Top Business News

Megaworld to raise P4B from warrants
[BUSINESSWORLD]LISTED CONDOMINIUM developer Megaworld Corp. is seeking the approval of regulators to list 4.1 billion in detachable warrants that would allow it to sell the same amount of underlying shares for P1 each, to partly fund spending for the next three years.
In a prospectus filed with the Securities and Exchange Commission, the Andrew L. Tan-led firm said stockholders who had participated in the firm’s P5.13-billion rights offering in May are entitled to four detachable warrants for every five shares bought.
New investors have the right to acquire one share for each warrant. The warrants can be exercised for five years, every 24th of the month from issue date.

San Miguel interested to buy stake in Subic-Clark tollway
[BUSINESSWORLD]DIVERSIFYING CONGLOMERATE San Miguel Corp. has joined Pangilinan-led Metro Pacific Tollways Corp. in expressing interest to invest in the government-owned tollway from Subic to Tarlac.
In disclosures to the exchange, both companies said they have expressed interest to acquire "a stake in the Subic-Clark Tarlac Expressway (SCTEx) from the Bases Conversion Development Authority (BCDA)."
In an interview, BCDA spokesman Robert Gervacio said the agency has yet to receive proposals from both companies.
"I think [the statements] were just a business trial balloon to see who will react ... If we receive the proposals, we will announce it immediately," Mr. Gervacio said.

RFM unit eyes IPO in 2 years
[ABS-CBNNEWS]A unit of food and drinks firm RFM Corp. is looking to conduct an initial public offering (IPO) in two years when market conditions are hopefully stable.
Philippine Townships Inc. (Philtown), the property development arm of RFM, is planning to list by way of introduction first before it undertakes an IPO, said RFM executive vice president and Philtown vice chairman Felicisimo Nacino Jr.
"We expect that it will be around two years before the market becomes more favorable for a listing by introduction or an IPO,” noted Nacino.