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Stream with Pride: Netflix’ suggestions for Pride Month

IN celebration of Pride Month this June, Netflix has come up with a list of movies and shows about how love and family come in all colors and stories.

Tales Of The City (streams on June 7) — Inspired by the books of Armistead Maupin, this Netflix Original Limited Series, Armistead Maupin’s Tales of the City, begins a new chapter in the story. Mary Ann (Laura Linney) returns to present-day San Francisco and is reunited with her daughter Shawna (Ellen Page) and ex-husband Brian (Paul Gross), 20 years after leaving them behind to pursue her career. Fleeing the midlife crisis that her picture-perfect Connecticut life created, Mary Ann is quickly drawn back into the orbit of Anna Madrigal (Olympia Dukakis), her chosen family and a new generation of queer young residents living at 28 Barbary Lane.

Trinkets (streams on June 14) — When three teenage girls from different corners of the high school cafeteria find themselves in the same mandated Shoplifter’s Anonymous meeting, an unlikely friendship forms. Elodie, the grieving misfit; Moe, the mysterious outsider; and Tabitha, the imperfect picture of perfection, find strength in each other as they negotiate family issues, high school drama and the complicated dilemma of trying to fit in while longing to break out.

All In My Family (now streaming) — After starting a family of his own in America, a gay filmmaker documents his loving, traditional Chinese family’s process of acceptance.

Special (now streaming) — Based on creator and star Ryan O’Connell’s memoir, Special is an irreverent comedy about a gay young man with cerebral palsy who decides to go after the life he has always wanted.

Bonding (now streaming) — For grad student/dominatrix Tiff (Zoe Levin) and her cash-strapped gay best friend Pete (Brendan Scannell), S&M is a business, not a pleasure. Well, maybe there’s a little pleasure. Their professional relationship redefines their friendship, but more importantly helps them find themselves.

Pose (now streaming) — From creator Ryan Murphy, Pose is a dance musical set in 1980s New York City, exploring the fabulous and fascinating world of LGBTQ+ ball culture. The groundbreaking series, which largely stars a transgender cast, was nominated for a Golden Globe for Best Drama.

Queer Eye (now streaming) — Laugh, cry, and be inspired by the Fab Five, as they change the lives of men and women, touching on everything from LGBTQ+ rights, social commentary, fashion, and how to whip up a tasty avocado dish.

RuPaul’s Drag Race (now streaming) — Watch fabulous queens lip-sync for their lives in this long-running, Emmy-winning reality show hosted by RuPaul.

Call Me By Your Name (now streaming) — An emotional and award-winning portrayal of first love between Elio (Timothée Chalamet) and Oliver (Armie Hammer). Luca Guadagnino’s coming-of-age drama earned multiple accolades, including a Best Picture nod and a Best Adapted Screenplay trophy at the Oscars.

Will & Grace Season 1 to 8 (now streaming) — All eight seasons of the classic sitcom are now streaming on Netflix. Join roommates Will and Grace as they search for Mr. Right with the help of their hilarious sidekicks, Karen and Jack.

Actor Jussie Smollett not returning to Empire, the TV show’s creator says

LOS ANGELES — Jussie Smollett will not be returning to US television series Empire, the show’s creator says, marking the first public confirmation that the actor has been dropped after a furor over claims that he was the victim of a hate crime.

Responding to a Variety report that writers were discussing scenarios in which Smollett’s character would return towards the end of the sixth and final season, Empire creator Lee Daniels wrote on Twitter on Tuesday; “Jussie will NOT be returning to Empire.”

Smollett, 36, who is black and gay, ignited a firestorm by telling police in January that two apparent supporters of US President Donald Trump struck him, put a noose around his neck and poured bleach over him while yelling racist and homophobic slurs on a Chicago street.

Chicago police later accused Smollett of making up the attack but the actor maintained his innocence and prosecutors in March dismissed criminal charges against him.

Smollett, who played gay singer-songwriter Jamal Lyon on the show about a family in the hip-hop entertainment business, was dropped from the final episodes of season 5 earlier this year.

The Fox network, now owned by Walt Disney Co., said in April that there were no plans to bring his character back for Season 6, which is expected to air this fall, but left open a contractual option for Smollett to return.

Fox has said Empire will end after Season 6.

Representatives for Smollett did not return a request for comment on him being dropped from the show. — Reuters

Deloitte opens 1st global delivery center in PHL

By Denise A. Valdez, Reporter

INTERNATIONAL consultancy firm Deloitte is bullish on growth in the Asia Pacific through a newly opened delivery center in the Philippines.

