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Alex Eala shocks Joanne Zuger, 6-4 6-1, advances to Round of 16

GRENOBLE TENNIS

RAMPAGING Alex M. Eala stunned Swiss favorite Joanne Zuger in straight sets, 6-4, 6-1, to barge into the Round of 16 of the W60 Grenoble in France.

Ms. Eala fended off a late rally by Ms. Zuger, the Women’s Tennis Association (WTA) No. 264, in the opening frame before blitzing to a 5-0 lead in the second en route to her third straight win following a sweep of the qualifiers.

It’s her first Round of 16 appearance in the women’s professional circuit since the WTA 250 Cluj-Napoca Winners Open in Romania last August.

“I’m glad to have made it through the qualifying rounds and won my first round in the W60 Grenoble. I can feel your support from across the globe,” said Ms. Eala, who beat Italy’s Stefania Rubini and France’s Thanh Lan Truong in the qualifiers.

The 16-year-old Filipina will face home bet Chloe Pacquet today for a seat in the quarterfinals of the tough $60,000 joust featuring a number of top-300 players in the WTA.

Ms. Pacquet, 27, is the No. 4 seed in the 32-strong main draw and the No. 124 player in the WTA. She made short work of Latvia’s Kamilla Bartone, 6-1, 6-0, in the first round to advance.

Ms. Eala, the WTA No. 587, is hoping to spring another upset after slowly rediscovering her groove from consecutive early exits this year and a foot injury that sidelined her late last year.

Also the world junior No. 12 player, she is gunning for her second professional title after ruling the W15 Manacor in Spain last year. — John Bryan Ulanday

Samsung announces new phones, tablets

SAMSUNG

SAMSUNG Electronics Co. Ltd. on Wednesday announced its new flagship Galaxy S smartphones and updates to its tablet.

The company launched the Galaxy S22 series, which will have three models: the S22, the S22+ and the S22 Ultra. The new smartphones have improved power and will boost productivity, Samsung said, and have an IP68 water and dust resistance rating.

The Galaxy S22 Ultra features a built-in S Pen and has a 6.8-inch Dynamic AMOLED 2X display with a 120Hz refresh rate. The screen is made with Gorilla Glass Victus+, 12% tougher than the previous model. The phone also has an Armor Aluminum body, 10% stronger than before, and is said to be slimmer than the previous model.

The smartphone will be powered by Snapdragon 8 Gen 1 and will support fifth generation or 5G technology.

The S22 Ultra features four rear cameras with a “floating” effect for a seamless look. Its main camera is a wide lens at 108 megapixels (MP) with optical image stabilization (OIS) for clearer, brighter photos at night, authentic portraits, as well as steady videos. The phone also has a 12MP ultra-wide lens, a 10MP telephoto periscope sensor with 100x Space Zoom and a 10MP telephoto camera. There is also a laser autofocus sensor. Meanwhile, its front camera has 40 megapixels.

The phone will have a 5000mAh battery that Samsung said could last for two days and supports super-fast charging.

The S22 Ultra will have three memory and storage options: 12GB RAM and 512GB storage (priced at P80,990); 12GB+256GB (P72,990); and 8GB+128GB (P68,990). The model will have four colors: phantom black, phantom white, green, and burgundy.

Meanwhile, the Galaxy S22 features a 6.1-inch display, while the S22+ has a 6.6-inch screen, both Dynamic AMOLED 2X and also with 120Hz refresh rates.

Both models have three rear cameras: a 50MP wide primary lens with OIS, a 12MP ultra-wide sensor, as well as a 10MP telephoto lens. Their front camera is a 10MP lens.

The S22+ has a 4500mAh battery while the S22 has 3700mAh. There are four color options for both models: phantom black, phantom white, green, and pink gold.

The S22 and S22+ have 8GB RAM and two storage options. The 256GB S22 will cost P49,990, while the 128GB version is priced at P45,990. Meanwhile, the 256GB S22+ is priced at P60,990 and the 128GB version is at P56,990.

