international visitors during the coronavirus disease 2019 (COVID-19) pandemic.

A spokesperson for the Shenzhen government said he did not know whether the WTA would return. The Florida-based WTA said it remained hopeful that China would do what it asked in allowing for a direct line of communication with Peng.

“That is why this is a suspension at this point, not a cancelation,” a spokesperson said.

MISSED SERVE
For Shenzhen, the WTA Finals were to be a boost to its cultural and sporting prestige.

In late 2017, then-mayor Chen Rugui personally lobbied Simon to host the finals, saying Shenzhen is a young and open city and the tournament would help “take sports to a new level”, according to an official report.

Chinese media were effusive.

“It’s not just a major event for Chinese fans and tennis, but a fantastic chance for Shenzhen to become an internationally renowned name,” the Shenzhen Evening News said.

The WTA Finals is the most prestigious women’s event after the four Grand Slams, and the Shenzhen prize money was $5 million more than in the equivalent men’s ATP Finals, ensuring a star-studded draw. World No. 1 Ashleigh Barty of Australia won the first Shenzhen WTA Finals in 2019.

“It’s the biggest tournament outside the Grand Slams, it’s massive, it’s hard to overstate the importance of that in terms of the prestige and the level of the players and the money involved,” said Mark Dreyer of China Sports Insider.

POLITICAL GOODWILL
Shenzhen’s tennis hopes also underscored the confluence in China between sports and the now-struggling property sector.

Nine of the 16 teams in China’s troubled top soccer league, which became notorious for splashing out millions of dollars for global stars, are majority-owned by companies linked to the real estate sector, including debt-strapped China Evergrande Group and the Kaisa Group, which owns Shenzhen’s club.

Gemdale, which sponsored the tournament, operates several tennis facilities in Shenzhen including an “international” training academy.

“Their business model is not to get it back in ticket sales and all that sort of stuff, it’s political goodwill that they get from the Shenzhen government,” Dreyer said.

Gemdale declined to comment.

As for the stadium, the plan is to preserve the facade of a 1985 arena — historic by Shenzhen standards — in a 3.6 billion yuan ($566 million) renovation that would expand its capacity to 16,000, according to announcements and a person with knowledge of the matter.

Work continues as the stadium will host other events, said two people with knowledge of the matter. For now, it remains a dusty construction site in the central Futian district. — Reuters

Thunder stun Clippers on buzzer-beating 3-pointer

LUGUENTZ Dort scored 29 and Shai Gilgeous-Alexander hit a game-winning 3-pointer at the buzzer to give the host Oklahoma City Thunder a 104-103 win over the Los Angeles Clippers on Saturday.

In Wednesday’s home loss to New Orleans, Gilgeous-Alexander hit a 3-pointer to tie the game in the closing seconds before the Pelicans’ Devonte’ Graham hit a desperation shot to end the game.

This time, Gilgeous-Alexander didn’t leave any time.

The Clippers’ Justise Winslow gave the Thunder an opening, missing a pair of free throws with 7.8 seconds to play and Los Angeles up two.

Gilgeous-Alexander grabbed the rebound, the Thunder called their final timeout to advance the ball up the court, and Gilgeous-Alexander finished it off with the 3-pointer to give the Thunder their first home win since Nov. 17.

The win was just the fourth in 17 games for Oklahoma City. The Clippers have lost two consecutive games.

The Thunder led for much of the game but Los Angeles turned up the heat defensively to take the lead in the fourth, forcing eight turnovers in the fourth.

That included one in the final minute, after the Thunder’s Dort picked the ball away from Reggie Jackson and went barreling toward the basket with a chance to put Oklahoma City back up front.

But Dort lost the ball as he went up toward the basket, and Nicolas Batum took a feed from Jackson and drilled a 3-pointer at the other end to extend the lead to four with 33.8 seconds to play.

Instead of calling his final time out with 17 seconds left after Jackson’s 3-pointer, Thunder coach Mark Daigneault elected to let his team try to score quickly. Gilgeous-Alexander delivered with a driving layup, which ultimately helped set up his heroics to end the game.

Luke Kennard led the Clippers with a season-high 27 points, tying a career-high with seven 3-pointers. Terance Mann added 18 and Jackson 16.

