Facebook Instagram Linkedin X Youtube
Home Blog Page 6702

MerryMart takes majority stake in Mindanao pharmacy

MERRYMART Consumer Corp. has finalized its acquisition of a majority stake in ZC Ramthel Corp. or Cecile’s Pharmacy, which is said to be the biggest pharmacy chain in Zamboanga City in Mindanao.

In a stock exchange disclosure on Wednesday, MerryMart said it executed an agreement that finalized the acquisition of a 53.125% post-investment stake of the pharmacy.

According to the company, the Cecile’s Pharmacy chain will still be managed by its current management team in cooperation with MerryMart personnel.

“There are only very few drug store chains in the Philippines that has been operational for decades and still remain to be the market leader and the top-of-mind brand in their respective market region. Cecile’s Pharmacy chain is one of that select group that stood the test of time and we believe this acquisition will add great value to the MerryMart Group’s ecosystem,” MerryMart Chairman Edgar J. Sia II said.

MerryMart disclosed that it would acquire 25,000 secondary shares and 60,000 primary shares of Cecile’s Pharmacy, equivalent to a 53.125% stake. The remaining 46.875% stake in the pharmacy chain will be owned by the Saavedra family.

Meanwhile, Mr. Sia said the company is still targeting other merger and acquisition (M&A) opportunities in the grocery and pharmacy segments.

“While the MerryMart Group continues on with its organic expansion, MerryMart will continue to keep its eyes open for M&A opportunities in both the grocery and pharmacy space that would accelerate its growth to capitalize on the continued consolidation from traditional to modern retail in the Philippines,” Mr. Sia said.

According to MerryMart, Cecile’s Pharmacy has been operating since 1964. It currently has 21 operational branches and employs 300 personnel.

“In addition to enhancing MerryMart’s trade volume in the pharmacy and prescription drug items, this transaction will bring significant improvement on cost efficiencies as MerryMart continues to strive to deliver better value to its customers and stakeholders,” MerryMart Chief Financial Officer Hannah Yulo-Luccini said.

On Wednesday, MerryMart shares at the local bourse rose 6.01% or 11 centavos to end at P1.94 apiece. — Revin Mikhael D. Ochave

Robinsons Land nets P8.5B, up 62%

ROBINSONS Land Corp. (RLC) reported a 62% jump in its consolidated net income to P8.5 billion in an “eventful” 2021 that allowed it to corner opportunities as the economy started to reopen.

Consolidated revenues last year grew 30% to P36.54 billion.

“As the economy approaches full reopening, the diversity of our portfolio, our healthy balance sheet and agile mindset put us in a strong position to capture growth opportunities towards accelerated recovery,” said RLC President and Chief Executive Officer Frederick D. Go in a press release on Wednesday.

He described 2021 “was an eventful year for RLC” during which it ”pushed boundaries to create value for our stakeholders and continued to invest in our long-term sustainability.”

Net income attributable to parent firm shareholders reached P8.06 billion last year, the company said without disclosing a comparative figure. But it said the amount translated to earnings per share of P1.55, exceeding the P1.01 of the earlier year.

In the fourth quarter alone, net income more than doubled to P2.06 billion quarter on quarter due to eased lockdown restrictions. Total revenues for the quarter grew 15% to P5.66 billion in the earlier quarter.

Of RLC’s businesses, Robinsons Malls recorded revenues of P8.25 billion in 2021, with earnings before interest, taxes, depreciation, and amortization (EBITDA) at P3.86 billion. In the fourth quarter, revenues grew 22% to P2.25 billion.

“RLC is optimistic that mall operating fundamentals will continue to rebound on the back of wide-spread vaccinations and pent-up demand,” the company said.

In 2021, Robinsons Malls opened Robinsons Place La Union, its 53rd lifestyle center, expanded Robinsons Dumaguete, and reopened the second phase of Robinsons Place Tacloban.

Meanwhile, Robinsons Offices sustained the upward trajectory of its topline results, posting a 9% increase to P6.49 billion.

“The stable growth in revenues is primarily driven by the strength of its portfolio, which consists of quality assets in strategic locations with a wide geographic dispersion and strong clientele base. EBITDA and EBIT improved by 11% and 13% year on year to end at P5.66 billion and P4.73 billion, respectively,” RLC said.

Robinsons Offices completed Cyber Omega in Pasig City and Bridgetowne Campus One in RLC’s Bridgetowne Destination Estate and Cybergate Iloilo, boosting the company’s portfolio to 688,000 square meters (sq.m.) in net leasable area.

