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SEC junks JMVC’s motion for reconsideration

THE Securities and Exchange Commission (SEC) has denied the motion for reconsideration filed by Josefina Multi-Ventures Corp. (JMVC) on the dismissal of its petition that sought to nullify the share swap transaction of San Miguel Corp. (SMC) and its subsidiaries.

In a disclosure to the stock exchange on Monday, San Miguel Food and Beverage, Inc. (SMFB) said it has received a copy of the SEC Special Hearing Panel’s decision to junk JMVC’s motion for reconsideration, which was dismissed due to lack of merit.

JMVC — a minority shareholder of Ginebra San Miguel, Inc. (GSMI) — in 2018 filed a petition against the San Miguel group saying that SMC should have conducted a tender offer to all minority owners of the company before proceeding with the share swap.

The share swap transaction valued at P336.35 billion was conducted to consolidate SMC’s traditional businesses, namely San Miguel Pure Foods, Inc., San Miguel Brewery, Inc., and GSMI under one entity, SMFB.

JMVC argued that SMC should have conducted a tender offer after it acquired a 75% stake in SMFB, citing the Securities Regulation Code which states that a person or group of persons acting in concert, acquiring at least a 35% stake in a listed firm must conduct a tender offer.

The shareholder said that minority owners had no choice but to accept the share swap transaction without the tender offer.

The SEC, however, dismissed the petition last February for lack of merit, saying that the tender offer rules do not apply to the transaction since it involves a de facto merger or consolidation.

SMFB completed the share swap in September 2018, ending in a 51.16% and 78.26% stake in SMB and GSMI, respectively. Meanwhile, SMC’s ownership in SMFB rose to 95.87% from 85.37% before.

Shares in SMFB dropped 3.52% or P4 to close at P109.50 each at the stock exchange on Monday, while shares in SMC climbed 1.14% or P2 to close at P178 apiece. — Arra B. Francia

Developer Pueblo de Oro profit jumps 15% in 2018

PUEBLO DE ORO Development Corporation (PDO), the residential development arm of the ICCP Group, said its net income jumped 15% in 2018, thanks to strong sales of its residential projects.

In a statement, PDO said its profit stood at P234.7 million in 2018, from P204.4 million in the year prior. This was driven by a 23% rise in sales revenue to P1.6 billion from P1.3 billion in 2017.

“The growth validates our strategy to focus on residential property,” PDO president Prim Nolido said in a statement. “We are expanding and improving our portfolio to meet the very strong demand for affordable homes, particularly outside Metro Manila.”

Aside from its high-end projects, PDO also has affordable economic housing projects covering over 500 hectares in Cebu, Pampanga, Laguna, Batangas, and Cagayan de Oro.

In Cebu, PDO has consistently been among the top 5 developers recognized by the Home Development Mutual Fund (Pag-IBIG Fund), in terms of takeout housing loan deliveries in the Visayas since 2014.

PDO’s residential projects in Cebu include La Aldea Buena and La Aldea del Rio. Two of its subdivisions, La Aldea del Mar and Park Place, can be availed of through Pag-IBIG financing.

“In Cebu, 90 percent of our takeouts are actually Pag-IBIG. Overall, HDMF-financed houses represented 82% of the company’s total sales in 2018, amounting to over P1 billion in loan takeouts,” Mr. Nolido said.

“With the increase in Pag-IBIG accounts in our Luzon, Visayas, and Mindanao projects, 2019 promises to be an even better year. We will continue to strive to achieve our goal of making Pueblo de Oro a formidable brand in the real estate industry.”

Spanish songs, zarzuela with María Bayo

SPANISH soprano María Bayo performs tonight at Areté.

ACCLAIMED Spanish soprano María Bayo will be having a concert tonight, June 25, 7:30 p.m. at the Hyundai Hall in Areté, Ateneo de Manila University.