Deloitte Consulting Philippines Delivery Center (PDC), Inc. launched Thursday a global delivery center in Bonifacio Global City, which will serve clients operating in Asia Pacific.

“There are some very ambitious growth plans for Asia Pacific within Deloitte Consulting and in order to cater to those plans, we need a very strong delivery arm within this time zone. Having that center in the Philippines is going to help us be closer to the Asia Pacific time zones,” Deloitte Consulting PDC Managing Director Uday Sreeram said during a media briefing at the company’s new office yesterday.

“Based on our research and our due diligence, we found that there is an amazing talent pool here in the Philippines. Good English-speaking skills and very passionate and enthusiastic young work force who want to make a mark,” he added.

Deloitte is a $43-billion firm that is mainly in the business of providing auditing, consulting, financial advisory and tax services to its clients, majority of which are Fortune 500 companies.

The company noted the global delivery center in Manila is its first in Asia Pacific and will have a focus on technology consulting services “with a focus on Digital, ServiceNow, Robotic Process Automation, SAP, and Workday.”

It is committed to grow the office size from its current 150 employees to around 300 by next year and around 1,000 in the next five years.

“We’re making a substantial financial investment and commitment over multiple years to stand up this center. Those investments are ongoing,” Delotte Consulting LLP Principal Jeff Jordan said.

“We’ve committed to around 700 (employees) over a few years, but… given the market and where we’re going, we’ll see several thousand people between now and 2024… The investment is directly proportional to the volume of people,” he added.

Deloitte currently has 26 delivery centers worldwide with more than 31,000 practitioners across the network. In the coming years, Mr. Jordan said the goal is to make the delivery center in the Philippines one of the company’s biggest all over the world.

“We have varying sizes, but when we accelerate or fast forward two years, this will be one of the top five (delivery centers) that we would have in terms of size and scale. And if we are really successful, it would easily be at the top 2 or 3,” he said.

Mr. Jordan noted the new global delivery center in the Philippines is part of Deloitte’s series of strategic investments to reach out to its growing client base across the world.

Prior to opening in the Philippines, Deloitte also set up regional delivery centers in China and Kuala Lumpur. The company has 26 global, regional and local delivery centers around the world.

Madonna loses appeal over auction of Tupac Shakur breakup letter

NEW YORK — Madonna lost a court battle to keep a trove of intimate belongings including a pair of satin panties, a brush containing her hair, and a breakup letter from a former boyfriend, the late rapper Tupac Shakur, from heading to the auction block.

A New York state appeals court in Manhattan on Tuesday cleared the way for an auction, saying Madonna could not pursue claims against Darlene Lutz, her former friend and art consultant, or the GottaHaveRockandRoll.com online auction website, to which Lutz consigned the items for sale.

The Appellate Division said Madonna’s claims were barred by a “very broad” release in her 2004 settlement agreement with Lutz, who was “free to do with the property as she wished” as its rightful owner.

Madonna, 60, had said she did not know until learning about the auction that Lutz, who worked for the singer from 1981 to 2003, possessed the more than 20 disputed items.

Lawyers for Madonna did not immediately respond to requests for comment. It is unclear whether she will appeal.

“The court came to the absolute right decision,” Hartley Bernstein, a lawyer for the defendants, said in an interview. “The property is Ms. Lutz’s to do with as she wishes.”

Tuesday’s 5-0 decision upheld an April 2018 ruling by Justice Gerald Lebovits of the state supreme court in Manhattan.

Lebovits said he dismissed the case because the statute of limitations had passed, and because Madonna’s settlement with Lutz contained a broad waiver covering the claims.

The handwritten letter from Shakur was dated Jan. 15, 1995, while he was in prison for sexual assault.

It said he was ending his relationship with Madonna because he thought dating a white woman could jeopardize his career.

“I felt due to my ‘image’, I would be letting down half of the people who made me what I thought I was,” Shakur wrote. “I never meant to hurt you.”

GottaHaveRockandRoll.com said the letter could fetch $400,000 at auction, court papers show. Shakur was killed at age 25 in a September 1996 drive-by shooting in Las Vegas. — Reuters

Ayala sets modest Maxus sales target this year

By Janina C. Lim, Reporter

THE AYALA group on Wednesday officially launched Chinese auto brand Maxus in the Philippines, with the introduction of a multi-purpose vehicle (MPV) and van.