Its hospitality business,  which mainly caters to essential business sectors and quarantine facilities, surpassed 2020 revenues by 11%, while EBITDA jumped 60% due to increased operational efficiencies. In November, Robinsons Hotels and Resorts re-opened Dusit Thani Mactan Cebu.

Revenues from Robinsons Logistics and Industrial Facilities (RLX) increased by 50% to P354 million. RLX currently has industrial facilities located in Sucat, Muntinlupa, Sierra Valley in Cainta, San Fernando and Mexico in Pampanga, and Calamba, Laguna.

In the second half of the year, capital expenditures increased, with RLC spending P24.82 billion, driven by its investments in malls, offices, hotels, industrial facilities, destination estates, and residential projects.

In 2021, RLC listed its real estate investment trust, RL Commercial REIT, Inc. (RCR) in the Philippine Stock Exchange.

At the stock exchange on Wednesday, RLC shares surged 3.47% or 66 centavos to P19.66 each. — Luisa Maria Jacinta C. Jocson

ACEN income rises 22% to P5B on strong power demand

AC Energy Corp. (ACEN) reported a consolidated attributable net income of P5.25 billion in 2021, higher by 22% than the P4.29 billion recorded a year earlier, due to stronger power demand.

In its financial report filed to the exchange on Wednesday, the Ayala group’s listed energy arm said revenues last year went up by 27% to P26.08 billion from P20.49 billion in 2020, driven by stronger generation output.

“As the Philippines and the Asia-Pacific region recover from the pandemic’s peak, the energy sector continues to experience strong demand for power. ACEN’s robust 2021 financial and operating results reflect our ability to benefit from this,” ACEN President and Chief Executive Officer Eric T. Francia said in a separate statement to the exchange.

The renewable energy (RE) company said its attributable output grew 21% to 4,633 gigawatt-hours (GWh) from 3,818 GWh in 2020 on the back of the 23% climb in generation from RE sources. International output rose 24%, while generation from Philippine assets jumped 20%.

Mr. Francia added that ACEN’s eye is set on “aggressively expanding” its RE portfolio so it can be prepared to address power woes in the county and in other regional markets “in an environmentally sound and socially responsible way.”

This year, the company has earmarked around P55.5 billion for capital expenditure (capex) investments, 68% more than last year’s budget. A huge chunk of the fund will be sourced from ACEN Finance Ltd.’s recent $400-million fixed-for-life perpetual green bond offering.

The capex budget will be used to develop new capacity in the county amid the power supply issues, while a portion will be allotted to the construction of its 521-megawatt (MW) New England solar farm in Australia and 420-MW Masaya solar farm in India.

At home, the company is building around 484 MW of wind and solar capacity. Across the region, as of November 2021, ACEN has around 3,800 MW of attributable net capacity, of which, renewable energy accounted for a share of 87% or 3,300 MW.

ACEN shares at the Philippine Stock Exchange on Wednesday inched up 15 centavos or 1.96% to close at P7.79 apiece. — Marielle C. Lucenio

Sta. Lucia Land eyes loans, more land acquisitions

STALUCIALAND.COM.PH

REAL estate developer Sta. Lucia Land, Inc. expects to further strengthen its presence in key areas of the country as it boosts its land-banking activities while looking at tapping loan and credit facilities worth P6 billion.

In a statement, the listed company said its expansion highlights its confidence in the Philippine real estate market.

“Over the last several years, Sta. Lucia Land has been aggressively expanding, announcing acquisitions in more areas including Cavite, Bulacan, Iloilo and Davao,” it said.

In February, Sta. Lucia Land disclosed to the Philippine Stock Exchange that its board of directors had approved a number of resolutions such as authorizing the company to avail of loans and credit facilities from China Banking Corp.

The loan proceeds would be used to refinance maturing loans as well as fund project developments, land acquisitions and general corporate expenses, the company said.

The board also approved resolutions authorizing the company to acquire a total of 32.34 hectares of land in Laguna and Batangas, as well as enter into joint ventures for projects in Rizal, Batangas and Cotabato with a total area of 89.04 hectares.

“These planned acquisitions and joint venture projects do not only showcase the company’s sustained expansion appetite despite the challenges posed by the pandemic, but are also seen to further cement the company’s foothold in key areas across the country,” Sta. Lucia Land said.