TABLETS
Samsung also announced the Galaxy Tab S8 Series on Wednesday with three models: the S8, the S8+ and the S8 Ultra. All models will include an S Pen, support super-fast charging and 5G, and have quad stereo Dolby Atmos AKG speakers. They also have a 4-nanometer 64-bit octa-core processor and 4K video recording.

The S8 Ultra has a 14.6-inch Super AMOLED screen with a 120Hz refresh rate, which can support multi-window display. The tablet has a thin, light but strong body with an Armor Aluminum frame.

It has 12MP wide and 12MP ultra-wide lenses for front cameras, while the rear ones are the 13MP primary camera and 6MP ultra-wide sensor.

The tablet has a 11,200mAh battery and is available in the color graphite. It has 12GB RAM and 256GB storage and will cost P77,990.

Meanwhile, the Tab S8 has an 11-inch screen and the S8+ has a 12.4-inch display. The S8 has an 8000mAh battery while the S8+ has up to 10990mAh of juice.

The color options for the S8 and S8+ are graphite, silver and pink gold, and both models have 8GB RAM and 256GB storage. The Wi-Fi only version of the S8 costs P41,990 and the 5G model is priced at P49,990. Meanwhile, the S8+ will have a price of P63,990.

Samsung is also releasing a Galaxy Tab S8 Ultra Book Cover Keyboard as a separate accessory.

The Galaxy S22 and Galaxy Tab S8 series are now available for pre-order. — BVR

Power of the Dog, Dune lead nominations in battle for Oscars glory

DIRECTOR Jane Campion (seated) with assistant director Phil Jones on the set of The Power of the Dog. — KIRSTY GRIFFIN/COURTESY OF NETFLIX

LOS ANGELES — Dark Western The Power of the Dog led this year’s field of Academy Awards contenders on Tuesday with 12 nominations for the Netflix, Inc. film, outpacing the 10 nods for sci-fi epic Dune in the hunt for the industry’s highest honors.

They will compete at the 94th Oscars for the prestigious best picture trophy against eight other movies. Among them are Belfast, Kenneth Branagh’s semi-autobiographical story of a family living amid sectarian conflict in late 1960s Northern Ireland, and Steven Spielberg’s remake of classic musical West Side Story. Those films earned seven nominations each.

The winners will be revealed on March 27 at a televised Hollywood ceremony.

The strong showing for Power of the Dog — with four acting nominations — provided Netflix another chance to win best picture, an accolade that has never been awarded to a streaming service.

Netflix earned 27 nominations overall. Apple TV+ scored a best picture nod for CODA, the story of a hearing woman in a deaf family. Being the Ricardos, on Amazon.com, Inc.’s Prime Video, received three acting nominations.

“Every year we talk about how the streamers are getting more and more powerful when it comes to the Oscars,” said Marc Malkin, senior culture and events editor at Variety. “This year really proves it.”

Japanese-language drama Drive My Car, about a widowed theater actor, earned a surprise best picture nomination.

Other contenders included King Richard, about the father of tennis legends Venus and Serena Williams; coming-of-age tale Licorice Pizza, noir thriller Nightmare Alley and Don’t Look Up, a darkly comic allegory about climate change.

Jane Campion became the first woman nominated twice for best director with her nod for Power of the Dog. She was a contender for 1993’s The Piano, but lost out to Mr. Spielberg, who won for Schindler’s List. Only two women, Kathryn Bigelow and Chloe Zhao, have taken home the directing honor.

Power of the Dog received nominations for Benedict Cumberbatch for his portrayal of a charismatic, domineering Montana rancher, as well as for Kodi Smit-McPhee and real-life couple Kirsten Dunst and Jesse Plemons.

“For both Jesse and I to get our first nominations together is beyond our wildest dreams,” Ms. Dunst said in a statement.

Most of the nominations for Dune, from AT&T, Inc.’s Warner Bros. studio, came in technical categories such as visual effects and production design. The movie is based on Frank Herbert’s classic 1965 novel, which spawned a series of sequels and a 1984 film that was panned by critics.

Nicole Kidman and Javier Bardem were nominated for playing TV comedy couple Lucille Ball and Desi Arnaz in Being the Ricardos.

Mr. Bardem said he was thrilled by his nomination but waited to react until learning that his wife, Penelope Cruz, had also been recognized for Parallel Mothers.

“The fact that this happened at the same time is magical and that her nomination is for a Spanish-speaking role is truly extraordinary,” Mr. Bardem told reporters in Madrid.

The Academy of Motion Picture Arts and Sciences added more women and people of color to its ranks after the #OscarsSoWhite uproars of 2015 and 2016, and it increased membership from outside the United States.

Three Black actors were nominated this year. They were Will Smith for the title role in King Richard, Aunjanue Ellis as his wife, and Denzel Washington for The Tragedy of Macbeth. Afro-Latina actress Ariana DeBose earned a nod for West Side Story.

Kristen Stewart received her first Oscar nomination, for playing Princess Diana in Spencer. She will compete with Olivia Colman in The Lost Daughter, among others.

Voters passed over Lady Gaga’s widely praised role in House of Gucci, about the drama behind the famed fashion family.

The awards ceremony will be broadcast live on ABC. — Reuters

Century Pacific’s property arm launches Pampanga housing project

PO-LED Century Pacific Group, Inc.’s wholly owned real estate firm started construction for its first project in Magalang, Pampanga.

Pacifica Homes Development Corp. (PHDC) has model units ready for prospective buyers. The launch of its Hamana Homes Magalang marks PHDC’s first dip into the affordable real estate segment, which is said to be the company’s response to the country’s growing housing backlog.

“It is truly value for money because our project taps sustainable building design and construction techniques, yet is priced within reach,” PHDC President Teodoro Alexander T. Po said in a statement.

Hamana Homes Magalang will include a clubhouse, swimming pool, parks, and a basketball court.

PHDC received its sell permits and its building permit from the Magalang municipality at the same time.

As of end-January, the company said the construction of the project’s slope projection, perimeter wall, and landfill compaction for the model unit area are being completed.

“PHDC’s very first project here in Pampanga will not only help lessen the gap due to the huge housing backlog, but it would for sure set the bar in the affordable but superior value housing segment,” Department of Human Settlements and Urban Development Region 3 OIC Director Atty. Felix V. Brazil, Jr. said. — Keren Concepcion G. Valmonte

Insurance industry’s share in PHL economy likely at record in 2021

BW FILE PHOTO
THE insurance sector’s contribution to gross domestic product is expected to have hit a record in 2021. — BW FILE PHOTO

THE INSURANCE industry’s contribution to gross domestic product (GDP) last year likely surpassed record figures after it inched up in the four years to 2021 as more of the population seek insurance products, the Department of Finance (DoF) said.

The industry’s contribution to GDP increased to 2.03% by the third quarter of last year from 1.64% in 2017, the DoF said in a press release on Wednesday.

“We will see that the highest ever penetration rate was achieved at the end of 2020, and we see bright figures for 2021. I believe that the highest ever penetration rate will even be surpassed in 2021,” Insurance Commissioner Dennis B. Funa said in a report to the Finance department.

The contribution to GDP by the end of 2021 would have to surpass the 1.71% end-2020 figure to exceed the record. The most recent insurance industry data available so far is the end-September 2021 period.

The industry’s net income, based on Insurance Commission data, grew to P37.5 billion as of the third quarter of 2021, up 34.6% from P27.86 billion in the same period in 2017.

Gross premiums as of end-September 2021 reached P278.7 billion, up 50% from P185.5 billion in the same period in 2017.

Mr. Funa said the amount spent by each Filipino for insurance — known as insurance density — reached P2,528 as of the third quarter of last year, higher than the P1,768 in the same period in 2017.

“For 2021, I see a record insurance density figure, especially with people becoming more conscious of the benefits of insurance, especially after the peak of the COVID pandemic in 2020,” he said.

He reported that the industry’s gross premiums and net income slowed down in 2020 as economic activity fell during the pandemic.

“This is due primarily to the life insurance sector, which was impacted more by the COVID pandemic,” he said. “However, in spite of all these, our third-quarter figures for last year show a strong rebound.”

Gross premiums as of end-2020 inched up 1.18% to P308.3 billion year on year, while net income dropped 8.6% to P41.2 billion.

By the end of the third quarter of 2021, gross premiums increased 28.7% to P278.66 billion compared with the same period a year earlier, while net income grew 31% to P37.5 billion.

“This pandemic has just brought to people’s attention the risks in life and the realization that livelihoods can be wiped out in a flash,” Finance Secretary Carlos G. Dominguez III said. — Jenina P. Ibañez

SEA Games qualifying chess tourney unfolds today

GRANDMASTER JOEY ANTONIO — NATIONAL CHESS FEDERATION OF THE PHILIPPINES

GRANDMASTERS Joey Antonio, Darwin Laylo and John Paul Gomez vie for slots to the Hanoi Southeast Asian (SEA) Games-bound national Hanoi as they see action in the National Chess Federation of the Philippines (NCFP) qualifying tournament unfolding today at the PACE in Quezon City.

With the exception of International Master (IM) Daniel Quizon and WGM Janelle Mae Frayna, who already secured spots to the squad after topping the National Championship in December last year, the winner of the blitz and rapid events for men and women will automatically qualify to the biennial meet set on May 12-23.

Messrs. Antonio, Laylo and Gomez have SEA Games experience and all are eager to reclaim their place to the squad that would be bankrolled by the Philippine Sports Commission.

Also joining in the men’s side are IMs Jan Emmanuel Garcia, Ronald Dableo, Paulo Bersamina, Ricky de Guzman, Ronald Bancod, Michael Concio, Jr. and John Marvin Miciano, and FIDE Master Alekhine Nouri.

In the women’s class, WIMs Jan Jodilyn Fronda, Kylen Joy Mordido and Bernadette Galas and WFMs Shania Mae Mendoza, Cherry Ann Mejia and Allaney Jia Doroy are among those tipped to challenge Ms. Frayna for the title.

Other entries are Aglipay Obrero, Mark Jay Bacojo, Jerish John Velarde and Janmyl Dilan Tisado in the men’s and Christy Lamiel Bernales, Vic Glysen Derotas, Viona Nepascua, Justnin Macapuno, Franchesca Largo, Ma. Elayza Villa, Mhage Gerriahlou Sebastian and Rowelyn-Joy Acedo in the women’s.

Chief arbiter Reden Cruz, an International Arbiter title-holder, said the tournament will implement a knockout format where each pair will play six games in blitz and four in rapid. — Joey Villar

Dynamic AI gaining interest from country’s utility, real estate firms

TRUSTPAIR.COM

By Arjay L. Balinbin, Senior Reporter

AUTOMATION platform Yellow.ai said Dynamic AI (artificial intelligence) is gaining traction in the utility, e-learning and real estate sectors in the Philippines.

“In the Philippines specifically, maximum traction is from the BFSI (banking, financial services and insurance) and retail and commerce sectors, with interest gradually coming in from the utility, e-learning and real estate sectors,” Rashid Khan, co-founder and chief product officer at Yellow.ai, told BusinessWorld in an e-mail interview.

The company said its enterprise-grade Dynamic AI Agents combine AI and human intelligence to provide a “highly differentiated and enhanced customer experience” for large ​organizations in the Philippines, Southeast Asia and around the world “at a fraction of the current operational cost.”

“Conventionally, one would see brands investing more to automate their customer experience strategies. However, the pandemic has resulted in transformation leaders giving equal focus to improving employee experience strategies to compete for scarce talent and engage employees with fulfilling experiences,” Mr. Khan said.

“The need of the hour for every industry is to eliminate the silos that exist between their customer experience and employee experience strategies. We believe it is highly crucial for brands across industries to adopt a total experience automation strategy that simultaneously addresses the customer experience and employee experience journeys, especially the parts that intersect, creating a superior shared experience for everyone,” he added.

Citing data from research and consulting company Gartner, Mr. Khan said by this year, 70% of white-collar workers are expected to interact with conversational platforms on a daily basis.

“Enterprises need to realize that incorporating conversational AI capabilities on top of their existing digital stack for various business processes will provide a more seamless experience to the employees where one platform can resolve all their queries and tasks without the need to switch applications and portals,” he added.

“For instance, we have seen a 70% reduction in ticket resolution time as a result of our conversational AI solutions, leading to increased employee productivity by at least 30%. This has greatly helped improve the digital dexterity of the organization.”

Conversational AI helps streamline customer interactions. Customers expect immediate assistance, and its 24/7 availability is seen as beneficial.

“Case in point, Yellow.ai’s Dynamic AI Agents understand past interactions across all systems and channels and inform the customer proactively whether there is an attractive offer or an unexpected upcoming change,” Mr. Khan said.

“This is done via the customer’s preferred channel of communication — text or voice outreach, through an app or e-mail,” he added.

The company offers a unified platform for all inbound and outbound conversations and take the step further of assisting the customer via self-serve choices or connecting to a human agent. This ensures the “quality and speed of interaction,” Mr. Khan said.

Data and analytics company GlobalData expects that global AI platform revenue will reach $52 billion by 2024, up from $28 billion in 2019, as businesses seek to accelerate digital transformation and development.

“The ongoing… pandemic has acted as a catalyst for AI adoption. According to GlobalData’s Global Emerging Technology Trends Survey 2020, more than three-quarters of companies believe AI has played a role in helping them survive the pandemic. The pandemic has also expedited AI research in federated learning, which allows for collaboration on models without disclosing sensitive information,” GlobalData senior analyst Nicklas Nilsson said in a statement.

Celebrating life with chocolate

AUTHOR and chef Gene Gonzalez celebrated World Chocolate Cake Day on the last week of January by baking the Catalina Chocolate Cake, made with Catalina Cocoa Powder. Meanwhile, on the first week of February, YouTube chef Sheilla Lopez made Cocoa-Rubbed Baby Back Ribs with Cocoa Barbecue Sauce.

Catalina Cocoa Powder is a series of Dutch-Processed cocoa powders that comes in four varieties: Black & Bold, Creamy & Rich, Premium & Pure, and Natural Dark.

For her ribs, Ms. Lopez used Premium and Pure and Black & Bold. She describes Black & Bold as having a strong flavor and slightly bitter aftertaste — ideal for savory dishes. Premium & Pure, meanwhile, also has a strong flavor and a reddish-brown color. Mr. Gonzalez used the same blend in his cake.

Ms. Lopez rubbed the ribs with cocoa powder, along with brown sugar, salt, garlic, Cajun spice, oregano, and butter. She let the ribs bake in an oven at 240°C for 30 minutes. The sauce, meanwhile, was made with garlic, tomato ketchup, the two Catalina powders, coffee powder, sugar, white vinegar, Cajun seasoning, and some water. “It’s always nice to try and create something new,” she said during a livestream.

Meanwhile, Mr. Gonzalez made cake batter out of the cocoa powders, flour, eggs, butter, vanilla, baking powder, and baking soda. The cake was baked at 176.7°C (350°F) for 50 minutes. While the cake was baking, he made butter caramel filling, which he laced with some coffee, and thickened and enriched with cornstarch and egg yolks.

For the icing, he first made a chocolate fudge sauce made with butter, fresh milk, condensed milk, sugar, and both cocoa powders. Once cooled, he whipped this with some vanilla extract.

After the cake was done, he spread caramel sauce and chocolate icing over his creation and garnished it with some broken-up chocolate bars. With a smile, he said, “Life is chocolate.”

Catalina Cocoa Powders are available through EZbake.com, the online platform of Innovatrade Ingredients Corp. The complete recipes for the dishes and the dessert can be found on the Facebook page of EZbake (facebook.com/ezbakehomebaking/). — Joseph L. Garcia

Aboitiz Construction completes Cebu ecotourism park’s site development

ABOITIZ Construction, Inc. announced on Wednesday that it recently completed the development works for the future ecotourism site of Magspeak Nature Park, Inc. in Balamban, Cebu.

“This site development project is a significant milestone to us as we strengthen our capabilities in infrastructure,” Alex P. Garciano, Aboitiz Construction’s vice-president for construction operations, said in an e-mailed statement.

The company said the project includes 630-meter road pavements, concreting sidewalks, curbs, gutters, and improving the drainage system.

“Aboitiz Construction also prepared parking areas, trail paths, and benching of sloping areas to protect people from the soil erosion hazard,” it added.

The company has said it expects completion of various projects this year, including the construction of a 6,000-square-meter warehouse in Iloilo City and a water infrastructure in Batangas.

It is also constructing a warehouse for Therma Visayas, Inc. in Toledo City, Cebu.

The company has started work on its projects in Parañaque City, which include the construction of a 26,000-square-meter warehouse and office buildings.

The company intends to further expand into water and transportation infrastructure, projects for ready-built factories, and maintenance services.

According to the company, among its accomplishments last year was the completion of maintenance and shutdown works at the Sarangani Energy Corp.’s thermal power plant.

Civil works for the expansion of a fuel storage facility in Subic, Zambales and construction works for a local manufacturer and distributor of high-grade oleochemicals in Misamis Oriental were also completed last year. — Arjay L. Balinbin

NLEX welcomes Matt Nieto ahead of PBA resumption

CONTRACT signing of Matt Nieto with the NLEX team. — NLEX/JOVIT CABALLERO

NLEX welcomed its 2019 Philippine Basketball Association (PBA) Gilas Pilipinas Draft pick Matt Nieto into the fold ahead of the resumption of its Governors’ Cup campaign.

The Road Warriors (4-1) signed Mr. Nieto to a three-year contract as they fortify a backcourt that’s still missing the services of ace playmaker Kiefer Ravena, who’s currently playing in Japan. Mr. Nieto joined Kevin Alas, Jericho Cruz, Kris Rosales and Philip Paniamogan in the NLEX guard line.

“From what I saw from the player three years ago to the player I’ve seen just recently, I think he has become even better and more matured,” NLEX coach and general manager Yeng Guiao said of Mr. Nieto, whom he selected third in the Special Gilas Draft of 2019.

The brainy guard out of Ateneo Blue Eagle was one of five Gilas mainstays recently released by the Samahang Basketbol ng Pilipinas to their respective PBA mother ballclubs after a two-year national team service.

Mr. Nieto’s twin brother Mike Nieto earlier agreed to a two-year deal with Rain or Shine while Rey Suerte and Allyn Bulanadi signed up with Blackwater and Alaska, respectively.

PBA commissioner Willie Marcial said the Gilas boys, once lined up, may already plunge into action when the Governors’ Cup resumes tomorrow at the Smart Araneta Coliseum.

NLEX battles Meralco (2-0) in the 3 p.m. curtain-raiser while pacesetting Magnolia (3-0) renews its rivalry with its Philippine Cup conqueror TnT (2-2) in the 6 p.m. main game. — Olmin Leyba

Thailand’s central bank holds rates, warns of inflation risks amid nascent recovery

THAILAND’S central bank held off raising its benchmark interest rate to support a nascent economic recovery, even as it sees rising risks from inflation that has breached its target range.

The Bank of Thailand’s rate-setting committee decided unanimously Wednesday to hold the key rate at a record-low 0.5% for a 14th straight meeting, as expected by all 24 economists in a Bloomberg survey.

Economies globally are seeking to navigate a recovery path between tenacious virus variants and inflation pressures, while Southeast Asia faces a particular risk to capital flows as the US Federal Reserve prepares to raise interest rates.

Indonesia, which decides policy on Thursday, has turned hawkish, while Singapore has tightened policy twice since October.

The Thai bank “is likely to remain somewhat cautious about the economic outlook in the wake of rising COVID-19 cases. However, its job will have become more complicated” as price pressures build, said Mitul Kotecha, chief emerging markets Asia & Europe strategist at TD Securities in Singapore. “With inflation rising and major central banks becoming more hawkish, pressure to shift policy will grow in the months ahead.”

The baht was up 0.1% to 32.89 per dollar at 2:17 p.m. local time. The benchmark SET Index Stock extended the day’s gains to 1.3%, reaching its highest level since August 2019.

Prime Minister Prayuth Chan-Ocha’s government has resumed quarantine-free visa entry and planned talks on travel bubbles with China and Malaysia to revive its tourism industry. Meanwhile, it’s also controlling key food and fuel prices to help minimize inflation’s impact on consumers.

Consumer prices accelerated by 3.23% in January, the fastest since last April and above the central bank’s 1%-3% policy target range for this year set in December.

“Headline inflation in 2022 would be higher than previously assessed and could exceed the target range in the early part of the year,” the central bank said in its statement, though it said the average for the year would be within the target’s upper bound. Its most recent inflation forecast for 2022, issued in December, was 1.7%.

COVID-19 cases are rising again due to the highly contagious Omicron variant. New daily infections have risen above 10,000 since Feb. 5, after staying below that level since late October.

“The strength of the economy will be a prime consideration for the central bank, which today described the recovery as fragile. Virus cases are rising again, fueled by the spread of the Omicron variant,” said Gareth Leather, senior Asia economist at Capital Economics Ltd. “Whereas some economists are penciling rate hikes for this year, we think interest rates will be left unchanged until the end of 2023.” — Bloomberg

Ayala firms amend ownership percentage in asset-for-share swap

AYALA-LED listed companies AC Energy Corp. (ACEN) and ACE Enexor, Inc. on Wednesday said they had amended their deed of assignment for the transfer of the former’s rights and interests in five energy assets to the oil and gas exploration company.

“The sole amendment sought to correct the reference to the resulting ownership percentage of [ACEN] in ACEX from 89.96% to 89.78% of the outstanding capital stock of ACEX,” ACEN said referring ACE Enexor’s stock symbol.

The amendment, which was executed on Jan. 31, was applied to the following assets: Palawan55 Exploration & Production Corp., Bulacan Power Generation Corp., CIP II Power Corp., Ingrid3 Power Corp., and One Subic Power Generation Corp.

On Dec. 29, 2021, ACE Enexor announced the signing of an agreement assigning its 339,076,058 shares to ACEN at P10 apiece in exchange for the latter’s five assets. The total value of shares to be transferred to ACEN is at P3.39 billion.

The agreement prompted the Philippine Stock Exchange to suspend the trading of ACE Enexor until further disclosure on the deal.

“As a result of the foregoing transaction, power generation business or assets will be infused into ACEX,” the exchange had said.

At the local bourse on Wednesday, ACEN dropped 15 centavos or 1.61% to close at P9.15 per share. ACE Enexor shares rose P0.60 or 1.76% to close at P34.60 apiece. — M.C. Lucenio

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