Bayo, who won the Spanish National Award for Music in 2009, will be accompanied on the piano by Maciej Pikulski, from France, and will offer the audience a rare opportunity to listen to songs by Spanish contemporary composers inspired by traditional music, as well as some zarzuela.

The program of the concert will include so-called “cultured songs,” i.e. songs from folk music that have been arranged with new, rich harmonies in line with the style of different 20th century composers. Two zarzuela pieces will complete the concert: one by Cuban composer Gonzalo Roig and another by one of the best known zarzuela composers, Francisco Asenjo Barbieri.

Tickets to the concert cost P350 (Balcony) and P500 (Orchestra) can be bought directly from Areté or on-line through www.ticket2me.net.

Amaia North Luzon projects to benefit from gov’t infrastructure projects

AMAIA Land Inc. said its projects in Northern Luzon stand to benefit once the government’s infrastructure projects such as the Central Luzon Link Expressway (CLLEX) and the Capas-Botolan Road are completed.

In a statement, Amaia Land said accessibility and location are important for prospective homeowners who want to live near schools, hospitals, malls and major roads.

“With (the government’s) Build, Build, Build projects, convenience and ease will forever define life in an Amaia North Luzon home,” the property developer said.

On-going expressway and road projects are expected to benefit homeowners in three Amaia Scapes properties which are located in Capas, Tarlac; Cabanatuan, Nueva Ecija; and Bulacan.

Amaia Land identified these infrastructure projects as the CLLEX, a 30-kilometer stretch that is expected to reduce travel time between Tarlac and Cabanatuan City from 70 minutes to 20 minutes. The Capas-Botolan Road is a 81.63-kilometer east-west road connecting Capas in Tarlac to Botolan in Zambales, expected to reduce travel time from three hours to one hour and 20 minutes.

Once the CLLEX is completed by 2020, the Department of Public Works and Highways will start work on CLLEX Phase II and Plaridel By-Pass Phase II, which will cut travel time between Balagtas and San Rafael, Bulacan, from 69 to 24 minutes.

Amaia Scapes Capas sits on a 21.5-hectare property in Barangay Estrada, and offers six house designs.

“Amaia Scapes Capas also offers proximity to key establishments such as SM Tarlac, Robinsons Luisita, and the Luisita Industrial Park,” the company said.

Amaia Scapes Cabanatuan, located in Barangay Bangad, features contemporary house designs — Bungalow Pod, Carriage Pod, Multi-Pod, Single Home, Twin Homes and Twin Pods. It can be found near NE Pacific Mall, Robinsons, Microtel, and NE Doctor’s Hospital.

Located in Sta. Maria, Amaia Scapes Bulacan also has an array of house models and recreational facilities.

“Also conveniently located, the community is six kilometers away from the North Luzon Expressway (NLEX) Bocaue exit, and is close to Waltermart, Puregold Sta. Maria, and Sacred Heart Academy,” the company said.

PAL OK’s Bautista’s retirement

JAIME J. BAUTISTA — BW FILE PHOTO/ LS DAVAL JR.

THE retirement of Jaime J. Bautista as president and chief operating officer of Philippine Airlines (PAL) has been approved by its board of directors yesterday, and will be effective by the end of the month.

In a statement Monday, the flag carrier said its board has granted the request of Mr. Bautista to retire from his positions in PAL. He is set to leave by June 30.

“In a resolution initiated by Directors Atty. Estelito Mendoza and former BSP governor Amando Tetangco, the PAL Board expressed their gratitude and appreciation for Mr. Bautista’s dedication and commitment to the national flag carrier which he has been serving for more than 26 years,” the company said.

“The PAL Board cited his efforts to steer PAL to greater heights through initiatives anchored on fleet modernization, flight route network expansion and service innovation,” it added.

PAL Executive Vice-President Vivienne K. Tan, daughter of PAL Chairman and Chief Executive Officer (CEO) Lucio C. Tan, is set to assume Mr. Bautista’s post.