To date, Sta. Lucia Land and its parent firm have collectively built more than 250 projects, which covers at least 10,000 hectares across the country.

“Having been in the business of building homes for more than 50 years now, the Sta. Lucia Group continues to provide Filipinos with high quality, diversified offerings that include world-class golf courses and country clubs, resort-themed communities, townships, lake developments, condominiums and condotels, offices, and commercial spaces, among others,” Sta. Lucia Land said in the statement.

On Wednesday, shares in St. Lucia Land rose by 2.57% or seven centavos to close at P2.79 each.

San Miguel food, beverage unit posts 40% profit rise

SAN Miguel Food and Beverage, Inc. (SMFB) reported a consolidated net income growth of 40% to P31.4 billion in 2021, driven by market share gains and better pricing across its businesses.

“We remain optimistic about our ability to deliver growth moving forward. While we expect to contend with the increase in certain raw material costs due to macro events, we are confident that the strategic pivots we’ve made in the last couple of years will keep us on solid footing,” SMFB President and Chief Executive Officer Ramon S. Ang said in a disclosure on Wednesday.

Consolidated revenues grew 11% to P309.8 billion, while consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 20% to P56.2 billion.

Meanwhile, consolidated operating income jumped 31%, as a result of productivity improvements, distribution efficiencies, and cost containment initiatives. Operating margins widened 100 basis points for the year, the company said.

SMFB’s food business posted consolidated revenues of P151 billion or a 12% increase from 2020, while its consolidated EBITDA increased 39% to P17 billion. Consolidated operating income more than doubled to P11.5 billion.

“The protein segment posted double-digit growth driving the food business’ revenues, bolstered by better pricing of its poultry products and efficient inventory management,” the company said.

The prepared and packaged food segment had higher contributions from Tender Juicy hotdogs and Purefoods chicken nuggets, as well as growing sales from new products, including meat-free line Veega, Purefoods spaghetti sauce, and seafood nuggets.

The beer business, on the other hand, reported revenues of P116.3 billion, 8% higher than the prior year but still lower than pre-pandemic levels. Operating income went up 10% to P26.9 billion, while EBITDA amounted to P32.6 billion, up 10%.

Meanwhile, the spirits business reported income from operations increased by 39% to P5.3 billion, revenues rose 17% to P42.5 billion, and EBITDA increased 26% to P6.3 billion, due to marketing campaigns, consumer promotions, and broadened distribution networks.

“We are fortunate that our financial strength enables us to continue pursuing expansion projects that will enable us to further capitalize on the country’s continued recovery,” Mr. Ang added.

On Wednesday, company shares fell by 2.88% or P1.90 to close at P64.05 apiece at the stock exchange. — Luisa Maria Jacinta C. Jocson

Mekeni to offer Pinoy meat products in the US

MEKENI, the brand behind a range of Filipino breakfast meats like tocino, hotdogs, fish balls, and longanisa, has unveiled plans to expand to the US, along with rebranding efforts.

The company said that they are partnering with Island Pacific Supermarket, a chain of Asian-Filipino supermarkets in the US West Coast. Mekeni Kikiam and Fish Balls are already available in 17 branches of Island Pacific Supermarket across California and Nevada. “If there is one thing that Filipinos living abroad miss a lot, it is probably their favorite street food,” said Mekeni President Prudencio Garcia in a statement. “We are bringing them not just authentic Pinoy flavors, but also the feeling that they are closer to home through our products,” he said.

In the same statement, Mr. Garcia said that this was just the start for Mekeni, as they are looking into making their products available in other parts of the US.

In an e-mail to BusinessWorld, Mr. Garcia gave a list of US cities where they are already available. These include: Hayward, Long Beach, Temecula, Santa Clarita, Cerritos, Elk Grove, Pittsburg, Vallejo, Union City, Fresno, National City, Oxnard, Los Angeles, West Covina in California; and Las Vegas in Nevada. “We are fortunate to find business partners that share the same vision. Expanding to other cities is in the pipeline, and we are optimistic that we can bring our products to other parts of the US this year,” he told BusinessWorld.

“Penetrating the US market means we will be able to bring pride to the country; we are bringing joy to our kababayans (countrymen) who are missing the food they love; and lastly, we will be able to provide more stable livelihood to our employees,” he said.

“Mekeni is a homegrown brand that has gotten the approval of various countries because of our commitment to food safety and quality,” he said.