Reginald G. See, general manager of the Automobile Central Enterprise, Inc. — a wholly owned subsidiary of AC Industrial Technology Holdings, Inc., said the company targets to sell up to 600 units this year, but aims to “double or triple” sales next year.

“We have a modest target this year because it has only six months to come out. We are looking at about 500 units to 600 units, but we plan to double or triple that next year with new product offerings. We start off with two products first, the G10 and the V80, but next year we will be coming out with more,” Mr. See told reporters on Wednesday night in Parañaque City.

The Maxus G10 is a nine-seater MPV, powered by a 1.9-liter turbo Euro 4-compliant diesel engine. It has an introductory price of P1.680 million.

The V80 comes in three variants — V80 Comfort, V80 Transport and V80 Flex.

The V80 Comfort, a 13-seater van, is priced at P1.57 million. The V80 Flex, best for transport of goods, products and services, with its 6.9 cubic meter space and carrying capacity of 1.1 tons, sells for P1.19 million.

V80 Transport, an 18-seater passenger van, intended for shuttle service business, has a P1.288-million price tag.

The Maxus vehicles can be used by small and medium enterprises in need of a regular delivery vehicle, as well as for shuttle and tourism services, as the Ayala group sees growth in the light commercial vehicle segment.

All Maxus vehicles come with a three-year or 100,000 kilometer warranty coverage.

At present, Maxus has a dealership with showroom and after-sales facility at the Greenfield District, Mandaluyong City. It will open within the year three more dealerships in the Manila Bay area, Quezon City and Cebu.

“Soon we will be appointing more dealers,” Mr. See said.

As a new player, Mr. See said it is a challenge for Maxus to penetrate the market but hopes the competitive vehicle prices will attract buyers.

The firm also intends to counter the negative perception on the quality of China-made products, according to Mr. See. He added Ayala is banking that the improving quality of products from China will entice buyers as well.

The Maxus is Ayala’s fifth auto brand in the market and second one that the firm launched in less than six months, the first being the relaunch of the Korean brand Kia.

The Maxus brand was first rolled out in 2004 by British firm Layeland Motor Ltd. and acquired in 2010 by Shanghai-based SAIC Motor Corp. Ltd.

The brand is present in 46 countries across America, Asia Pacific, Europe and Africa.

New training approaches seen needed for Gen Z first wave

AS THE EARLIER WAVES of Generation Z start to enter the workforce, education and training becomes more and more critical in insulating them from the threat of technological disruptions, a consultant said.

In an interview with BusinessWorld, Acumen Strategic Consulting, Inc. Managing Director Pauline G. Fermin said the bulk of Generation Zs, or those born starting 1997, are gearing up to join or are already part of the labor force. She added that most of the time the skills and training they come with are deemed insufficient.

“In five to 10 years, they will be middle managers so it is very critical. We need to be ready for them. I don’t think we are right now,” she said.

She stressed the need for schools to improve their curricula, adding “Ideally, it will help the education sector ramp it up. The methods, content and skills that we’re focusing on are just not adequate.”

Because they are so-called digital natives, — born and raised in an age of widespread use of technology and social media — Ms. Fermin said Generation Z’s learning styles are more visual and interactive as opposed to the traditional type of learning that is more teacher-centered.

Despite being more adept with basic technology, Ms. Fermin said there is still a need for companies to train Generation Z workers as they climb up the corporate ladder and manage institutions.

“Companies and businesses need to provide them with the tools and training in order to equip them to be productive employers and future leaders of organizations,” she said.

She added that with more forward-leaning training, younger workers will be able to withstand the threat of automation with the coming of the fourth industrial revolution. Technology is expected to complement work output since some areas will still be exclusive to humans, such as interpersonal skills and leadership skills.

“Automation is something that they will need in the workforce. In fact they expect it for repetitive tasks. They believe that certain things can be handled by technology,” she added.

Skills that are a must for young workers are interpersonal management, verbal and written communications; and critical thinking.

“They need to be taught the basic technical skills they need for the job… What they need is different kinds of skills. They have access to all the data but do they have the ability to analyze and draw out conclusions and think about it critically. These are the things they have to learn in order to be successful in any job,” Ms. Fermin said. — Gillian M. Cortez

Criminal haunting

By Zsarlene B. Chua, Reporter

The Inbetween
Blue Ant Entertainment

CRIME procedurals have always been a popular TV series genre and with the multitude of such series airing, the main challenge is how to offer something different — and that is what The Inbetween is trying to do as the show combines a crime procedural with the paranormal.