“My family and I express our gratitude and only wish for the best for Jimmy Bautista as he gears up for the next chapter of his life. As we transition to new management, I urge all of you — my Philippine Airlines family — to continue your primary focus: your work, your mandate in the company,” Ms. Tan was quoted as saying.

The listed airline announced Mr. Bautista’s retirement last week, saying the outgoing PAL president wanted to “spend more time with his family.” — Denise A. Valdez

Jumpin’ Jack Flash Mick Jagger back on stage after heart surgery

MICK JAGGER swaggered back to the stage on Friday in his first concert after undergoing heart surgery in April as the Rolling Stones kicked off a delayed North American tour.

The veteran British band opened its No Filter tour in Chicago at the city’s 61,500 seat Soldier Field stadium, after delaying the 17-date US and Canada tour to allow for Jagger’s medical treatment.

Opening to a sold-out crowd, the band kicked off with its classic hit “Street Fighting Man” as the Stones frontman, dressed in skinny black jeans and a black and white jacket, strutted across the stage, singing and pumping his fist.

One Chicagoan not in attendance — but looking forward to the band’s follow-up performance — was Mayor Lori Lightfoot, who thanked Jagger for a shoutout he gave her.

“Wasn’t at your show last night, but hope to be there next Tuesday,” Lightfoot wrote on Twitter. “Welcome to Chicago!”

Jagger, 75, underwent heart valve replacement surgery in New York in early April, and in May reassured fans that he was back in shape by posting video on Twitter of him dancing in a studio.

Fans and the music press watching for signs of fatigue left the show reassured that Jagger was as energetic as ever.

“Perhaps seeking to prove that neither time nor a bum ticker can slow him down, the 75-year-old singer was a paragon of unbridled energy and enthusiasm throughout the uncharacteristically chilly Friday night performance,” wrote Billboard magazine.

“Mick can still Move Like Jagger,” Twitter user Charlie Catlett said.

“The man is a machine,” added Twitter user Matt Strahl.

Howie Fox, who describes himself as a comedy writer and Beatles collector, quipped on Twitter: “They played ‘Start Me Up’ to make sure Mick’s pacemaker was on.”

The 1960s band, whose current members Jagger, Keith Richards, Ronnie Wood, and Charlie Watts are now all in their 70s, has played more than 40 tours, making the quartet some of the most enduring and successful rock musicians of all time.

The Rolling Stones kicked off the No Filter tour in Europe in September 2017, playing the last show there in July 2018.

The tour grossed $116 million in 2018, according to touring industry publication Pollstar, making it the 10th biggest worldwide last year.

The North American No Filter concerts will take the band across the United States, and to one date in Ontario, Canada, before ending in Miami on Aug. 31. — Reuters

Groundbreaking for Circulo Verde Bridge

ORTIGAS & Company, along with the Pasig City local government, led the groundbreaking ceremony for the Circulo Verde Bridge last week.

The bridge will provide a direct link between Pasig City and Circulo Verde, a 10-hectare mixed-use development of Ortigas & Company. It is designed and will be constructed by NWSteel Technologies, Inc., while Design Coordinates Inc. will be the project manager.

The Circulo Verde Bridge will have a cable-stayed road design spanning 130 meters in length and 19.2 meters wide. It will have four lanes for vehicular access with dedicated lanes for pedestrians and bikers.

“The bridge will provide a convenient and accessible connection between Pasig City and our mixed-use estate, Circulo Verde, and vice versa. It will help ease traffic and greatly benefit the communities within and around Circulo Verde and Manggahan,” Ortigas & Company President and CEO Jaime E. Ysmael said in a statement.

The company said the Circulo Verde Bridge is expected to be completed by the second half of 2020.

BPI establishes green finance framework

BANK OF the Philippine Islands has formed a green finance framework. — BW FILE PHOTO

BANK OF THE Philippine Islands (BPI) has established a green finance framework to serve as a basis for future fund-raising activities for environmental projects.

The Ayala-led lender said in a regulatory filing Monday that it established a green finance framework in line with its “longstanding commitment to fund projects with clear environmental benefits.”

