By Revin Mikhael D. Ochave, Reporter

THE new version of the Philippine Mineral Reporting Code (PMRC) will take effect immediately after securing approval from the Securities and Exchange Commission (SEC), according to the Philippine Stock Exchange, Inc. (PSE).

The local bourse operator said in a memorandum dated Nov. 4 that the 2020 version of the PMRC aligns with current international mineral reporting standards.

With the approval from the SEC, the PSE has given a two-year transitory period starting Sept. 20, 2021 for listed companies to comply with the new reporting code.

Further, it told market participants that the use of both 2020 and 2007 version for mineral reporting is not allowed.

“Listed companies are given a two-year transitory period from Sept. 20, during which they shall have the option to continue abiding by the 2007 PMRC standards or shifting to the 2020 PMRC,” the PSE said.

“If, at any point during the transitory period, a company adopts the 2020 PMRC standards, it can no longer revert to the use of the 2007 PMRC standards,” it added.

According to the PSE, the 2020 PMRC was substantially modelled after the 2019 International Reporting Template of the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) and the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves of the Australasian Joint Ore Reserves Committee (JORC).

To recall, the PMRC Committee initiated the review of the 2007 PMRC in February 2019 to make it more compliant with international reporting standards.

Sought for additional comment, PMRC Committee Chair Ciceron A. Angeles Jr. told BusinessWorld via mobile phone that the two-year transitory period is

needed since the 2020 PMRC is stricter than the previous reporting code.

Mr. Angeles said both public companies and accredited competent persons need time to adjust, including on the financial valuation or accounting of their mineral assets.

“[The 2020 PMRC] relies on the “if not, why not” principle. An example for the new PMRC is both sins of commission and omission can be penalized. This is compared to PMRC 2007 which only deals with sins of commission,” Mr. Angeles said.

Gerard H. Brimo, Chamber of Mines of the Philippines chairman, said in a mobile phone message that the 2020 PMRC is a welcome development for the minerals industry.

“The 2020 PMRC will make the Philippines at par with globally accepted minerals reporting standards. We expect the PMRC 2020 to advance the level of trust and confidence in our industry among investors and the financial community, which is hugely necessary to underpin our industry’s activities,” Mr. Brimo said.

“We also anticipate [that] the PSE’s prestige among both domestic and foreign investors will be enhanced as more mining and exploration companies will confidently list, expand, and raise potentially billions of dollars in the Philippines,” he added.

In the first half of 2021, data from the Mines and Geosciences Bureau showed that the country’s metallic mineral production value rose by 24.5% to P68.63 billion on the back of higher metal prices.

LISTED property developer Robinsons Land Corp. (RLC) earmarked P3 billion for a buyback program that seeks to augment its shareholder value.

The company said in a stock exchange disclosure on Friday that the share buyback program will not involve any active and widespread solicitation from stockholders and will be implemented in the open market via the trading facilities of the Philippine Stock Exchange.

“The objectives of the share buyback program are to enhance shareholder value and to manifest confidence in the company’s value and prospects through the repurchase of the common shares of the company,” RLC said in the disclosure.

“The share buyback program will not affect any of the company’s prospective and existing projects and investments,” it added.

In a separate statement, RLC President and Chief Executive Officer Frederick D. Go said the stock buyback program was unanimously approved by the company’s board of directors.

“The recent real estate investment trust (REIT) listing of RL Commercial REIT (RCR) and its subsequent strong performance, crystalizes the value of RLC,” Mr. Go said.

According to RLC, its current market capitalization is at P90.79 billion, based on its closing price of P17.48 per share on Nov. 3, trading at a price to earnings multiple of 12x.

“The company has a strong balance sheet with a total asset of P214 billion and a low debt-to-equity ratio of just 39% as of June 30, 2021. Moreover, RLC has raised P23.5 billion from the overwhelmingly oversubscribed initial public offering (IPO) secondary share offering of RCR that it plans to use in its various businesses in the next 11 months,” the company said.

“Shares purchased under the buyback program will be booked as treasury shares of the company,” it added.

On Friday, shares of RLC at the stock exchange rose 6.46% or P1.14 to end at P18.80 per share. — Revin Mikhael D. Ochave

BLOOMBERRY Resorts Corp. trimmed its consolidated net loss in the third quarter to P1.1 billion, 56% lower than the P2.5-billion loss it incurred in the similar period last year, on the back of higher net revenue.

