Top Business News

Corporate war comes to Philex
[INQUIRER]WHILE super-typhoon “Feria” raged, Manual V. Pangilinan—who chairs PLDT, Metro Pacific Investments and now Philex Mining Corp.—was supposed to meet with Social Security System president Romulo Neri over dinner after the stockholders’ meeting of Philex Mining last week (this is especially strange given that the two got off to a shaky start in their corporate relationship last year).
Whether or not the rendezvous pushed through despite inclement weather, the talk of the town now is that two influential groups are making a pitch for the SSS’ 20-percent stake in Philex, one of which, of course, is the Pangilinan-led First Pacific Co. Ltd. of Hong Kong, which has declared its intention to make the country’s biggest gold and copper miner its main vehicle for mining interests in the Philippines.

PLDT taps Meralco for new venture
[INQUIRER]MANILA, Philippines—Manila Electric Co. will soon test in Malabon City a broadband-over-powerline (BPL) project, which if proven commercially viable, is a potential new cash cow for the country’s biggest power retailer.
Philippine Long Distance Telephone Co. chair Manuel V. Pangilinan on Tuesday told shareholders of subsidiary Pilipino Telephone Corp. that BPL, cited as among the many synergies between Meralco and the telecom giant, would begin soon.

Piltel transforms into holding firm
[INQUIRER]MANILA, Philippines—Shareholders of the Pilipino Telephone Corp. approved on Tuesday the company’s acquisition of a 20-percent stake in the country’s biggest power retailer Manila Electric Co. and the transfer of its cellular phone business to sister company Smart Communications Inc.
The P20.07-billion transaction involving 223 million shares of Meralco will pave the way for the transformation of Piltel from a telecommunications company into a holding company for the 20-percent Meralco stake.

MPIC plans $200-$300 million share offer
[ABS-CBNNEWS]MANILA - Diversified conglomerate Metro Pacific Investments Corp. (MPIC) plans to raise $200-$300 million this year through a public offering or share placement, its chairman said on Tuesday.
Metro Pacific, a unit of Hong Kong's First Pacific Co. Ltd., did not state what the funds would be used for, but has previously said it wants to acquire a 10.17 percent stake in Manila Electric Co (Meralco), worth around $200 million at current share prices.

EDC to raise P18-B to pay debts, fund expansion
[ABS-CBNNEWS]MANILA - Lopez-led Energy Development Corp. (EDC) is planning to raise as much as P18billion this year to fund expansion projects and payments of maturing debts in 2010.
At the sidelines of the company's annual stockholders' meeting on Tuesday, EDC Chief Executive Officer Paul Aquino said the amount will be sourced through a series of bond offerings, a notes issuance, and a loan from the World Bank's International Finance Corp. (IFC).
Just today, EDC signed an agreement for a 5-year and a 7-year fixed-rate corporate notes facility amounting to P7.5 billion.