The Inbetween, which airs on CBS and is syndicated for Asia by Blue Ant Entertainment, follows Cassie Bedford (played by Harriet Dyer) as she tries to solve cold cases with her “sixth sense” which allows her to not only communicate but also experience what the dead went through.

She is often roped into these cases by the ghosts themselves and by her foster father, Detective Paul Hackett (Paul Blackthorne) and his new partner, former FBI agent Damien Asante (Justin Cornwell) who relocates to Seattle for unknown reasons.

The series could be said to be a cross between Cold Case (2003-2010) and Ghost Whisperer (2005-2010). Both series also aired on CBS and featured women in leading roles: Detective Lily Rush (Kathryn Morris) and Melinda Gordon (Jennifer Love-Hewitt), respectively.

Like Cold Case, the series — which started airing on May 31 — opened with a Seattle detective trying to find a missing person only to realize that they’re also dealing with a cold case of a woman whose eyes were gouged out, but like Ghost Whisperer, the case isn’t as simple as it looks as Cassie dreams about a dead woman who is connected to the case.

The pilot episode opened much like any other procedurals, a newly minted detective gets a new partner and all his baggage, and a missing persons case turns into a murder case and then into another murder case, but with more attempts to shock people as audiences are treated to gory imagery less than 10 minutes in.

Cassie, as a medium, was established as a woman who struggles with her abilities but her often blase, sarcastic attitude towards skeptics seems to belie her difficulties though a drinking binge in the opening scene suggests that, yes, she is having a hard time.

Her father, meanwhile, immediately accepts the fact that neither Cassie nor him can walk away from such cases.

The super serious nature of the program provides little room for comedy though there are attempts — though very few elicit requisite chuckles from the audience. The effort is appreciated nonetheless, especially the quip Asante makes about drinking coffee because “this is America” and Hackett is most decidedly British and thus drinks tea.

What I do appreciate a lot about this program is Cassie not positioning herself as a guardian angel — she can be pretty vengeful and will willingly help a ghost exact revenge and even takes delight from it.

At length, I do like The Inbetween though I am not fond of scary stuff and jump scares which the show routinely does to emphasize that, yes, it is a paranormal program. The pilot also sets up several plot points and I hope they tie up everything up by season’s end. Do I think it has potential? Yes, if only they develop the characters more as all of them seem a bit bland on the first episode.

The Inbetween airs every Friday, 10:35 p.m. on Blue Ant Entertainment. Blue Ant Entertainment is available on SkyCable ch. 53 (SD) and ch. 195 (HD); SkyDirect ch. 35; Cignal ch. 120; and Cablelink ch. 37.

DM Wenceslao sees strong demand for MidPark Towers

D.M. Wenceslao & Associates, Inc. (DMW) is launching the third tower of its residential development MidPark Towers this month, after selling over P4.3 billion worth of units in same project over the last six months.

The listed property developer said in a statement that its wholly owned unit Aseana Residential Holdings Corp. has already sold 278 out of the 309 units in MidPark Towers since its launch last November. Units were sold at an average of P250,500 per square meter (sq.m.)

“The overwhelming response from homebuyers of MidPark Towers exceeded our expectations. This reflects strong demand for quality homes and real estate investment opportunities among Filipinos and foreigners,” DMW Chief Executive Officer Delfin Angelo C. Wenceslao said in a statement.

With this, DMW said the third tower will be available for sale starting this month. It will offer 204 residential units priced from P10.8 million for the smallest unit at 40 sq.m. This indicates a price per sq.m of P275,000, 25% higher than the P220,000 per sq.m price for the first two towers during their launch.

MidPark Towers will have four towers with 15 storeys each, with sales seen to reach more than P9 billion. With a total of 670 units, the entire project will contribute around 45,000 sq.m in saleable area to DMW’s portfolio. It will also house 2,000 sq.m of leasable area.

The company earlier said that buyers in its first tower were mostly families, BPO workers, and casino employees working in nearby Entertainment City.

MidPark Towers is DMW’s second residential project in Aseana City after the launch of Pixel Residences in 2016.

DMW expects to complete the project by 2023.

“By then, Aseana City will feature new landmarks, even more recreational and entertainment venues, vibrant public spaces and well-developed transportation links,” Mr. Wenceslao said.

Aseana City is a 107.5-hectare estate located along Manila Bay, which stands near the Ninoy Aquino International Airport and the Parañaque Integrated Terminal Exchange. It will also see the opening of a new Ayala Mall in the next few years.

