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Suntrust signs deal with HK firm for convertible bonds

SUNTRUST Home Developers, Inc. is issuing P5.6 billion convertible bonds to be subscribed to by a Hong Kong-based company in relation to its construction of a hotel casino in Parañaque City.

In a disclosure to the local exchange on Tuesday, Suntrust said it had signed a subscription agreement with Hong Kong’s Summit Ascent Investments Ltd. earlier this week.

The deal requires Suntrust to issue P5.6 billion, 6% coupon convertible bonds that Summit Ascent will subscribe to under certain conditions. It said the move would support the development of the five-star hotel casino that Suntrust is building at the Manila Bayshore Integrated City in Parañaque City.

In Summit Ascent’s disclosure to the Hong Kong Stock Exchange, the company said the convertible bonds to be issued by Suntrust may be converted into conversion shares.

Net proceeds from the issuance is estimated at HK$1.6 billion, which Summit Ascent will use for the development of Tigre de Cristal, a hotel and resort in Russia.

Suntrust is 51%-owned by Fortune Noble Ltd., a wholly owned subsidiary of Hong Kong-based Suncity Group Holdings Ltd.

Suncity is a substantial shareholder of Summit Ascent through its parent company, Summit Ascent Holdings Ltd., where Suncity holds approximately 24.74% interest.

The hotel casino that Suntrust is building with Westside City Resorts World, Inc. will stand as part of Megaworld Corp.’s Westside City in Parañaque City. It is envisioned to have at least 400 rooms and a casino.

Shares in Suntrust at the Philippine Stock Exchange picked up 12 centavos or 10.43% to P1.27 each on Tuesday. — Denise A. Valdez

Globe partners with Korean streaming service

PHILIPPINE telecommunications company Globe has expanded its roster of video streaming site partners with the entry of VLive, a South Korean live video streaming and entertainment platform service.

“As we are relying on the internet for our main source of entertainment, we want to offer all types of content for our diverse set of users, and that includes streaming services for our subscribers who are avid fans of Korean pop music,” Ernest L. Cu, Globe President and CEO, said in a statement.

The partnership means that users can stream VLive’s content by registering through Globe’s prepaid data packages and promos (GoWATCH, GoSurf, and GoSAKTO, among others).

VLive is the live streaming video service of South Korean technology giant Naver Corp. which was launched in 2015. The site, and its mobile app, offers often exclusive live broadcasts, concerts, and reality series featuring South Korean celebrities. While many of the features are free, the service also offers subscriptions for premium content like surprise live broadcasts or fan interactions.

Among the artists who have content on VLive are KPop groups BTS, BLACKPINK, TWICE, TXT, and NCT.

For more information on Globe data packages, visit globe.com.ph or follow their official media pages. — ZBC

Eagle Cement continues food relief

EAGLE Cement Corp. has committed to continue supporting the communities around its cement plants as the coronavirus disease 2019 (COVID-19) pandemic persists.

The cement manufacturer said in a statement Tuesday it will keep distributing food packs to some 18,000 families despite the easing of quarantine restrictions in Luzon.

“As the COVID-19 pandemic continues to affect our country, EAGLE is committed to continue helping our partner communities where we operate, during the crisis and beyond,” Eagle Chairman Ramon S. Ang said in the statement.

“The livelihood of many residents in our communities have been affected by this pandemic and they currently do not have the means to provide for their families. We hope that our relief operations are able to help them,” he added.

Eagle Cement said it has so far distributed more than 21,000 relief packs to communities in Bulacan and Cebu since April. One pack contains rice and canned goods which it estimates would last two weeks.

The company partners with the Armed Forces of the Philippines and local government units to extend support to 34 barangays in San Ildefonso, Doña Remedios Trinidad and San Rafael in Bulacan and two barangays in Malabuyoc, Cebu. These municipalities are where Eagle Cement’s facilities are located.

Eagle Cement’s earnings fell 25% to P1.2 billion in the first quarter due to the suspension of construction activity in mid-March. Its shares in the stock exchange shed five centavos or 0.61% to close at P8.18 each on Tuesday. — Denise A. Valdez

MTV goes dark

YOUTH television channel MTV and other stablemate channels said they will go dark around the world on Monday to mark the death in police custody of George Floyd, joining other US entertainment outlets in condemning racial inequality. MTV will be joined by its other ViacomCBS youth and music channels, including Comedy Central, CMT, and VH1, at 5 p.m. ET (2100 GMT) in an eight minute, 46 second blackout — the length of time they said that a white Minneapolis police officer last week knelt on the neck of Floyd, a black man. Floyd’s death has prompted mass protests in cities around the United States decrying the treatment of black Americans, polarizing the country politically and racially. The TV networks will also provide a call to action encouraging audiences to link up with racial justice organization Color of Change. The move by MTV follows calls by leading record labels to suspend business, delay new music releases, and pledge support for racial justice organizations in the wake of Floyd’s death. Warner Music Group, Universal Music, Sony Music and other record labels have issued pledges and support for the “Black Out Tuesday” initiative. Multiple musicians, including Beyonce, Taylor Swift, Billie Eilish, Rihanna, Ariana Grande and Jay-Z have spoken out in response to the death and subsequent demonstrations, some of which have turned violent. — Reuters

Bounty Agro sustains business during pandemic

BOUNTY Agro Ventures, Inc. (BAVI) said it had managed to minimize its business losses even while the coronavirus disease 2019 (COVID-19) pandemic persisted.