Before entering the US, Mekeni was already supplying international markets such as Dubai, Bahrain, Brunei, Australia, Canada, and the UK. Mekeni was also the first Filipino food company allowed by the Japanese government to export products to the country.

“Our export journey actually started shortly after we were awarded Best Meat Processing Plant by NMIS (National Meat Inspection Service) in the early 2000s,” said Mr. Garcia. “That recognition inspired us to aspire bigger for the company; and then we decided to secure certification for ISO 22000, which sets out the requirements for a food safety management system. After less than one year of preparations, we were the first in Asia and second in the world to be certified compliant to it. We took it as a sign to further expand our horizons not only here but also abroad.”

Mekeni’s progress is also good for other companies, he said.

“What is important is that our foot is already in the door, and this opens opportunities not just for Mekeni but to all Filipino brands,” said Mr. Garcia. “Penetrating an international market means that the level of our expertise in food processing is at par with world-class standards.” On that note, in a question regarding opening manufacturing facilities abroad, he said: “This is part of our long-term plans.”

NEW LOOK, JINGLE
The company’s packaging now has a new look, and it is accompanied by a new jingle.  The music video for “My Mekeni” and its accompanying dance was uploaded on the company’s Facebook page this week. Mekeni collaborated with Zumba/Fitness content creator Live Love Party, and BP Dance Studio for the jingle’s dance steps.

As for the new packaging, this is a step in the company’s evolving brand image under the theme “Timplang Atin” (Our Blend). “Welcoming 2022 with new branding signals a new era for us at Mekeni. We wanted to send a clear message that we are evolving, innovating, and growing with our customers. Today, more than ever, we want to assure our customers of the quality and taste that we bring to the table reflected throughout this new brand experience we have created. It is a Timplang Atin experience leveled up to cater to our customers’ changing needs,” said Mr. Garcia in a statement.

The new packaging is featured in new product categories, namely Mekeni Gold, Mekeni GoLite, Mekeni Specials, and Mekeni Suki Choice. Mekeni Gold products are its premium line, including specialties such as Garlic Longanisa (Philippine sausage). Mekeni GoLite’s products are healthier alternatives such as gluten-free Chicken Longanisa, zero trans-fat Yogurt Sausage, and fatless Pork Tocino (a cured meat). Mekeni Specials include the Classic Pork Tocino and the Tamis-Alat Pork Tocino, Beef Tapa (dried meat), Skinless Longanisa, Sweet Ham, Chicken Nuggets, and Sisig (chopped pigs face). Mekeni Suki Choice’s product lines include All Day Bacon, Sliced Bologna, and Luncheon Meat. Mekeni’s flagship hotdog brand, Mekeni Picnic Hotdog, also had a packaging makeover.

“For the past couple of years, we experienced highs and lows, and the last two years have been challenging not just for us but for the majority,” Mr. Garcia told BusinessWorld in his e-mail. “Today, more than ever, we would like to assure our stakeholders that the brand continues to evolve, innovate, and grow; and despite the challenges, we did not lose sight of our mission and vision. At the center of all these changes are our stakeholders who inspire us to be better.”

Mr. Garcia spoke about the company’s experience during the two years of the coronavirus disease 2019  (COVID-19) pandemic. “I cannot say that it is good, because generally, it was a challenging year for everyone. However, what I can assure is that in 2020, we were able to reflect on where we want to take the brand. That year, we were able to introduce a specialty line for SMEs (small-medium-enterprises); penetrate e-commerce; and, through our reseller program, provide livelihood and expand our reach. I am also proud to say that we never laid off any employee, even during the start of the pandemic.”

FAMILY
The company is still owned and operated by the founding Garcia family. Mr. Garcia is the son of Mekeni founders Felix and Medicia, both former public-school teachers from Pampanga. Last year, the company reopened its renovated flagship factory outlet in Porac, Pampanga. Called the Mekeni Marketplace, the store stands in the same place the founders first opened the business more than 30 years ago.

“Mekeni has always been family-owned since we were formally established in the 1980s. One of the many advantages of being a family-owned business is that values are preserved and are passed on to the next generation within and beyond our family; therefore, the relationship is more harmonious. Moreover, it allowed us to uphold our mission and vision since we have a greater sense of commitment,” he told BusinessWorld.

“We develop our products with families in mind. We always say that we only offer products that we ourselves will feed our families. This reflects our commitment to food safety and quality.” — Joseph L. Garcia

CREIT board clears land acquisition worth P2.5B

CITICORE Energy REIT Corp.’s (CREIT) board of directors has approved the acquisition of several parcels of land worth P2.5 billion.