In particular, the framework details guidelines for the evaluation and selection of eligible projects, management of proceeds and reporting of any green bonds or loans to be issued by BPI.

“BPI is committed to contributing to the achievement of the UN Sustainable Development Goals in the Philippines,” BPI President and Chief Executive Officer Cezar P. Consing was quoted as saying in the statement.

BPI said it is a consistent market leader in sustainable energy finance, with cumulative disbursements from its sustainable energy finance team as well as structured finance division worth P125.76 billion as of 2018.

“Green bonds and green loans pursuant to the Framework will further bolster this figure, in addition to financing projects in sustainable water and wastewater management, pollution prevention and control, and green buildings,” the bank told the stock exchange yesterday.

The framework is aligned with the Association of Southeast Asian Nations Green Bond Standards, the Green Bond Principles of the International Capital Market Association as well as the Green Loan Principles of the Loan Market Association, BPI said.

BPI Capital Corp., Bank of America Merrill Lynch and Citigroup acted as green structuring advisers for the establishment of the lender’s green framework, while Sustainalytics provided the second party opinion.

In December, BPI Treasurer and Global Markets Head Antonio V. Paner said the bank is looking at returning to the offshore bond market this year as it is “contemplating” issuing green bonds.

Yuchengco-led Rizal Commercial Banking Corp. (RCBC) in January established its green finance network. This served as a basis for the bank’s P15-billion 1.5-year green bonds raised also in January to support its expansion and initiatives in the green space.

RCBC also issued earlier this month P8 billion in fresh funds via two-year sustainability bonds to fund loans and projects that have environmental and social benefits.

BPI booked a P6.72-billion net profit in the first quarter, up 7.6% year-on-year, driven by robust net interest income growth.

Shares in BPI closed at P80.05 apiece on Monday, down 45 centavos or 0.56%. — K.A.N. Vidal

Playdate added to U2 concert stop in Singapore

LEGENDARY rock band U2, known for such hits as “I Still Haven’t Found What I’m Looking For” and “With or Without You,” is coming to Asia for the 30th anniversary of its album, The Joshua Tree.

The concert tour, U2: The Joshua Tree Tour 2019 will have different performances across Asia, and the closest spot for Filipino fans looking to catch the rock icons live is Singapore.

The highly-anticipated concert marks U2’s first ever appearance in Singapore which has led to an overwhelming response from fans following its initial ticket selling. Now due to popular demand, Live Nation has announced that there will be a second show for U2: The Joshua Tree Tour 2019 on Dec. 1 at the National Stadium.

Tickets went on sale June 24, and there is an eight ticket limit for general public sales.

U2: The Joshua Tree Tour 2019 kicks off in Auckland on Nov. 8 and will visit Brisbane, Adelaide, Melbourne, Sydney and Perth, before moving on to Singapore, Tokyo and Seoul. U2, one of the biggest bands in the world, will visit Singapore for the first time later this year for what promises to be two very special shows at the National Stadium on Nov. 30 and Dec. 1 2019. U2: The Joshua Tree Tour is produced by Live Nation Global Touring.

Japanese firm Packwell eyes 200 workers for Panabo plant

DAVAO CITY — Packwell Inc., a Japanese company that manufactures paper-based packaging and containers, is eyeing to employ 200 workers for its plant in Panabo City that is expected to start operations by the second quarter 2020.

Yuichi Yamagishi, chief operating officer of Nitto Co. Ltd. under the Packwell Group, said the upcoming plant within the Anflo Industrial Estate (AIE) will have double the manpower they have in their Shanghai and Tokyo facilities, which each have about 100 workers.

“We need a lot of workers. In Panabo, the labor cost is good for us and also we can get good people, especially (since) they have good English skills,” Mr. Yamagishi told BusinessWorld during the opening of the Davao Investment Conference 2019 last week.