In a statement, BAVI President Ronald R. Mascariñas said the company had expanded its business through creating new trade channels such as rolling stores that made its products more accessible to consumers despite the lockdown.

“We are among the lucky ones. We managed to minimize expected business losses at the start of the quarantine period in mid-March,” Mr. Mascariñas said.

In March, the company’s chicken rotisserie chain, Chooks-to-Go, launched a nationwide mobile store that also served products under its Uling Roasters and Bounty Fresh brands. BAVI said its rolling store had also partnered with barangays and village leaders.

“As a result, we are approaching the coming regimes of easing restrictions, a stronger organization with more products, and a healthier financial position,” Mr. Mascariñas said.

The company also sold live chicken sourced from its 400 contract growing partners, which kept Bounty’s supply chain stable throughout the lockdown period.

However, Mr. Mascariñas said the company needs to adjust to the new environment as the country has shifted to the more relaxed general community quarantine.

“We at BAVI met the difficult challenges of the last two months not by retreating but by advancing and expanding,” Mr. Mascariñas said.

BAVI claims to be the country’s second largest poultry integrator, together with its sister company Bounty Fresh Foods, Inc.

The company’s retail brands include Chooks-to-Go, Uling Roasters, and Adobo Connection. — Revin Mikhael D. Ochave

Guggenheim welcomes visitors

BILBAO, Spain — Two dozen visitors queued to get their temperatures taken at the entrance to Bilbao’s Guggenheim Museum on Monday as it became the first of Spain’s major cultural centers to reopen its doors after a long lockdown due to the coronavirus pandemic. Attendance appeared modest on the grand opening day of the Frank Gehry-designed Guggenheim. Visitors must wear masks, while capacity has been reduced by half and hand-sanitizing stations have been dotted at strategic points around the cavernous structure. Along with the rest of the country’s museums and galleries it has been closed since a state of emergency was declared in mid-March. But as the Basque Country progresses to the third stage of a four-step easing plan, the center has reopened, albeit with several limitations. Madrid’s landmark museums El Prado, the Thyssen and the Reina Sofia are set to reopen on Saturday. — Reuters

Uniqlo set to open online store

JAPANESE global apparel retailer Uniqlo is set to launch its e-commerce platform to the local market in the second half of the year and make it available both in its website and mobile application.

“With millions of internet users in the country, there is a strong customer demand for online shopping in the Philippines,” it said in a statement on Tuesday.

Uniqlo said the online store would extend its reach, bringing the brand and its “LifeWear” apparel to new customers in the country. It will also bring the brand closer to existing customers by providing a convenient shopping experience to complement its network of retail locations across the Philippines.

“The launch of the Uniqlo online store further strengthens our presence in the Philippines, and brings greater convenience to our customers here. An online store will provide local Uniqlo customers a faster and easier way of purchasing their favorite LifeWear items,” said Masayoshi Nakamura, chief operating officer of Uniqlo Philippines.

Uniqlo is a brand of Fast Retailing Co., Ltd., a leading Japanese retail holding company with global headquarters in Tokyo, Japan. Uniqlo is the largest of eight brands in the Fast Retailing Group.

Eton taps start-up as lockdown eases

ETON Properties Philippines, Inc. is teaming up with on-demand services platform MyKuya as part of safety efforts during the coronavirus disease 2019 (COVID-19) pandemic.

In a statement Tuesday, the Lucio C. Tan-led company said it had partnered with the mobile application operator to bridge customers to its stores while reducing human contact.

“As the public is still encouraged to stay home when they can, Eton Properties has partnered with an on-demand services app MyKuya for its users to have their meals and errands delivered,” it said.

Users may request through the MyKuya app for assistance in buying meals, paying bills and shopping for grocery. The service is available in Eton Centris and Eton Cyberpod Corinthian in Quezon City, and Eton Tower Makati and Eton WestEnd Square in Makati City.

The company is also implementing safety protocols in its properties as quarantine rules are relaxed. All Eton buildings will be regularly sanitized and will require temperature checks and wearing of face masks for all visitors.

For its hotels, employees such as front desk staff, security and housekeeping will be asked to wear personal protective equipment while on duty.