In a stock exchange disclosure on Friday, the operator of Solaire Resort & Casino said that its consolidated net revenue for the third quarter rose 59% year on year to P5.1 billion from P3.2 billion a year ago.

“In the third quarter, Bloomberry realized higher gaming volumes and revenues despite the intermittent business conditions brought about by shifting quarantine classifications,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said.

“We are prepared to continue operating in such an environment, but are looking forward to a more stable one should domestic restrictions be eased in line with the increasing vaccination rate,” he added.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter reached P910.1 million, a reversal of the P203.7-million loss in 2020.

Bloomberry said Solaire was open for 51 days during the quarter and operated at a limited capacity as permitted by the Philippine Amusement and Gaming Corp.

With this, the company said Solaire’s total gross gaming revenue (GGR) for the third quarter rose 62% to P7.1 billion.

Of the total, Solaire’ VIP GGR reached P2 billion, while its mass table and electronic gaming machine GGR amounted to P2.7 billion and P2.4 billion, respectively.

Solaire Korea’s Jeju Sun posted nil gaming revenue during the quarter as operations have been suspended since March 21 last year, while it recorded P1.2 million in non-gaming revenue.

Bloomberry’s consolidated net gaming revenue for the quarter rose 65% year on

year to P4.4 billion while its consolidated non-gaming revenue increased 31% to P768.5 million.

For the nine months to September 2021, the company reported a P3 billion consolidated net loss, an improvement over the P5.9 billion net loss it had in the same period last year.

Consolidated net revenue for the January-September period increased 13% to P15.4 billion, while consolidated EBITDA climbed 159% to P3.4 billion.

Bloomberry’s consolidated GGR during the period climbed 13% to P19.6 billion compared with P17.4 billion in 2020.

Consolidated net gaming revenues increased 23% to P13.1 billion while consolidated non-gaming revenue fell 21% to P2.3 billion.

“Even with now relatively relaxed limitations on mobility, Bloomberry remains committed to safeguarding the health of its onsite customers and team members by maintaining its industry benchmark health and safety security protocols,” Mr. Razon said.

On Friday, shares of Bloomberry at the local bourse rose 6.08% or 43 centavos to close at P7.50 apiece. — Revin Mikhael D. Ochave

MAX’S GROUP, Inc. (MGI) appointed Ariel P. Fermin as its new president in a bid to extend its leadership in the restaurant industry.

The listed company said in a statement on Friday that Mr. Fermin replaces Robert F. Trota, who retains his position as chief executive officer despite vacating the role of president.

“Birthed and sustained through the years by the Trota, Fuentebella, and Gimenez-Rodgers families, Mr. Fermin’s promotion accelerates the company’s agenda to extend its industry leadership by balancing the continuity of its history with fresh renewal,” MGI said.

“He brings with him over three decades of leading some of the most distinguished companies across a diverse range of industries, elevating world-class brands, re-imagining businesses, and driving revolutionary transformation,” the company added.

With the change in leadership, Mr. Fermin will now be in charge of the overall commercial and operational performance of MGI and its brands such as Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., Krispy Kreme, Jamba Juice, Dencio’s, Teriyaki Boy, and Sizzlin’ Steak.

Mr. Fermin will also be responsible for finding external and internal opportunities for expansion, customers, markets, new industry developments, and standards, while also implementing corporate policies, programs, processes, and guidelines in accordance with MGI’s vision.

“I firmly believe that our local brands and industries have what it takes to shine on the global stage. I am excited by the opportunity to assume greater stewardship of MGI through its newest chapter using my experience and perspective to help the group navigate its most dramatic evolution yet, all the while continuing to work closely under the guidance, culture, and values of our founding families,” Mr. Fermin said.

Before his appointment, Mr. Fermin was the group’s chief operating officer.

Meanwhile, Mr. Trota said MGI remained resilient and flexible despite the effects of the coronavirus disease 2019 (COVID-19) pandemic on the global food industry.

“Through it all, none of this would have been possible without the leadership of Mr. Fermin who has helped us accelerate three years of strategy into three quarters of execution throughout the pandemic, helping us define new sources of wealth, streamline our operations, and build newfound agility into our organization,” Mr. Trota said.

On Friday, shares of MGI at the stock exchange were flat at P7.20 apiece. — Revin Mikhael D. Ochave