In a disclosure to the exchange, CREIT said its board, during its meeting on Wednesday, had given the green light to purchase land parcels from Citicore Solar Bulacan, Inc. with an aggregated area of 253,880 square meters
(sq.m.) in Bulacan for P1.75 billion.

The board also agreed to buy 79,997 sq.m. of land worth P753.8 million from Citicore Solar South Cotabato, Inc.

CREIT last month had its initial public offering (IPO) worth P6.4 billion and became the first listed REIT company focused on renewable energy on Feb. 22.

It sold around 2.51 billion shares for P2.55 apiece. Of the share sale, 1.05 billion are primary common shares. CREIT sponsor Citicore Renewable Energy Corp. sold 1.13 billion secondary shares and an over-allotment of 327.27 million shares.

The IPO proceeds will be used to purchase the land parcels.

CREIT targets to boost its power portfolio to 1,500 megawatts (MW) in the next five years, from the existing 145 MW, to meet growing demand for renewable energy sources.

On Wednesday, shares in the company rose 10 centavos or 3.92% to end P2.65 apiece at the stock exchange. — Marielle C. Lucenio

Coach de Jesus returns to Premier Volleyball League with F2 Logistics

F2 LOGISTICS — F2 LOGISTICS CARGO MOVERS

MULTI-TITLED coach Ramil de Jesus will make his much awaited return to the Premier Volleyball League after more than a decade as his F2 Logistics clashes with Black Mamba Army on Wednesday at the start of the league’s second pro-season at the Paco Arena in Manila.

Mr. De Jesus will mentor a squad paced by Kiana Dy, Aby Marano, Ara Galang, Majoy Baron, Kim Fajardo, Dawn Macandili and new additions Dzi Gervacio and Shola Alvarez in the league — then known the Shakey’s V-League — where he last coached 14 years ago.

Game time is set at 3 p.m.

Chery Tiggo opens its title defense against a new look Cignal HD in the main game at 6 p.m.

Dindin Santiago-Manabat and the Mylene Paat, fresh from their successful campaign in Thailand, should be the focal points of the Crossovers campaign as they await the arrival of 2021 Finals MVP Jaja Santiago, who is still in Japan.

Bali Pure faces off with Petro Gazz the next day at 3 p.m. followed by the 6 p.m. duel between last year’s runner-up Creamline and PLDT.

Choco Mucho will get to plunge into action on Friday against Black Mamba Army at 3 p.m.

The league implements a single-round robin group format with Pool A composed of Chery Tiggo, Choco Mucho, Army, Cignal and F2 and Pool B consists of Creamline, Petro Gazz, PLDT and Bali Pure.

The top four teams from each group advance to the quarterfinals with the top two from each pool sealing twice-to-beat advantages.

The semis and the finals are best-of-three affairs. — Joey Villar

Wine: why it might add more sugar to your diet than eating a doughnut

PIXABAY

SOFT drinks have been the focus of the UK government’s attempts to curb people’s sugar intake in recent years, but the same approach has not yet been applied to the sugar content in alcoholic drinks.

The government introduced “sugar taxes” on soft drinks in 2018, meaning manufacturers are charged a levy of up to 24p per liter of drink if it contains eight grams of sugar per 100 milliliters. This was done in order to attempt to reduce the public’s sugar intake in light of increases in childhood obesity.

But a new report from Alcohol Health Alliance UK has suggested that just two glasses of wine contain enough sugar to meet the maximum recommended daily intake level, even more than a glazed doughnut.

The report found that some bottles of wine contain as much as 59 grams of sugar per bottle. A standard bottle of wine contains 750 milliliters, which is equivalent to three large glasses of wine. This means in some cases a single large glass of wine can contain just under 20 grams of sugar, almost twice the sugar content of that glazed doughnut. So, when it comes to alcoholic drinks, how much sugar do they contain?

Consumption of sugar-sweetened drinks has been linked to an increased risk of weight gain and obesity, and associated conditions such as type 2 diabetes. Most research into sugary drinks has focused on soft drinks, such as colas. Alcohol, or ethanol to give it its proper name, is itself calorific.

