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  • [B]EKR’s planned QC casino still a go[/B]

    Unperturbed by President Duterte’s intense crackdown on gambling, Bilyonaryo Enrique Razon’s Bloomberry Resorts Corp. is pursuing plans to construct a P20 billion integrated resort in Quezon City.
    In an interview with Bloomberg, Razon said Bloombery remains keen on building its second casino in the country, possibly by mid-next year.
    “I think cracking down on this, looking at it from our perspective, helps the licensed casinos,” Razon said.
    Situated on Vertis North, Quezon City Central Business District, the proposed second casino is targeted to be operational by 2019.
    The Philippines is envisioned to become the next casino hub in Asia given the Chinese government’s anti-corruption crackdown that has seen gaming revenues across the region fall significantly.

  • SEC steps in, tells MVP, JAZA to defer closing of Liberty Telecoms’ tender offer


    Telco giants PLDT and Globe suffered a minor setback after the Securities and Exchange Commission directed them to extend the tender offer period for Liberty Telecoms Holdings shares held by minority investors due to lack of adequate disclosure of material information.
    The SEC ordered Vega Telecom, which is jointly owned by PLDT and Globe, to defer the tender offer conclusion, originally scheduled on Sept 21, as it sought additional information on the reassignment of frequencies following their purchase of San Miguel Corp.’s telco assets.
    It also asked for a breakdown of the purchase.price paid by PLDT and Globe.
    Apart from this, the two telco giants were asked to submit a new timeline for the offering which must recommence not later than Oct. 17.
    According to the SEC, the additional information is critical for shareholder to arrive at an informed investment decision, including whether to sell or hold their shares.
    The SEC’s directive was in response to a complaint filed by minority investors who were contesting the low price offered by Vega for the minority stake.
    At P2.20 per share, minority investors said they were not getting their fair share of the P70 billion asset sale by conglomerate San Miguel Corp. The deal included the coveted 700 megahertz frequency.

  • Sia-Tancaktiong property firm eyes P15B from maiden bond offering


    DoubleDragon Properties Corp. Is tapping the local bond market foe the first time with plans to raise as much as P15 billion to fund its aggressive expansion.
    It will initially issue P5 billion worth of retail bonds with an option to upsize it by another P5 billion before the end of the year.
    The bonds form part of the company’s panned P15 billion fund-raising activity aimed at shoring up funding for various projects.
    DoubleDragon aims to build 100 CityMall branches in the next five years to achieve its target of having one million square meters of leasable space.
    Its goal is to be the largest branded independent community mall chain in the country.
    There are eight CityMalls that are already operational while 24 are under construction and slated to open within the next few months.
    Apart from this, the company has already secured 53 commercial sites in provincial city centers across the Philippines (including those open and under construction).
    CityMall is envisioned to be the largest branded independent community mall chain in the Philippines.

  • Following Sys’ exit: Cosiquien, Saavedra to take in new investors for Megawide


    Megawide Corp., a fast-growing construction and engineering firm owned by Bilyonaryos Michael Cosiquien and Edgar Saavedra, is planning to tap the capital market by selling the 17 percent stake it reacquired from the Sy family, potentially raising nearly P6 billion.
    Oliver Tan, CFO of Megawide, said the share sale would be done via a private placement possibly before the end of the year, depending on market conditions.
    Tan said the company needed to beef up its warchest to fund new investments or projects and expand its public float.
    “As we bid for more PPP (public-private partnership) projects, there’s a need to expand the balance sheet,” Tan told reporters.
    The shares bought back from the Sy family comprised 410.84 million Megawide shares. These shares were reacquired at P10.03 or a little over P4 billion.
    Megawide is undertaking a five-year diversification plan that will transform the company from a construction and engineering firm into a fully diversified infrastructure conglomerate.
    Under the plan, Megawide will focus on four core businesses — construction, airport operation, transport and power generation with a focus on renewable energy.

  • Chua to host 2,000 Chinese businessmen


    Bilyonaryo Francis Chua, chairman emeritus of the Philippine Chamber of Commerce and Industry, will host at least 2,000 Chinese tourists and investors who will be exploring trade and investment opportunities in the country.
    Chua, whose business interests covers IT, automotive, shipping, stock brokerage, among others, said this is the “first time for a huge Chinese delegation to visit the country” in a long while.
    “The Chinese have been conducting business in the country, but not in the volume and quality of projects that we would like to see,” he said. The Chinese businessmen will be arriving next month via a cruise ship.
    According to Chua, this is also the first time that China will take center stage at the 42ND Philippine Business Conference (PBC), which is slated on October 12-13 at the Marriott Grand Ballroom.
    The PBC has created a special session dubbed “One Belt, One Road: Widening the Opportunities for International Trade and Investment” which will primarily feature business opportunities under the Silk Road Initiative of China.
    Panelists in this special session include the commercial counselor of the Chinese Embassy in the country; head of Bank of China-Philippines; chairman and executive chairman of the Silk Road Chamber of International Commerce; and the Institute of World Economy and Politics of the Chinese Academy of Social Science. (end)

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