DMW last year said it will spend P12 billion to develop Aseana City over the next five years. This includes three residential projects and six commercial developments covering 280,000 sq.m. of leasable space.

DMW reported a nine percent increase in net income attributable to the parent to P507.09 million in the first quarter of 2019, after gross revenues also rose 13% to P608.58 million.

Shares in DMW climbed 1.41% or 14 centavos to close at P10.08 each at the stock exchange on Thursday. — Arra B. Francia

Demand for term deposits rises

DEMAND for term deposits increased on Thursday after the first round of cuts to lenders’ reserve requirement ratios (RRR), but was still not enough to fill the amount placed on the auction block.

Tenders for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) auction yesterday totalled P31.614 billion, well below the P40 billion on offer. However, this was higher than the P29.155 billion in bids seen last week.

Bids for the seven-day papers on offer yesterday stood at P18.895 billion, failing to fill the P20 billion on the auction block but still climbing from the P14.98 billion in tenders received for the eight-day tenor a week ago.

Accepted yields ranged between 4.5% and 4.7718%, slightly above the 4.5-4.7679% margin seen the previous week. This caused the average rate of the eight-day deposits to increase to 4.6669% yesterday from 4.6187%.

Meanwhile, total tenders for the 13-day papers amounted to P6.665 billion, a tad higher than the P6.11 billion in bids last week for the 15-day tenor but also below the P10 billion up for grabs yesterday.

Banks asked for returns within 4.5%-4.75%, the same range as last week. The average yield on the 13-day term deposits likewise increased to 4.6048% on Thursday from the previous week’s 4.591%.

On the other hand, the 27-day papers were met with bids totalling P6.054 billion, down from the P8.065 billion logged a week ago and less than the P10 billion offered by the BSP.

Yields sought by banks ranged between 4.595% and 4.9%, slightly above the 4.5-4.75% margin last week. As a result, the average rate of the one-month papers inched higher to 4.6602% from 4.5974% the previous week.

The term deposit tenors offered yesterday were adjusted due the June 12 holiday.

The TDF stands as the central bank’s primary tool to shore up excess funds in the financial system and to better guide market interest rates.

Last month, the BSP cut benchmark interest rates by 25 basis points (bp), bringing the interest rate on the central bank’s overnight reverse repurchase facility to 4.5%. The rates on the overnight lending and deposit facilities were also reduced accordingly to 5% and 4%, respectively.

The BSP also slashed the RRR of lenders by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks and 4% for rural and cooperative banks.

The reserve ratios of big banks and thrift lenders will be reduced further to settle at 16% and 6%, respectively, this month and in July.

BSP Governor Benjamin E. Diokno has said he wants to reduce big banks’ RRR to a single digit rate to put the rate at par with those being implemented in neighboring countries.

BSP Deputy Governor Diwa C. Guinigundo said following the release of inflation data on Wednesday that the pace of further reductions to the RRR “will be governed by both data and evidence.”

“So BSP will continue to monitor key developments and indicators to guide the next steps moving forward,” Mr. Guinigundo said. — Reicelene Joy N. Ignacio

Bernie Sanders urges Walmart to boost ‘starvation wages’

ROGERS, ARK. — Democratic US presidential hopeful Bernie Sanders on Wednesday told Walmart Inc shareholders and top executives that the world’s largest retailer should boost the “starvation”-level wages it pays its workers and stop fueling income inequality.

“Despite the incredible wealth of Walmart’s owners” the company pays “starvation wages,” Sanders said at Walmart’s shareholder meeting.

He presented a shareholder proposal asking the company to give hourly employees a seat on its board and raise base wages to $15 an hour.

Walmart’s “wages are so low, many of these employees are forced to rely on government programs like food stamps, Medicaid and public housing in order to survive,” Sanders said.

“The American people are so tired of subsidizing the greed of some of the largest corporations in the United States,” he added.

Sanders’ remarks at the meeting drew attention to his campaign for the 2020 Democratic presidential nomination and the drive for higher hourly US wages, one of his signature issues.

The proposal, filed by Walmart worker Carolyn Davis, was buried at the end of the annual proxy filing. It did not pass since a majority of shares are owned by the family of the founder, the late Sam Walton, and the retailer had asked shareholders to vote against it.

Sanders also complained that “Walmart’s CEO is making a thousand times more than the average Walmart employee.”