Alcohol is second only to fats in terms of its calorie content per gram. On top of this potentially significant calorie content is the sugar that is contained in many alcoholic drinks. This includes the non-fermented starches and sugars found in beers and wines, or sugars added to some drinks such as cocktails or mixers to add flavor. It is unsurprising therefore that alcohol consumption has been associated with weight gain.

Surveys have reported that alcoholic drinks account for 10% of daily intake of added sugar in the UK for 29 to 64-year-olds, and 6% for the over 65s. This difference may be explained by the alcoholic drinks chosen by these different age groups.

Near the top of the list of sugary drinks is likely to be the recent phenomenon of pre-made cocktails in a can, with some containing a staggering 49 grams of sugar per serving. Other more traditional cocktails also fare poorly when scrutinized for sugar content, a summer fruit cup cocktail, for example, may contain more than 25 gm of sugar per serving. This figure could be higher at home, depending on who makes the drink, and what is considered a serving. Having several of these cocktails won’t just make you merry, but will also provide more sugar than eating several chocolate bars.

Wine can vary dramatically in sugar content, with the seemingly healthier lower strength alcohol wines often having more sugar and therefore not necessarily being healthier. In general, dry wines or red wines generally have lower sugar levels.

For those of us who enjoy beers and ciders, these drinks can contain even more sugar per serving than wine. A pint of cider, for example, contains more than 25 gm of sugar, with some ciders containing an eye watering 46 gm of sugar per serving.

Because spirits such as gin, vodka, whisky, and rum are highly distilled, their sugar content should be negligible. Without mixers, these drinks are clearly the healthiest in terms of both sugar and calorie content. The mixers they come with can however be sugar-sweetened so if you want to avoid sugar, having your gin neat or on the rocks is the best way forward.

It is clear that more can be done to alert people to the sugar content of alcoholic drinks. The first step would be to mandate that alcohol producers accurately label their products, not just with alcohol content by volume, but also sugar and calorie content, so consumers can make informed choices. Equally, altering the sugar levy to target alcoholic drinks more specifically would likely cause drinks manufacturers to alter their recipes to have less sugar content.

The levy on soft drinks has shown this can work, with significant reductions in consumption of sugar-sweetened non-alcoholic drinks since 2018. The government claimed that the tax on soft drinks resulted in more than 50% of manufacturers reducing sugar content in drinks between March 2016, when it was announced, and its introduction in 2018.

In the UK more than 20% of people regularly drink alcohol at levels that increase their health risk. People should also be aware of the less obvious risks posed by drinking alcohol, including the sugar content, and take this into account when choosing their tipple, especially if they are trying to lose weight.

 

James Brown is an Associate Professor in Biology and Biomedical Science, Aston University. He has previously received funding from the EU Horizon 2020 scheme to study personalized approaches to food choices.

ATN Holdings speeds up renewables project

ATN Holdings, Inc. has hastened its adoption of renewable energy by developing an initial 1.4 megawatt (MW) solar power plant to provide electricity to its crusher plant and electric trucks for mining, it told the stock exchange on Wednesday.

In its disclosure, the company said that its board of directors in a meeting on March 9 approved several resolutions, including the acceleration of its solar photovoltaic power plant project through a joint venture with foreign partners.

The plant will be built on its 256-hectare property in Montalban, Rizal.

In the same meeting, the board also authorized the company to structure joint venture deals in an “eHub” logistics warehouse, and an electric vehicle project for buses and trucks, under terms and conditions favorable to it.

ATN Holdings’ board also approved the plan for the initial public offering (IPO) of its unit ATN Philippines Solar Energy Group, Inc. (ATN Solar), along with the associated cost of a listing application with the Philippine Stock Exchange, the appointment of an investment banking group and an underwriter.

The company said based on discussions with financial advisers, the executive committee has recommended the IPO as against listing by-way of introduction in listing ATN Solar shares in the exchange.

It said an IPO would be viable for ATN Solar given the supplemental listing rules granted to renewable energy companies with the exemption to the three-year positive financial performance.

ATN Holdings added that the IPO route would have a shorter timeline needed to fund 100 MW of solar projects as against the other option, which requires a two-step process for the listing of shares.

“Current ATN Solar book value is at P0.90/share and expected listing price range of P2.00 to P2.50/share depending on market conditions during the offer period,” it said, adding that public listing of ATN Solar shares may create additional liquidity and prospective value for shareholders of ATN Holdings and Transpacific Broadband Group International, Inc.