Mr. Yamagishi said they are already working with contractors and preparing to start the construction of the plant, the company’s 5th, as soon as possible.

Packwell signed up for 16,000 square meters (sq.m.) of land at the AIE and will initially utilize half of the area.

“When everything is doing well, we will expand and use the other 8,000 sq.m. of land,” Mr. Yamagishi said.

Ricardo “Cary” F. Lagdameo, vice-president of AIE-owner Damosa Land, Inc., said Packwell’s entry into AIE will create jobs and send a good signal to other foreign investors.

“We are happy that they chose the Philippines, specifically Davao for the location of their new plant,” Mr. Lagdameo said in an interview.

Earlier this year, AIE also signed an agreement with a Chinese company that also produces packaging materials for agricultural companies.

“Five nationalities are represented in the industrial park: Filipino, American, Dutch, Chinese and Japanese,” he said.

An initial 22 hectares has been developed within the 63-hectare AIE complex.

“There is still more that we could develop and there are more lots that we can lease out. There is still a lot of room for investment,” Mr. Lagdameo said. — Maya M. Padillo

DMCI Homes expands in QC

DMCI Project Developers, Inc. said it will spend around P7 billion on the construction of two more condominium projects in Quezon City.

The property developer, which is also known as DMCI Homes, has seen robust sales of its existing condominiums in the city.

In a statement, DMCI Homes President Alfredo Austria said it will build two single-tower developments — The Crestmont and Cameron Residences.

“We are confident that demand will continue to remain robust especially with the ongoing construction of big-ticket infrastructure projects in the city like the Metro Manila Subway project,” he said.

Mr. Austria said it will spend P4 billion for The Crestmont, located along Panay Avenue in Barangay South Triangle. The condo is just a stone’s throw away from the Metro Rail Transit (MRT) Line 3 Quezon Avenue Station.

DMCI Homes expects The Crestmont to also attract interest due to “its proximity to one of the proposed stations of the country’s first intercity underground railway which is now under construction.”

The company is allocating P3 billion for the construction of Cameron Residences, which will rise along Mapalad Street, Roosevelt Avenue.

“Equally attractive to homebuyers and investors is Cameron Residences because of its proximity to the Skyway extension project that will link the South Luzon Expressway to the North Luzon Expressway,” DMCI Homes said, noting the project will reduce travel time from Quezon City to Makati City to around 30 minutes.

The two projects are part of the ten projects valued at P104 billion that DMCI Homes will launch in Metro Manila this year.

QCinema announces docu lineup for 2019

A 41-year-old man learning his ABCs, a woman living her life between Saudi Arabia and the Philippines, and an alien recounting the lives of Filipino men and women — these stories highlight the lineup of documentary films for this year’s DocQC category at the QCinema International Film Festival (QCinema).

For its 7th edition, QCinema will showcase three documentary films that will run from Oct. 13 to 22.

These documentaries are For My Alien Friend by Jet Leyco, A is for Agustin by Grace Pimentel Simbulan, and Spring by the Sea by Aleia Garcia.

Leyco’s For My Alien Friend is about stories of Filipino men and women, and other living things — all connected through the lens and experience of a stranger, an “alien” whose language is disconnected and demands an interaction from the viewer to reconnect these stories to find their own meaning.

A is for Agustin by Grace Pimentel focuses on the life of 41-year-old Agustin Tiburcio, an illiterate indigenous man in a remote mountainous region in northern Philippines who wants to learn his ABCs. He gets fed up with being exploited by his employers and decides to go to school with the goal of making a better life for himself and his family.

Spring by the Sea is a film by Aleia Garcia, showing the Philippines and Saudi Arabia alternately as her home and uses personal home videos and present footage to tell the story of her family.

The grantees for the documentary films have been given a post-production grant of P500,000 each while retaining exclusive rights to their films.

Aside from DocQC, QCinema has also given grants to filmmakers for its QCShorts and Asian Next Wave competition category.

For details visit https://www.facebook.com/QCinemaPH/.

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