For malls and condominium units, there will be floor markings to direct the movement of people in such a way that will maintain physical distancing. Elevators will also be limited to 50% of its usual capacity.

Vatican Museums reopen

VATICAN CITY — If you’ve ever dreamed of being in the Sistine Chapel without feeling like you are craning your neck in a packed open-top tourist bus, now is your chance. The Vatican Museums reopened to the public on Monday after being closed for nearly three months because of the coronavirus lockdown. The Museums, which house some of the world’s greatest Renaissance masterpieces as well as ancient Roman and Egyptian artefacts, can now be visited only by making online reservations in order to control the number of people attending at one time. Visitors have their temperatures checked by remote thermal scanners and have to wear masks. Still, that was a small inconvenience in exchange for being one of only about 25 people at a time on Monday in the Sistine Chapel, with its famous ceiling and Last Judgement panel painted by Michelangelo in the 16th century. The Museums received some 7 million visitors last year and are the Holy See’s most reliable source of income, previously generating an estimated $100 million annually. That number probably will not be seen again for some time because of the pandemic’s effect on the travel and hotel industries. During the closure, art lovers could visit the Museums via virtual tours online, but most would agree there’s nothing like the real thing. — Reuters

Phoenix employees to work remotely until yearend

PHOENIX Petroleum Philippines, Inc. on Tuesday said over 70% of its employees will continue working from home until the end of the year despite the easing of lockdown measures in the country.

“While quarantine measures have been loosened, the threat of the virus continues, and we likewise continue to do our part to help flatten the curve. Hence, we have decided to let employees who need not be in the office or any operational facility to work in the safety of their homes,” said Phoenix President and Chief Operating Officer Henry Albert R. Fadullon said in a statement.

The listed oil company said there are still no reported cases of coronavirus disease 2019 (COVID-19) infection among its workers.

In March, Phoenix released some portion of the advanced 13th-month pay and Christmas bonus of its regular employees. It also provided those needing Internet connection with connectivity allowance.

Meanwhile, some critical on-site employees were allowed to report to their respective workplaces. They were given protective personal equipment (PPE), vitamin supplements, food subsidies, and additional financial assistance.

In an internal survey, 93% of Phoenix employees who have gone working from home said they approve of their set-up.

“We have zero reported confirmed COVID-19 cases within the company, and we intend to keep it that way by adopting flexible work arrangements and continuous health monitoring, among other methods to protect our employees and our community,” Mr. Fadullon said. — Adam J. Ang

NYC’s Met Opera closed till Dec. 31

NEW YORK’S Metropolitan Opera will keep its curtains closed until a New Year’s Eve opening gala, it said on Monday, as it announced a season shortened by the coronavirus epidemic. “Social distancing and grand opera simply don’t go together,” General Manager Peter Gelb said in a video message. The 2020-2021 season had been due to open in September at the 137-year-old company’s 3,800-seat home in Lincoln Center. Four new productions will be postponed, according to the Met’s website. The Met is among the latest cultural institutions to extend its closure due to the pandemic, which has hit live theater especially hard. The company, known for spectacular stagings of operas such as Georges Bizet’s Carmen and Giacomo Puccini’s La Boheme, furloughed its orchestra, chorus and stagehands in March. Broadway theaters have extended their closure from mid-March until at least Sept. 6, while two major musicals in London — revivals of Hello Dolly and Joseph and the Amazing Technicolor Dreamcoat — were postponed last week until 2021. “As long as social distancing is required, we can’t put on performances here,” Gelb said. He held out hope that by December “there will be a medical solution” to the coronavirus crisis that would allow the Met Opera to resume its shows on Dec. 31. London’s Royal Opera House and Milan’s La Scala, which also suspended performances several months ago, have yet to announce their plans for the 2020-2021 season. — Reuters

ATRAM Mutual Funds postpones 2020 shareholders meeting

ATRAM Alpha Opportunity, Fund, Inc.
ATRAM Asiaplus Equity Fund, Inc.
ATRAM Philippine Balanced Fund, Inc.
ATRAM Philippine Equity Opportunity Fund, Inc.
ATRAM Total Return Dollar Bond Fund, Inc.

To safeguard the health and safety of the shareholders due to the continuing adverse effect of the COVID 19 pandemic, and in compliance with quarantine measures imposed by the National Government, your Board of Directors is postponing the scheduled annual shareholders meeting on  June 25, 2020  (Per Bylaws last Thursday June) to AUGUST 20, 2020, or such later date as may be determined by the Board of Directors, in the event that there are continuing health and safety concerns due to the COVID 19 disease. Shareholders will be advised accordingly on the details of the meeting on a later date.

(Sgd.) MA. ALICIA G. PICAZO-SAN JUAN
Corporate Secretary

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