Walmart’s CEO received a $23.6 million pay package last year. The ratio compared with that of the median employee was 1,076 to 1.

With his frequent attacks on Walmart, and other major employers, Sanders has been trying to distinguish himself from former Vice President Joe Biden, the front-runner in the race for the Democratic nomination, who also is making a pitch to working-class Americans.

His presence on Wednesday could give Sanders a boost when the two dozen Democratic contenders begin to compete for endorsements from the nation’s biggest labor unions.

Protesters gathered outside the meeting, many from the labor group “United for Respect” which has pushed for a worker presence on Walmart’s board. They held signs supporting the Sanders 2020 Presidential campaign and calling for a $15 per hour US minimum wage.

Walmart has raised its minimum wage twice since 2016 to $11 an hour, still lower than the $15 an hour that rival Amazon.com Inc pays employees. Retailers Target Corp and Costco Wholesale Corp also pay higher rates than Walmart.

Chief Executive Officer Doug McMillon said Walmart has raised wages in the United States by 50 percent in the past four years and continues to increase wages on a market-by-market basis to hire and retain talent. He also urged Congress to raise the federal minimum wage from its current $7.25 an hour.

“We are not perfect, but together we are learning, we are listening and changing,” he said.

Walmart has said it pays an average of $17.50 an hour to its hourly employees, including benefits.

Walmart, which employs nearly 1.5 million Americans and is the largest US private-sector employer, drew sharp criticism from labor groups and unions when it changed the format of its annual meeting last year, splitting it into two separate events.

The business meeting at which Sanders spoke is now held a few days before the big shareholder event, which draws thousands of employees. This year and the year before, the company rushed through shareholder proposals at the business meeting, which had a fraction of the attendees, in less than 30 minutes. — Reuters

Comic Jo Koy’s second special on Netflix

RETURNING for Fil-Am comic Jo Koy’s second Netflix special, Jo Koy: Comin’ In Hot, Koy will present a dazzling display of hula dancing and an arsenal of self-deprecating humor tackling such issues as how to raise a millennial, and the intricacies of Filipino traditions. The comedy special will launch globally on Netflix, June 12. For details visit http://netflix.com/jokoycomininhot.

AbaCore hikes capital stock as unit prepares P155-B energy project

ABACORE Capital Holdings, Inc. is hiking its capital stock to prepare for an affiliate’s development of a P155-billion energy project in Batangas with Chinese firms.

In a disclosure to the stock exchange on Thursday, AbaCore said its board of directors has approved the increase in authorized capital stock to P6.5 billion from the current P5 billion. The new shares will be issued to AbaCore’s affiliate, Simlong Energy Development Corp., which will then become a wholly owned subsidiary of the company.

Abacore sees Simlong Energy generating recurring income through its energy center that will include a naphtha refinery, liquefied natural gas terminal, and a 1,560-megawatt power plant on a 102-hectare property in Batangas City.

Simlong Energy is undertaking the project with three Chinese state-owned companies, namely China Gezhouba Group Co. Ltd. (CGGC), China Petroleum Pipeline Engineering Co. Ltd. (CPP) and the China Harbour Engineering Corp. (CHEC).

The project is one of the investment deals signed following President Rodrigo R. Duterte’s visit to Beijing last April.

Simlong Energy expects to complete the project before the end of Mr. Duterte’s term in 2022.

The increase in capital stock will be subjected to stockholders’ approval and ratification during the company’s annual meeting on July 11. AbaCore will also ask stockholders to waive their preemptive rights so it can fully issue the shares to Simlong Energy.

At the same time, AbaCore also approved its affiliate Montemayor Aggregates & Mining Corp. (MAMCOR)’s formation of a joint venture with Carino Development Corp. at a 40-60 stake, respectively.

Under the partnership, MAMCOR will contribute 50,000 square meters of land priced at P5,000 per sq.m in Pagkilatan, Batangas. This will be developed into a project composed of vertical and horizontal developments as well as a membership club.

Incorporated in 1981 formerly as Piedra Negra Mining Corp., AbaCore changed its purpose to that of a holding firm in 1989. It has interests in financial services, real estate, gold mining, and coal mining.

AbaCore trimmed its net loss attributable to the parent to P3.06 million in the first quarter of 2019, against the P7.42 million it posted in the same period a year ago, as gross revenues soared 118% to P14.44 million.

Shares in AbaCore jumped 5.17% or three centavos to close at 61 centavos each at the stock exchange on Thursday. — Arra B. Francia