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LBC withdraws application to conduct follow-on offering

LBC Express Holdings, Inc. has withdrawn its application to conduct a follow-on offering with the Securities and Exchange Commission (SEC), citing how the financial statements required for the issuance have already lapsed.

In a disclosure to the stock exchange Monday, the Araneta-led logistics firm said it has filed the withdrawal for its application to offer a total of 69.101 million common shares, which was submitted in April 2018. The offering included 10 million new common shares and 59.10 million secondary shares.

LBC Express said financial information included in a registration statement should be as of a date not earlier than 180 days from the date of filing. Its application, however, still contains its financial performance for the full year ended 2016, 2017, and 2018, as well as the period ended March 2019.

“Considering that these financial statements have become stale, there is now a need to further update the same,” the company said.

“The company anticipates that it will take some time to have its financial statements audited or reviewed, and for this reason has decided to withdraw its Offer, without prejudice to a possible re-filing by the company of such application at a later date.”

LBC Express has been trying to pursue a follow-on offering for about four years now, since it entered the stock market by taking over dormant holding firm Federal Resources Investment Group, Inc. in 2015.

Its application was previously rejected by the Philippine Stock Exchange because of the pending cases filed by the Philippine Depository Insurance Corp. (PDIC) against its owners.

The PDIC case filed before the Department of Justice in 2016 concerns the officials of the now defunct LBC Development Bank, Inc. for estafa, and violation of the PDIC Charter or Republic Act No. 3591 by conducting business in an “unsafe and unsound manner” that caused the bank to lose at least P1.8 billion.

LBC Express argued then that the PDIC case should not affect its eligibility to conduct the share sale.

Meanwhile, the company has committed to open 70 to 100 branches every year, funded through internally generated sources as well as the supposed proceeds of the follow-on offering.

LBC Express’ net income attributable to the parent fell by 53% to P561.88 million in the first half of 2019, amid a 34% jump in gross revenues to P7.85 billion.

Shares in LBC Express were last traded at P13.54 each at the stock exchange on Friday, Oct. 4. — Arra B. Francia

AboitizLand, Point Blue to develop microstudios in Metro Manila

ABOITIZLAND, Inc. is partnering with Point Blue for the development of microstudio rental units in Metro Manila.

In a statement, the real estate arm of the Aboitiz Group said it signed a 50/50 joint venture with Point Blue to build microstudio rental apartments within walking distance of central business districts in Metro Manila.

“For 25 years, AboitizLand has been creating better ways to live through innovative concepts translated to thriving residential, commercial, and industrial communities. This strategic joint venture partnership allows us to offer the same elevated way of living for young urban professionals in Metro Manila,” Rafael de Mesa, AboitizLand first vice president of operations, was quoted as saying.

Point Blue is described as a company that designs, develops and manages apartment units, sized between 10-15 square meters (sq.m.). Rental rates for these microstudios range from P12,000 to P15,000 a month.

“Point Blue is an innovative company that created the microstudio category in the Philippines. They have proven that you can deliver beautifully designed living spaces at affordable prices and convenient locations, delivering the best possible residential experience at a price that is accessible to Manila’s young and dynamic workforce,” Mr. de Mesa said.

The microstudios are furnished with a bed, storage space, a desk and chair, roller blinds, air-conditioner, microwave and free high-speed Internet. There is also a private shower, water heater and bidet.

Point Blue buildings are located within a 15-minute walk to central business districts in Makati City and Bonifacio Global City. It currently has 302 units in three locations. The company expects to have three more buildings before the end of the year.

“We are very excited to be partners with AboitizLand, a company backed by a strong reputation and decades of experience. We share their commitment of creating better ways to live by providing an elevated living experience for our urban professionals who are the backbone of our vibrant economy,” JR Yujuico, Point Blue chief executive officer, said.

Mr. Yujuico hopes the partnership will allow the company to ramp up its expansion in Metro Manila.

“This partnership will enable Point Blue to rapidly expand our footprint in Metro Manila and beyond. We expect to scale up to twenty buildings in the next two years. We have seen incredible demand for our product and look forward to giving more people better housing options in the coming years,” Mr. Yujuico said.

Disney bans Netflix ads from some networks

WALT DISNEY CO. is stepping up its fight with Netflix Inc. as the two companies prepare to compete for streaming customers, but it’s not a total war yet.

