Construction tycoon Delfin J. Wenceslao, Jr. has passed away, D.M. Wenceslao & Associates, Inc. (DMWAI) announced on Friday. He was 77. 

Mr. Wenceslao was president and chairman of the listed property development and construction firm at the time of his death. 

“It is with great sadness that the board of directors and management of [the company] announce that today, it was informed of the death of its President and Chairman of the Board, Mr. Delfin J. Wenceslao, Jr.,” DMWAI said in a disclosure to the exchange.   

No other details were given.  

Forbes listed Mr. Wenceslao as the 37th richest man in the Philippines with a net worth of $385 million. 

A licensed real estate broker, Mr. Wenceslao co-founded the listed property company and has held his posts since April 1965.   

He holds a bachelor’s degree in economics from Ateneo de Manila University. He pursued graduate studies at the Pamantasan ng Lungsod ng Maynila, graduating with a Master of Business Administration degree and later on earning a Doctorate in Business Administration.  

Mr. Wenceslao was formerly the president of the Philippine Constructors Association, a board member at the International Federation of Asian and Western Pacific Contractors’ Associations, and a Chamber of Real Estate & Builders’ Associations, Inc. member.  — Keren Concepcion G. Valmonte  

The Securities and Exchange Commission (SEC) approved Jollibee Foods Corp.’s shelf registration of P20-billion perpetual preferred shares subject to remaining requirements, the regulator said in a statement on Friday.  

Jollibee earlier said that the issuance of the shares forms part of its plans to “strengthen” its balance sheet.    

The approved shares comprise 20 million cumulative, non-voting, non-participating, non-convertible and redeemable perpetual preferred shares priced at P1,000 each, which may be issued in tranches within three years.   

The shares will be listed and traded on the main board of the Philippine Stock Exchange.  

For its initial issuance, Jollibee will offer P8 billion worth of preferred shares with an overallotment option of up to P4 billion. Its public offering is slated for Sept. 28 to Oct. 4.  

The company may net up to P11.9 billion in proceeds from the first tranche, which will be used to partially finance the redemption of its senior perpetual securities and to fund its commissary and store expansion. 

Jollibee is planning to open new stores in the country, majority of which will be in Luzon, while its wholly owned unit Zenith Foods Corp. eyes building a new commissary in Cebu that would cater to its needs in the Visayas and Mindanao region.   

BPI Capital Corp. was assigned to be the transaction’s issue manager. It will be joined by BDO Capital & Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.   

As of end-May, the Jollibee Group has 3,209 stores in the Philippines. Globally, it has 5,815 branches under 17 brands in 33 countries.  

The company aims to open 450 stores this year, the majority of which will be abroad, and at least 500 new stores yearly in the following years.   

On Friday, JFC shares at the stock exchange closed lower by 3.43% to end at P197 each. — Keren Concepcion G. Valmonte   

By Keren Concepcion G. Valmonte, Reporter  

RL Commercial REIT, Inc. (RCR) on Thursday said it has secured the highest issuer credit rating from Philippine Rating Services Corp. (PhilRatings), which allows it to raise its borrowing limit.  

In a statement, RCR said it received a credit rating of PRS Aaa (corp.) with a stable outlook from PhilRatings.  

“The investment-grade issuer credit rating allows RCR to increase its leverage limit from 35% to 70% of the total value of its deposited property, according to the REIT Implementing Rules and Regulations,” the Gokongwei-led company said.   

“This gives RCR greater financial flexibility to support its organic and inorganic growth for long-term sustainability,” it added.  

Under the country’s REIT IRR, companies are only allowed to have financial obligations or borrowings worth 35% of the value of assets included in their portfolio unless it has a publicly disclosed investment-grade credit rating by an accredited rating agency.  

The PRS Aaa rating is the highest rating assigned by the domestic credit rating agency, which means it has a “very strong capacity” to meet financial commitments compared to other corporates in the country.   

A stable outlook means the company is expected to keep the same rating within the next 12 months.   

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the rating would allow RCR to borrow more to fund its investments or expansion projects.   

“These also allow it to borrow at lower interest rates and also at better terms,” Mr. Ricafort said in a Viber message on Friday.  

RCR is the real estate investment trust (REIT) sponsored by Robinsons Land, Corp. (RLC). It is the largest REIT in the Philippines with a market capitalization of P64.2 billion, a property valuation of P73.9 billion, and an initial portfolio consisting of 14 assets with a combined 425,315 square meters (sq.m.).  

“The rating likewise considered the properties’ strong financial track record and proven resilience amidst the COVID-19 pandemic, as well as the Company’s zero-debt status which gives RCR significant headroom to lever up to fund its future expansion,” RCR said.  

Subject to market conditions and regulatory approval, Robinsons Land is expected to infuse one or two assets every year into RCR. RCR said the rating was also achieved because of its management team and because of “solid backing” from its sponsor firm, RLC.  

“We are also very much open to acquiring property from unrelated third parties. We are also looking into redeveloping existing assets to optimize land use and achieve higher valuations,” RCR President and Chief Executive Officer Jericho P. Go told BusinessWorld in an Aug. 13 e-mail interview.   

RCR shares at the stock exchange went up by 0.16% or one centavo on Thursday to close at P6.45 each.  

SM Investments Corp. (SMIC) said on Friday that its coronavirus disease 2019 (COVID-19) vaccination program has covered 94% of its employees so far.   

The program is a joint effort of SMIC, SM Prime Holdings, Inc., SM Retail, Inc., BDO Unibank, Inc., and China Banking Corp. as well as 2GO Group, Inc., Atlas Mining & Development Corp., and Goldilocks Bakeshop.  

“Our goal is to support broad vaccination efforts and not just to focus on our own people or those connected with our business,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a statement.    

“We made our assets accessible to all, both to the public and private sectors, and enabled our partners to secure much-needed vaccination,” he added.   

The company said over 3.3 million COVID-19 jabs have been administered in its malls, which were used as make-shift vaccination sites by local government units. SM Development Corp. also conducted vaccination drives in 12 locations across properties in Mandaluyong, Parañaque, Pasig, and Quezon City.   

Meanwhile, its 2GO vessels on dock also served as vaccination venues for ship crew members.   

SM also worked with Go Negosyo’s “A Dose of Hope” program as it launched shared vaccination sites via its malls for nearly 300 micro, small, and medium enterprises (MSME) to inoculate over 170,000 of their employees.  

SM also offered its other work sites, such as in Toledo City of Cebu, to vaccinate other employees of MSME partners and government stakeholders.  — Keren Concepcion G. Valmonte