ATN Holdings previously said its board had authorized the co-investment with Transpacific of a P2-billion equity participation in a consortium to be formed with the winning bidder of Manila Electric Co.’s competitive selection process for renewable solar energy under a 20-year contract.

ATN Holdings in January said its board had given the go signal to its energy arm to enter into a joint venture agreement with “key energy partners” to build 50 to 100-MW of solar photovoltaic project in the company’s property in Rizal.

For the initial installation of 1.4-MW modular solar plant, ATN Solar intends to partner in a joint venture with a Singapore-based solar project engineering, procurement, and construction contractor.

Oconer-Oranza duo leads Navy Standard Insurance in Ronda

Defending champion George Oconer — GEORGE OCONER

SORSOGON CITY — Defending champion George Oconer and 2019 titlist Ronald Oranza will try to spearhead the Navy Standard Insurance team minus its former team captain as they race in the 11th LBC Ronda Pilipinas, which hits the road with a 10-stage race tomorrow here and ends on March 20 in Baguio City.

The 30-year-old Mr. Oconer will share leadership role with the 29-year-old Ronald Oranza, who was named the new Navy skipper after Jan Paul Morales recently left due to personal reasons.

“We will have to really race as a team for us to win,” said Mr. Oconer, who is out to defend the title he won in the last edition of this annual cycling spectacle two years ago.

The Oconer-Oranza duo will lead a team composed of El Joshua Carino, Ronald Lomotos, Junrey Navarra, Jhon Mark Camingao and under-23 riders Esteve Hora and Jeremy Lizardo.

Mr. Oconer is optimistic of his title-retention chances.

“We really prepared for this year’s race and I think I have a strong chance to win again,” said the San Mateo-based rider.

Mr. Morales, 36, transferred to Excellent Noodles where he partnered with fellow two-time Ronda king Santy Barnachea and the two should stand in the way of Mr. Oconer and the fearsome Navy men.

Also expected to go right at the top purse for the individual winner worth P1 million are the Cris Joven-led Army men, the young riders of Go for Gold headed by Jonel Carvueva, Marcelo Felipe of Nueva Ecija, Rudy Roque of Dreyna, Sherwin Carrera of Eagle Cement and Warren Bordeos of Champ Café.

Also seeing action are Bike Kings Laguna, Vantage Ilocos Norte, VPharma, Team Quezon Province and Team Ilocos Sur.

Up for grabs is a total cash pot worth P3.5 million including P200,000 to the team winner courtesy of LBC Express, Inc., MVP Sports Foundation, Quad X, Twin Cycle Gear, Standard Insurance, Print2Go, Elves Bicycles, Elitewheels, Orome, Maynilad, PhilHydro, Garmin, Petron, Boy Kanin, Green Planet Bikeshop, Prolite, Fujiwara, Black Mamba, Lightwater, LBC Foundation, PhilCycling and the Games and Amusements Board. — Joey Villar

World’s most remote Michelin restaurant moves from Faroe Islands to Greenland

THE WORLD’S most remote Michelin-starred restaurant, Koks, will be moving from its Faroe Island location, to an even more remote site in Greenland, at the Ilimanaq Lodge. — PHOTOS FROM WORLDOFGREENLAND.COM/EN/ILIMANAQ-LODGE

By Lisa Abend

DINING at the Michelin-starred Koks has always been something of an expedition. To get there, you first have to fly to the Faroe Islands, a rugged semi-autonomous Danish archipelago 200 miles north of Scotland in the frigid North Atlantic. Once in country, you take a twisting drive along narrow roads cutting through a Lord of the Rings landscape and through an undersea tunnel to arrive at the lonely edge of Lake Leynavatn.

From there, you must abandon your car and, fortified with fermented fish beer and cod-skin snacks in a curing-shed-turned-reception-area, climb into the back seat of a Land Rover for the rocky ascent to your final destination: an isolated wooden farmhouse that houses the most remote fine-dining restaurant in the world.

Yet even that, apparently, was not epic enough. On Feb. 23 the restaurant’s head chef, Poul Andreas Ziska, flew 1,300 miles to the west to a spot 200 miles above the Arctic Circle to begin the work of transplanting Koks to Greenland. For the next two summers, the restaurant will be housed at the Ilimanaq Lodge, a 40-minute boat ride across the bay from Ilulissat, a town best known for its icebergs. This will be the first time a restaurant offers Michelin-approved cuisine in Greenland.