Disney channels such as ABC, FX, and National Geographic will no longer air Netflix commercials, according to a person familiar with the matter, since the ads would help promote a rival service. But Disney’s ESPN network will still run Netflix spots. And Disney might consider airing a Netflix ad during its Oscars telecast, provided it promotes a movie and not the streaming service itself, said the person, who asked not to be named because the deliberations are private.

The situation reflects the tangled web of the new streaming economy, with onetime partners turning into rivals.

TV networks have long used discretion in running ads from rival media companies. (One exception is movies, which usually get promoted everywhere.) But tensions have grown now that everyone is racing to build a direct relationship with viewers.

SMALL PIECE
Netflix has many other options to advertise its service, through billboards, online marketing, and other TV networks. Netflix was an early adopter of online advertising and still relies more on internet ads than traditional media.

The amount going to Disney was already fairly small. The streaming pioneer only spent about $99 million of its $1.8 billion marketing budget on network TV ads, according to the Wall Street Journal, which cited ad-measurement firm ISpot.TV. The Journal was first to report on Disney barring Netflix ads.

An estimated 13% of that network-TV budget was with Disney-related channels, according to ISpot.TV, but a person familiar with the matter said the actual figure was even smaller.

In the early days of streaming, big media companies saw companies like Netflix and Hulu as critical outlets for reruns of their TV shows and films. That’s now changed as Disney, AT&T Inc.’s WarnerMedia, Comcast Corp. and others launch their own direct-to-consumer video offerings.

Disney started an online service last year called ESPN+, which offers college and some pro sports for $5 a month. The Burbank, California-based company also bought majority control of Hulu with its acquisition of Fox’s entertainment assets earlier this year. Next month, it will introduce Disney+, a $7-a-month service featuring programming from Marvel, Pixar and other family-friendly outlets.

TREADING CAREFULLY
Disney earlier proposed banning ads from all streaming rivals — rather than just Netflix — but it ultimately chose a more targeted approach. It has ongoing relationships with most of the other media giants that are diving into streaming, so there’s more reason to make nice. Amazon.com Inc., which has its own streaming service, remains a key partner with Disney in distributing its channels — through the Fire Stick device and in selling consumer products like Frozen 2 dolls.

“The direct-to-consumer business has evolved, with many more entrants looking to advertise in traditional television, and across our portfolio of networks,” Disney said in a statement. “While the initial decision was strictly advertising based, we reevaluated our strategy to reflect the comprehensive business relationships we have with many of these companies, as direct-to-consumer is one element.” — Bloomberg

PSE says 45 firms are Shariah-compliant

PSE
ONLY 45 listed firms are found to be Shariah-compliant as of end-June. — PHILSTAR/KRIZ JOHN ROSALES

THE number of listed firms compliant with Islamic principles of finance fell in the quarter ending June, the Philippine Stock Exchange, Inc. (PSE) said Monday.

In a memorandum posted on its website, the PSE revealed that 45 securities were Shariah-compliant in the second quarter, down from 53 in the first three months of 2019.

The review period ending Sept. 25 saw the removal of nine securities, namely Concrete Aggregates Corp. “A,” Concrete Aggregates Corp. “B,” DMCI Holdings, Inc., iPeople, Inc., Macay Holdings, Inc., Philippine Estates Corp., Pilipinas Shell Petroleum Corp., PXP Energy Corp., and SFA Semicon Philippines Corp.

Meanwhile, United Paragon Mining Corp. made it to the second quarter’s list.

The PSE hired IdealRatings, Inc., a provider of Islamic finance information specializing in screening securities for Shariah compliance, for the period in review.

Being compliant with Shariah principles indicates that firms are not involved in conventional interest-based lending and financial services such as insurance, mortgages and leasing, and other derivatives. — Arra B. Francia

Globe 5G services offered in parts of Rizal, Cavite, Bulacan

GLOBE Telecom, Inc. is expanding the coverage of its fifth-generation (5G) network to parts of Rizal, Cavite and Bulacan.

The Ayala-led telecommunications giant said its 5G fixed wireless broadband service is now available in Greenpark in Cainta, Rizal; Woodland Hills in Carmona, Cavite; Carissa Homes 2A and 2B and Palmera Homes in San Jose Del Monte, Bulacan.

The rollout comes after Globe began the commercial availability of the next-generation network in the Philippines in July.

“Our aim for 5G deployment is to serve more customers, especially in areas where we encounter challenges in rolling out fiber-optic cable, through providing technology that enables them for the future,” Globe Senior Vice-President and Head of Broadband Business Martha Sazon said in a statement yesterday.

Globe earlier said rolling out 5G to the market is expected to come at a faster rate as the technology can ride on existing wireless sites, therefore hurdling geographical limitations and permitting needs that are required by fiber optic cables.

The company is targeting to hit 2 million home subscribers for its internet broadband service by 2020. It already hit the 1.8 million mark in the second quarter for the combined fixed wireless and wired home broadband subscribers. In revenues, the home broadband segment also contributed P10.6 billion to the company in the six-month period, rising 21% from a year ago.

Globe’s 5G services are currently limited to home subscribers, where it promises a network speed of up to 100 megabits per second (Mbps) for a monthly subscription price of P2,899. The faster 50 Mbps is available for P2,499 per month, while the 20 Mbps service is priced at P1,899 per month.

Globe President and Chief Executive Officer Ernest L. Cu said in September the rollout of 5G is still expensive at the moment because of the high price of equipment needed to power the technology. What the company wants to focus on for now is finding the business potential for 5G before it enters a massive expansion for the network across the country.

Globe booked an attributable net income of P12.05 billion in the first half of the year, up 21% from a year ago, driven by the robust growth of its data business. It is allocating P63 billion for capital expenditures this year to support the country’s growing demand for data. — Denise A. Valdez

Bringing back the National Conference of Architects

By Benjamin K. Panganiban Jr.
Architect

MORE than a decade ago, the United Architects of the Philippines (UAP) and the Integrated and Accredited Professional Organization of Architects by the Professional Regulations Commission ended their National Conference of Architects (NCA) which gathered architects from around the country.

Now, the UAP is bringing back the NCA — a mid-year conference of architects in the beautiful place of Koronadal in South Cotabato from Oct. 17–19 this year.

Every April, the UAP conducts their annual NCA and their convention. This fiscal year marks the 46th year as an architects’ premier organization.

A few years ago, the mid-year conference of architects held every October was scrapped for some time. In lieu of it, an Architects Area Assembly was held every January or February. There where four area assemblies every fiscal year representing four Areas under the UAP.

As the organization grew by leaps and bounds, the membership had to be updated and upgraded in terms of professional developments. This was the reason why Joint Area Assemblies (JAA) were held every October.

And as this leadership assumed its second term, the National Board of Directors decided to rename the JAA and hold the National Conference of Architects.

From the 17th to 19th day of this month, the NCA 2019 will be held in Koronadal, the capital City of South Cotabato. The local government is preparing to welcome architects to the place known as the Land of the Dreamweavers.

It will be exactly 11 years since the last NCA in Davao City in 2008. This time, Mindanao-based architects are opening the place to creative people, friends in the industry and promising entrepreneurs who wish to invest in the now booming region, thanks to the Philippine President who is now the number one promoter for Mindanao.

UAP Architects will hosted by the Farm at Carpenter Hill in Koronadal City. There will be professional development seminars to comply with the CPD law and to upgrade the stock knowledge of architects in the field of constructing vertical structures conducted by the Office of the Occupational Safety and Health Center.

There will also be educational and cultural tours to the picturesque Lake Sebu, the majestic Seven Waterfalls, pineapple plantations, and Mount Matutum mountain ranges. Visitors will also learn about the Tinalak, a native cloth now worn by international models and even politicians.

The UAP organizing committee, headed by Arch. Rosario Q. Roxas under the Commission on Conventions and Assemblies of Arch. Antonio Valdez, and the local UAP Koronadal chapter headed by its president Jim Harris Bastes have been working to make this National Conference of Architects 2019 a memorable and fun-filled three-day experience for the architects.

To recall the UAP’s campaign advocacy “For your plans and designs, get an architect,” promoting the profession is improving the lives of our fellow architects in the regions and around the country.

 

Benjamin K. Panganiban Jr. is the current national president of the United Architects of the Philippines (UAP) and the first national president coming from Mindanao. He has been in the private practice for more than 34 years and is a fellow of the UAP. He is also the first ASEAN architect and APEC architect coming from Davao City. He is a graduate of BS Architecture from the University of Mindanao and is also a Doctor Fellow of the Royal Institute of Architects Singapore.

Joker smashes Oct. record with $93.5-M debut

LOS ANGELES — Warner Bros.’ Joker laughed its way to a new record at the US domestic box office.

Despite mounting controversy and security concerns, the R-rated comic-book movie scored $93.5 million over the weekend and now stands as the biggest October launch of all time. Those ticket sales easily crushed the benchmark previously set last year by Sony’s superhero tentpole Venom with $80 million.

Directed by Todd Phillips and starring Joaquin Phoenix, Joker has been the subject of scrutiny in weeks leading up to its release over fears that the disturbing origin story of Batman’s infamous foe could inspire violence. However, those anxieties didn’t deter moviegoers from turning out en masse to see what all the fuss was about.

Joker has inspired waves of headlines over apprehensions that its depiction of a mentally ill assassin could incite violence, prompting movie theaters across the country to take extra security precautions. New York and Los Angeles police increased their presence around multiplexes, and exhibition owners outlawed costumes and face masks in some venues. The industry started to make some of these moves after the 2012 mass shooting in Aurora, Colo., at a midnight screening of The Dark Knight Rises left 12 people dead and 70 injured. Members of families affected by the Aurora shooting had spoken against Joker.

Joker, co-starring Robert De Niro, Zazie Beetz, and Frances Conroy, takes an unconventional approach to the superhero genre. The film follows Arthur Fleck (Phoenix), an aspiring stand-up comedian who descends into madness as his life and career being to spiral. Village Roadshow and Bron Studios co-produced and co-financed the film, which reportedly cost $55 million before taking global marketing and distribution fees into account.

In a surprise victory, Joker took home the top prize at this year’s Venice Film Festival, with critics lauding Phoenix’s borderline unsettling take on Batman’s arch nemesis. Audiences gave the film a B+ CinemaScore this weekend. Imax showings accounted for $7.5 million at 392 venues.

As the lone nationwide release, Joker received majority of box office spoils, earning more than the rest of the films in the top 10 combined. Last weekend’s box office champion, Universal’s Abominable, slid to second place, collecting $12 million for a domestic haul of $37.8 million. In third, Focus Features’ Downton Abbey raked in another $8 million, boosting North American ticket sales to a strong $73 million. STX’s Hustlers landed at No. 4 with $6.3 million. After four weeks in theaters, the Jennifer Lopez and Constance Wu-led film has generated $91.3 million domestically. Rounding out the top five is Warner Bros.’ It: Chapter Two, which scared up $5.4 million during its fifth outing, taking the terrifying sequel past $200 million at the North American box office. — Reuters

Alsons to build shop-and-dine hub at former fruits stalls site

DAVAO CITY-based Alsons Development and Investment Co. is transforming the former Madrazo fruits stands area into a shopping and dining destination with its Poblacion Market Central project.

In a statement, the company said the commercial project, which will cover a 3,892-square meter property, “will be an inspiring addition to a neighborhood that is at the crossroads of old and new Davao.”

“With modern high-rise condominiums rising alongside top-tier hotels and universities in the area, the project’s location is indeed a prime commercial address,” said Alsons Development, the real estate unit of the Alcantara Group.

The company said the Poblacion Market Central targets to house retail and art shops, and local restaurants.

The project is a block away from the Aldevinco Shopping Center, the iconic souvenir destination that is also owned by Alsons. — Carmelito Q. Francisco

Damosa Land woos investors

FLOIRENDO-OWNED Damosa Land, Inc. (DLI) is looking to attract more investments in its agro-industrial hub Anflo Industrial Estate Corp. (AIEC), as foreign investors flock to Davao City.

“After seeing what industrial parks in the country comprises of, we saw an opportunity to leverage our mother company Anflocor’s [Anflo Management and Investment Corp.] strength in agriculture and endeavor take on the role as the industry’s innovator,” DLI Vice President Ricardo F. Lagdameo said in a statement. DLI is the property development arm of Anflocor.

AIEC is a 63-hectare industrial Special Economic Zone in Panabo City, Davao del Norte — between Davao City and Tagum City. It is 300 meters away from the Davao International Container Terminal.

Among the companies that have located in AIEC are Del Monte Philippines, Inc. and First Panabo Tropical Foods of Sagrex. Japan-based paper packaging manufacturer Packwell Inc. and electronic-tobacco manufacturer IQOS will be putting up their facilities in the area.

AIEC also partnered with Manly Plastics Inc. to occupy a 1.1-hectare land. Manly is a plastic manufacturer that counts Datu Puti, Gatorade, Boysen, Toyota, and Nissan as clients.

“With Davao as a prime spot for trade and agriculture, we have foreseen that building facilities such as ecozones, industrial estates and ready-built warehouses would also attract companies to come in quicker and more efficiently,” Mr. Lagdameo said.

It is also expecting more international investors, more specifically from its current locators from Japan, China, the US, and the Netherlands.

The company noted that its investors generate about 6,000 job opportunities in the city. It also noted that Davao region in total attracted a total of P17.2 billion investments in 2018. Government data showed that total approved foreign investments in the region for the first semester of the year grew 183% to P1.079 billion.

Gov’t makes full award of Treasury bills

THE GOVERNMENT fully awarded the Treasury bills (T-bill) it auctioned off yesterday as rates declined across the board following easing inflation and the central bank’s recent monetary easing moves.

The Bureau of the Treasury (BTr) raised P20 billion as planned via T-bills on Monday with the offer more than twice oversubscribed, as bids totalled P41.7 billion.

Broken down, the government raised P8 billion as programmed via the 91-day T-bills, with total tenders reaching P14.65 billion. The debt papers fetched an average rate of 2.995%, 4.2 basis points (bp) lower than the 3.037% quoted during the Sept. 16 auction.

The BTr also awarded P6 billion in 182-day securities as planned out of total bids worth P12.75 billion. The yield on the three-month papers averaged at 3.171%, down by 24.9 bps from the previous 3.42%.

For the 364-day debt papers, the Treasury also borrowed P6 billion as planned as the tenor attracted bids worth P14.276 billion. The one-year papers fetched a 3.577% average rate, 8.9 bps lower than the 3.666% seen in the last auction.

At the secondary market, the three-month, six-month and one-year papers were quoted at 3.087%, 3.308% and 3.647%, respectively, on Monday, according to the PHP Bloomberg Valuation Service Reference Rates.

National Treasurer Rosalia V. De Leon said the lower rates fetched yesterday were expected following the Bangko Sentral ng Pilipinas’ (BSP) decision to reduce banks’ reserve requirement ratios (RRR) by another 100 bps effective November.

Ms. De Leon said rates are expected to decline further on the back of additional liquidity from the RRR cut, as well as the redemption of retail Treasury bonds (RTB) in November.

“Kasi even in terms of the rates, we see na it would continue to trend downwards (We expect rates to continue to trend downwards). First, November, yung liquidity. Remember also…meron kaming RTB na redemption (The RRR cut will infuse additional liquidity. Remember also that we’re redeeming RTBs in November) so that’s additional liquidity into the system,” the official said.

The BSP last month said it will reduce the RRR of universal and commercial banks, thrift banks, and rural banks to 15%, five percent and three percent, respectively, by November.

The announcement followed the central bank’s decision to slash benchmark interest rates by 25 bps for the third time this year, taking the rates for overnight reverse repurchase, as well as overnight deposit and lending to four percent, 3.5% and 4.5%, respectively.

A bond trader added that inflation data released last Friday also affected yield movements.

“(Lower rates) should be expected because we had a 0.9% inflation rate last Friday and then likely the inflation rate for October should come alongside the same kind of level because last year — the highest are both in December in October,” the trader by phone yesterday.

Headline inflation eased further to 0.9% in September, the slowest in three years, amid lower food prices and electricity rates, the Philippine Statistics Authority reported on Friday. This compares to the 1.7% logged in August and the 6.7% print in the same month last year.

Last month’s inflation print fell at the low end of the BSP’s 0.6-1.4% forecast for September. It was also below the 1.1% median estimate in BusinessWorld’s poll of 16 economists.

For the nine months to September, headline inflation averaged at 2.8%, well within the BSP’s 2-4% target range for 2019.

Ms. De Leon said the market may have also priced in an “expected” cut by the US Federal Reserve this month amid the weak manufacturing and jobs data.

“They are pricing it in and also coming from the reports…from the Fed, very weak manufacturing data and even ‘yung sa (the) jobs report, so the Fed’s expected to deliver rate cut in October, ‘yung (at their) next policy meeting,”

The Institute for Supply Management (ISM) reported that the non-manufacturing activity index fell to a reading of 52.6 in September, the lowest since August 2016, from 56.4 in August. A reading above 50 indicates expansion in the services sector, which accounts for more than two-thirds of US economic activity.

The ISM also reported that its measure of national manufacturing activity plunged in September to its lowest level since June 2009, when the Great Recession was ending.

However, the US Labor department reported that the job growth increased slightly last month while the unemployment rate declined to 3.5%, lowest in nearly 50 years

After more than a decade, the Fed has cut twice this year, one in July and September, while the market wait for another cut on its next interest-rate setting meeting on Oct. 29 and 30.

2020 BORROWINGS
Meanwhile, Ms. De Leon said the government will maintain its 75:25 borrowing ratio next year in favor of domestic sources, but will consider borrowing again via the dollar, panda, samurai, and euro bond markets.

“But of course we’ll have to watch the markets…[and] whether we’ll continue to access those markets. Baka (Maybe) there would also be other markets that can be competitive,” she said.

The official said they are seeing a pickup in government disbursements in September and October and noted they are confident of maximizing the 3.2% deficit ceiling this year.

“We’re watching the disbursements and it’s really been picking up for the past two months. Even for October’s first week, we’ve seen very high disbursements, so if this trend continues, then we’ll see that slowly, the deficit level would also be directed towards the target of 3.2%… At the same time, revenues are also picking up, so that’s also compensating for the higher disbursements that we’re seeing,” Ms. De Leon said.

She added that the government’s borrowing plan for the year remains on track as it has a “strong cash position” to meet its spending plan this year and also for 2020.

The government is set to borrow P220 billion from the local market this quarter, broken down into P100 billion in T-bills and P120 billion via Treasury bonds.

It is looking to raise P1.189 trillion this year from local and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — B.M. Laforga with Reuters

Spinal Tap legal battle may not go all the way to 11

THE CREATORS of This is Spinal Tap and Vivendi SA’s Universal Music Group are close to settling a fight over profits from the 1984 cult classic.

“The parties appear to have reached a resolution in principle of the single remaining issue, subject to completing the documentation,” lawyers for the artists and UMG said in a filing Friday in federal court in Los Angeles. They said they expect to wrap up the settlement by Nov. 11.

UMG has the rights to the soundtrack of Spinal Tap. Another Vivendi entity, StudioCanal, which was also sued, owns the rights to the movie. The filing didn’t mention an imminent agreement between the Spinal Tap creators and StudioCanal.

A federal judge last year allowed fraud claims by actor/comedian Harry Shearer and the other creators of the mockumentary to proceed. In their lawsuit, they asked for $400 million in damages. After last year’s ruling, the artists and the companies put the lawsuit on hold so they could pursue a mediated settlement. — Bloomberg

Nissan dealership to open in Aseana City

D.M. Wenceslao & Associates, Inc. (DMW) struck a deal for the establishment of a Nissan car dealership inside its mixed-use estate in the Bay Area.

In a statement issued Monday, the listed property and construction firm said the deal will be undertaken by its 50%-owned firm Bay Resources and Development Corp. (BRADCO).

The Nissan dealership will occupy a 2,500-square meter lot along BRADCO Avenue in Aseana City that will be leased out over a 10-year period, with an option to extend for another five years. The project is set to be completed by 2021.

“We carry out an interim land use strategy with respect to certain land areas not slated for development in the next five to 10 years,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

“We intend to make such land available for lease for a variety of purposes. We believe such a strategy will help increase the brand awareness of Aseana City, and also add another income source to our group.”

Nissan will be the fourth auto brand to have its own dealership in Aseana City, following Ford, Honda, and Subaru.

Aseana City covers a total of 107.5 hectares, comprising about 73% of the company’s total landbank. The area houses a mix of residential, office, retail and government offices, among other locators.

The company previously said that it will continue selling land in Aseana City this year, with about 2,000-2,500 sq.m. programmed for sale.

DMW is spending P4 billion in capital expenditures this year, as it looks to take advantage of the strong demand for residential projects in Aseana City. This is part of the company’s plan to spend about P3-5 billion annually in the next five years, for a total of P21 billion until 2023.

The company’s net income attributable to the parent rose 17% to P1.22 billion in the first half of 2019, after gross revenues also picked up 17% to P1.30 billion.

Shares in DMW dropped 1.01% or 10 centavos to close at P9.80 each at the stock exchange on Monday. — Arra B. Francia

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