Dort, who missed Wednesday’s game with a left ankle injury, returned to go 12 of 19 from the floor. Gilgeous-Alexander added 18. Josh Giddey had 18 rebounds and 10 assists to go with eight points. — Reuters

Jaguars sans Meyer

Seven and a half months ago, a beaming Shad Khan told the assembled media that, “This time, I got it right.” The sentence, which he uttered with no small measure of satisfaction, notably looked to the past as, well, the past, and to the future with finality. From his vantage point, better days were definitely ahead with Urban Meyer as head coach, Trent Baalke as general manager, and Trevor Lawrence as generational draft pick to start under center. At the time, not a few quarters wondered why the Jaguars owner would put an exclamation point to the prognoses of a franchise that has not enjoyed exactly one winning season since he purchased it in 2012. On the other extreme were fans who argued that all the losing they hitherto endured precisely set them up for success. There was simply no way to go but up.

Unfortunately, if there’s anything the Jaguars are, it’s being far from typical. And so, 13 games into their current campaign, it’s evident to all and sundry that they didn’t just not improve; they regressed. Sure, they already have one more win than all of last year. Then again, the development cannot possibly be counted as consolation — not when they hold a two-and-11 slate while putting up the lowest number of points per game in history. Meanwhile, Meyer, their supposed savior, had seen fit to create controversy after controversy off the field prior to finally being let go. So bad was the tenure of the former Gators and Buckeyes mentor that Khan’s fateful words — “This time, I got it right” — would have rung truer had he uttered them at the time of the firing and not the hiring.

Justice delayed is justice denied, and, in this sense, the Jaguars have nothing but relief to turn to in the wake of Meyer’s exit. He proved to be overmatched in the pro ranks not long after the season began, and yet he managed to stay on until Week 14, and only after news broke of yet another transgression. Revisionist history would have Khan giving him the pink slip earlier, but, all the same, there can be no denying that the situation was allowed to drag on to the point of self-infliction. They didn’t need enemies; they had themselves.

Meyer was apologetic in the aftermath, noting that Jacksonville is “too good of a place” not to experience winning. Whether he truly believes in what he said or was just posturing in view of the Khan’s apparent desire not to pay him the rest of his five-year contract, only he knows. What the rest of the world does understand is this: The Jaguars are all the better in his absence. They’re not likely to improve on their bottom-of-the-barrel standing, but, at the very least, they’ll know they’re heading in the right direction. After taking a major step back under his watch, facing a tomorrow without him is an improvement in and of itself.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

Philippine Airlines’ recovery plan wins US court approval

PHILIPPINEAIRLINES.COM

Flag carrier Philippine Airlines, Inc. (PAL) announced on Saturday that the United States bankruptcy court overseeing its Chapter 11 proceedings approved during a hearing on Friday its recovery plan.

The US Bankruptcy Court of the Southern District of New York approved the embattled airline’s reorganizational plan aimed at reducing its debt, streamlining its fleet, and acquiring additional liquidity, the flag carrier said.

“The plan provides for over $2 billion in permanent balance sheet reductions from existing creditors,” the airline said in an e-mailed statement.

At the same time, the plan allows the flag carrier “to consensually contract fleet capacity by 25%.”

It also includes a $505-million investment in long-term equity and debt financing from the airline’s majority shareholder.

The court hearing was held on Dec. 17, while the deadline for filing objections to the plan was Dec. 10.

“The consensual plan was accepted by 100% of the votes cast, which were from PAL’s primary aircraft lessors and lenders, original equipment manufacturers and maintenance, repair, and overhaul service providers, and certain funded debt lenders,” PAL said.

The airline said the effective date of the recovery plan is expected before the end of the year.

“Today’s court approval represents a critical moment in our journey to emerge as a stronger airline,” PAL President and Chief Operating Officer Gilbert F. Santa Maria said.

“We are thankful for our loyal customers, dedicated employees, and the support of our shareholders and partners and government, which has enabled us to move efficiently through the process and reach this milestone,” he added.

PAL still has to go through a few more procedural steps before it can complete the Chapter 11 process. “After [that], we will focus intensely on serving the public, navigating the continuing challenges of the pandemic and economic recovery, and sustaining the links that connect our archipelago,” the airline’s chief executive officer said.

The airline recently reported a loss of $11.67 million, or P582.65 million, for November, three months after filing for Chapter 11 bankruptcy protection, resulting in a cumulative loss of $69.09 million, or P3.45 billion.

To recall, PAL ended October with a loss of $27.87 million, or P1.4 billion.

Globe and Green Antz partner for single-use plastic avoidance and upcycling

Globe joins hands with Green Antz Builders and its distribution partners in an urgent mission to drive environmental conservation through the responsible disposal and processing of single-use plastic wastes.

The partnership is a year-long engagement to responsibly dispose and process single-use plastic waste and look for potential solutions to this growing social and environmental problem.

Single-use plastics (SUP), also called disposable plastic products, are utilized as materials in packaging and are often used just once before they are thrown away. These include grocery bags, food containers, cups, and cutlery.

“Globe recognizes that mitigating the proliferation of single-use plastics cannot be done by one organization alone. So, we make sure that the responsibility of environmental stewardship also involves its value chain such as existing distribution partners for the proper collection, transport, and processing of plastic wastes,” said Globe Chief Sustainability Officer and SVP for Corporate Communications Yoly Crisanto.

To curb SUP waste from harming the environment, Globe and Green Antz are working together to ensure that all SUPs from within Globe’s headquarters are responsibly processed before transporting to the Green Antz facility in Bulacan.

Since it began the collection process in July, 14 distribution partners from Manila and Central Luzon collected over 36,000 pieces of stone papers and tarpaulins that weighed an estimated 3,520 kilograms.

The materials were sent to the Green Antz facility to be converted into 80,000 eco-bricks or 32,000 eco-casts, which can be used to build schools and gardens. Recently, more than 238,000 pieces of old stone paper and used tarpaulins will again be processed by Green Antz via its hubs in Bulacan, Cebu, CDO and Davao for conversion into eco-bricks and eco-casts. Green Antz uses eco-friendly practices and green technologies to provide building solutions.

With the success of the pilot implementation, the program will soon involve more distributors across the country next year.

“We are excited about this partnership with Globe as we can create more impact and awareness together. Green Antz is grateful for this milestone which will pave the way for a greener future. Thank you Globe for the trust and we are looking forward to more collaborations as we jointly clean up the Philippines — one brick at a time,” said Romel Benig, president and chief executive officer of Green Antz Builders, Inc.

Globe’s SUP-avoidance advocacy has started with its employee education campaign called WASSUP (‘Wag Sa Single-Use Plastic) that tackles the impacts of plastics on the environment, resulting in banning the use of SUPs within its main corporate office.

Employees were encouraged to bring cloth bags and reusable utensils to the office to eliminate plastic bags and plastic spoons, forks, and stirrers.

SUPs are doing more harm than good to the environment, as indicated in a UN Environment Program report on Single-Use Plastics.

The said report detailed that once used, SUPs end up getting recycled, incinerated, landfilled, dumped in uncontrolled sites, or worse, littered in the environment. It is estimated that 79% of plastic waste lies in landfills, dumps, or the environment. In contrast, a measly 12% have been incinerated while just 9% were recycled.

While the Philippines is renowned for being the “center of the world’s marine biodiversity,” it also is notorious for its rampant use of SUPs, with the United Nations and Ocean Conservancy naming the country as the third “Worst Polluter of the World’s Oceans.”

Recognizing numerous threats to the environment, Globe makes environmental protection and conservation part of the company’s mission.

Globe pledged to lessen its carbon footprint by actively supporting the Race To Zero global campaign spearheaded by the United Nations Framework Convention on Climate Change (UNFCCC) and COP26 Presidency and backed by the GSMA, the international mobile industry body. This activity is part of GSMA’s bid to lower greenhouse gas (GHG) emissions to net zero no later than 2050 through the collective efforts of all mobile network operators worldwide.

Together with more than 2,700 supporters across 89 jurisdictions, Globe also formally supported the globally-recognized Task Force on Climate-Related Financial Disclosure (TCFD) as part of its commitment to mitigating the impact of climate change through a science-based, numbers-backed report.

Globe supports the United Nations Sustainable Development Goals (UN SDG), specifically UN SDG No. 12 which is on achieving economic growth and sustainable development by urgently reducing ecological footprint, and UN SDG No. 13, which is to take urgent action to combat climate change and its impacts.  Globe is committed to upholding the UN Global Compact principles and contributing to 10 UN SDGs.

To know more about Globe’s sustainability initiatives, visit https://www.globe.com.ph/about-us/sustainability.html.

 


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SPNEC ends a tad higher on market debut

Leviste-led Solar Philippines Nueva Ecija Corp. (SPNEC) inched up to P1.01 on its market debut on Friday, closing one centavo or 1% higher than its initial public offering (IPO) price of P1.00 per share.

SPNEC is a unit of Solar Philippines Power Project Holdings, Inc.

The solar energy company opened 5% or five centavos lower at 95 centavos. It reached an intraday low of 76 centavos and traded for as much as P1.01.

Analysts said the renewable energy company could have done better on its first day. They are positive that its share price will improve in the coming days.

“It was a lukewarm reception for SPNEC. It could have performed better but several events changed the economic landscape which were beyond the company’s control,” said Luis A. Limlingan, head of sales at Regina Capital Development Corp., in a Viber message.

He enumerated these events as the US consumer price index, which hit 30-year highs, “acceleration of the US Federal Reserve to increase rates, and the first cases of Omicron variant to reach the Philippines.”

The Philippine government on Thursday reported the detection in the country of the first two cases of Omicron, the new coronavirus disease (COVID-19) variant. Health officials said they had isolated the said patients and that their co-passengers in their flight were being traced.

The US central bank, meanwhile, has hinted it will have three rates hike next year, Reuters reported.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said that SPNEC “performed unexpectedly better despite a volatile market,” noting the US Fed’s decision to tighten after its announcement to ramp-up the tapering of its stimulus program.

“Also, even the company has no operation yet. We may expect the company to perform better when it starts its commercial operation,” Mr. Pangan said in a

Viber message.

Led by 28-year-old Leandro L. Leviste, SPNEC is the first company to be listed in the exchange without operations. Solar Philippines generates solar energy from its own solar plant and sells it through bilateral contract to its consumers or to the spot market.

Net proceeds of the P2.7-billion IPO will finance a 500-megawatt solar power plant and will be used to acquire a lot in Nueva Ecija for the project.

SPNEC sold 2.7 billion shares for P1 apiece. The company said its offer was oversubscribed, reaching a total of P5.3 billion in orders.

“Despite the headwinds coming into today, we are pleased that the PSE’s last IPO of 2021 has ended on a high note. We believe in this issuance and look forward to see SPNEC to continue to create value coming into 2022,” said Paul Soo, chairman and CEO of Abacus Capital and Investments Corp., the offering’s underwriter.

Meanwhile, Philippine Stock Exchange President and Chief Executive Officer Ramon S. Monzon said he is optimistic that SPNEC will be “as successful and profitable” as the two other solar farm projects of parent Solar Philippines in Batangas and Tarlac.

At the end of the trading day, nearly 1.72 billion SPNEC shares worth P1.61 billion were traded. — Marielle C. Lucenio

MPIC toll roads hope to double revenue upon completion of projects

Metro Pacific Investments Corp. (MPIC) on Friday said its toll roads business is targeting to double its gross revenues once existing projects become fully operational.

“The plan for MPIC’s toll roads business is to double its top-line revenue upon completion and full operation of its existing projects,” the listed infrastructure conglomerate said in a statement.

At the company’s 15th listing anniversary on Dec. 15, MPIC President and Chief Executive Officer Jose Ma. K. Lim said: “We have, in the last few years, invested more than a hundred billion pesos in building new roads and even a bridge in Cebu that will connect the city to its airport in Mactan next year.”

“These new projects will double the size of our toll roads business by 2023-24,” he added.

To recall, Metro Pacific Tollways Corp. (MPTC) President and Chief Executive Officer Rodrigo E. Franco said at a forum in October that the company expects to open the Cebu-Cordova Link Expressway (CCLEX) project to motorists in the first quarter of 2022.

Aside from CCLEX, MPTC, the tollways unit of MPIC, holds the concession rights for Cavite–Laguna Expressway (CALAX), Manila–Cavite Expressway (CAVITEX), Circumferential Road 5 (C-5) Link Expressway, North Luzon Expressway (NLEX), NLEX Connector Road, Subic-Clark-Tarlac Expressway (SCTEX), and Cebu-Cordova Link Expressway (CCLEX).

Mr. Franco likewise said the company expects to complete next year the NLEX Connector Phase 1, CALAX Cavite Segment, NLEX Segment 8.2 Section 1A, NLEX Connector Phase 2, and CAVITEX C5 Link projects.

The company expects a 32% increase in the average daily traffic volume on its expressways in 2022, he noted.

MPTC aims to build an “urban ring road” to help manage economic losses from

city traffic by providing “unimpeded” traffic flow for goods and people.

“From the 64 kilometers (kms) we started with, we today operate 230 kms of toll roads in the Philippines and another 174 kms internationally, which serve 900,000 vehicles daily,” MPIC’s Mr. Lim said.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Vitarich reaches deal to acquire Barbatos

VITARICH CORPORATION FB PAGE

Vitarich Corp. has reached an agreement to acquire Barbatos Ventures Corp. (BVC) from Luzon Agriventure Inc. as part of what the listed company called its “vertical integration strategy.”

In a stock exchange disclosure on Friday, Vitarich said the acquisition of 100% of the outstanding stock of BVC was for a price of P1.00, with the board of directors of the transacting parties approving the deal.

“The core of our strategy is to create value through further integration,” said Vitarich President and Chief Executive Officer Ricardo Manuel M. Sarmiento, adding that BVC is the company’s dressing plant partner since 2019.

“This acquisition allows us to provide our customers with end-to-end processes, ensuring tighter control and traceability of operations which most hotel, restaurants, and institutional (HRI) customers value highly. It also delivers operational and financial synergies, including cost efficiencies,” he said.

Vitarich said by 2025, BVC will bring revenues of around P375 million, with its addition capturing cost synergies of P91 million. In the first two years after the acquisition, it expects a contribution of P46 million to net income or P0.02 to earnings per share.

BVC provides services such as packing, cutting, and the storage of dressed chicken. The company has dressing plant facilities located in Marilao, Bulacan and Tugbok, Davao.

Capital expenditures are expected to be P150 million in total, comprised of P93 million spent in 2021 and P57 million in 2022 for expanding the facilities in Marilao.

Once BVC is acquired, Vitarich will have additional cost savings by the restructuring of their lease and toll arrangement into a contract growing agreement.

The acquisition is expected to be finalized and executed by year-end.

By January 2022, BVC will operate as a wholly owned subsidiary that integrates dressing operations and contract growing.

Vitarich shares were unchanged at 70 centavos each on Friday. — Luisa Maria Jacinta C. Jocson

DITO CME prices stock rights offer P4.88

DITO CME Holdings Corp. has set its P8-billion stock rights offer at P4.88 per share, the listed company disclosed on Friday.

The proceeds will be used to invest in the country’s third telco player, DITO Telecommunity Corp, “to support a successful commercial-roll-out and for general corporate purposes,” the company said in a disclosure to the stock exchange.

DITO CME said the offer price was determined based on the volume-weighted average price (VWAP).

“As of Dec. 16, 2021, the offer price is a 16.6% discount from the closing price and a 17.5% discount from the 30-day VWAP for each of the 30 consecutive trading days immediately prior to (and including) Dec. 16, 2021 of the company’s common shares on the PSE (Philippine Stock Exhange),” it noted.

It added that as of Dec.16, the closing price and 30-day VWAP for this period are P5.85 and P5.92, respectively.

The rights offer period will begin at 9:00 a.m. on Dec. 27 and conclude at 12:00 p.m. on Jan. 18.

“The rights shares may be subscribed to by the shareholders of record of the company as of the record date on Dec. 23… on a pre-emptive rights basis,” DITO CME also said.

“The latest date that anyone can purchase common shares on the PSE in order to be considered an eligible shareholder and subscribe to rights shares is on Dec. 17,” it added.

DITO CME, which owns 54% of DITO Telecommunity, handles the investments of Dennis A. Uy’s Udenna Corp. in media, communications, entertainment, and information technology.

“Udenna will not participate in the mandatory first round of the rights offer or the second round of the rights offer to provide maximum availability of rights shares

to minority eligible shareholders,” DITO CME said.

“Nonetheless, Udenna has provided an undertaking to the sole underwriter, pursuant to which Udenna shall subscribe to all offer shares that remain unsubscribed after the institutional offer to ensure that the offer shares are fully subscribed under the same applicable terms and conditions in the rights offer, subject to the right of the company to scale down Udenna’s subscription if it will result in a violation by the company of the minimum public ownership requirement,” it added.

DITO CME has three digital companies: Unalytics, which provides managed analytics services; Acuity Global, which curates media properties across platforms and provides media planning and buying; and Luna Academy, an online education platform aimed at equipping users with future-ready skills, credentials, and certificates.

For the January-September period, DITO CME reported P327.27 million in revenues, which generated a gross profit of P287.15 million.

Operating expenses rose to P1.75 billion from P3.68 million in the same period last year, resulting in an operating loss of P1.46 billion from a loss of P3.68 million previously.

DITO CME closed 5.81% lower at P5.51 apiece on Friday. — Arjay L. Balinbin

Century Properties board clears P6-B debt program

Century Properties Group, Inc. has approved a P6-billion debt securities program, of which half of the amount will make up the first tranche including an oversubscription option.

The property developer and manager told the stock exchange on Friday that the initial tranche of its debt program would be a a five-year fixed rate of retail bonds with a principal amount of P2 billion and an oversubscription option of up to P1 billion.

Century Properties also announced the passage of other resolutions, including its application for the registration and licensing of bonds with the Securities and Exchange Commission (SEC), and the listing of the bonds with the Philippine Dealing & Exchange Corp.

It also announced a ratification on disclosures in the registration statement and prospectus, to be filed by the corporation with the SEC, in connection with the registration of the unsecured bonds to be offered to the public.

The corporate resolutions were passed during the company’s special board meeting on Friday. Its shares closed unchanged on that day at 40 centavos each. — Luisa Maria Jacinta C. Jocson