To hear Mr. Ziska tell it, the move was a decision born at least in part of necessity. The Faroe Islands location that’s housed the restaurant since 2018 was always meant to be temporary while its owners looked for a spot to build their own place. “The house was built in 1741, and its ceilings are about two meters [6 ½ feet] high, so the waiters always had to duck down,” Mr. Ziska says. “I don’t think the farmers ever thought back then it would be used as a restaurant.”

But even after they found a plot of land, bureaucratic hurdles, concerns from environmental organizations, and a host of other obstacles prevented them from commencing construction. “It’s been four years, and we still haven’t gotten permission to build the new restaurant,” Mr. Ziska says.

Then the Koks team was approached by World of Greenland, a tourism company that runs the Ilimanaq Lodge, as well as several other hotels and tours in the country. It seemed the perfect solution to a practical problem. The restaurant, seating just 30 guests, will open from mid-June to mid-Sept. in 2022 and 2023. Most reservations will go to guests of the lodge, but bookings for remaining tables opened on March 1.

The relocation doesn’t just serve a practical purpose, though. It also allows Mr. Ziska to pursue a long-held fascination. Like the Faroe Islands, Greenland is a constituent country in the kingdom of Denmark with a harsh terrain and climate. “As a Faroese person, I’ve always felt like there’s a connection there,” the chef explains. “It’s a place we identify ourselves with, at least when it comes to the raw materials.”

Raw materials have always been at the core of what Koks do. Inspired by the New Nordic approach he encountered in Copenhagen, founding chef Leif Sørensen set out to showcase the islands’ stellar ingredients and refined what had been until then an intriguing but limited cuisine. Buffeting winds make it difficult to grow vegetables on the islands, and the Faroese don’t have a tradition of eating the pristine shellfish that thrive in their waters, exporting most of their harvest to their European neighbors to the southeast. Instead, the traditional local diet consists mainly of cod, whale, seabird eggs, and a pungent air-dried lamb, cured without salt, called ræst.

Mr. Ziska, who worked as Sørensen’s sous chef until he took over the restaurant in 2014, has pushed the 17-plus-course menu even further, earning its first Michelin star in 2017. “We work a lot with the clean, pure flavors of the ocean.” They serve shellfish on the same day it’s caught, keeping it alive in the fjord until dinnertime. “But,” he adds, “we like to contrast that purity with the fermented flavors of the islands.” Dishes such as blood sausage topped with smoked whale heart, a riff on Beef Wellington made with razorbill, and a blueberry dessert flecked with sea lettuce flakes helped earn Koks its second Michelin star in 2019.

It’s the opportunity to explore a new culinary landscape that makes the Greenland adventure most exciting for Mr. Ziska. He hopes to establish a relationship with the handful of farmers who, thanks to climate change, can now grow vegetables in the south. And he expects to find seafood of the same high quality he’s accustomed to, even if, just like at home, the locals don’t have a habit of eating it much.

Mr. Ziska also plans to forage for wild plants like crowberry and angelica, and he’s confident he can make a local staple, seal, taste good. But for someone who comes from a place where the largest wild land animal is the mountain hare, the chance to cook with game is perhaps the most thrilling. “I’ve had musk ox a few times, and it’s so, so good, so I want to work with that. And reindeer. Maybe even polar bear,” he says, momentarily carried away by the possibilities before calling himself back to reality. “Of course, we’re not going to cook with any animal that’s endangered.”

Climate change has melted the ice that once blocked Ilulissat’s harbor for most of the year, opening the city to cruise ships and other forms of tourism. Until now, however, gastronomically inclined visitors haven’t been lured. But some in the region are hoping to change that, and Koks itself — in addition to working with local fishermen, hunters, ceramicists, and metalworkers — will train local chefs so they can continue to offer a similar dining experience when their residency is over.

“It is a unique opportunity to showcase our fantastic raw materials and nature,” Palle Jerimiassen, mayor of Avannaata municipality, which includes Ilulissat, told the Greenlandic newspaper Sermitsiaq. “Hopefully, it will have a lasting effect locally.”

Whether the Koks residency will turn Greenland into a dining destination is an open question. But Mr. Ziska does believe it could change perceptions of the local cuisine. “I know that in the Faroe Islands, Danes and others from abroad used to talk down our food culture,” he says. “When you have people who actually take it seriously and believe that it is something of value, it makes others more open and accepting of it. I hope it will be the same case in Greenland.” — Bloomberg

1...6,7016,7026,703...14,244Page 6,702 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube