Philippines Newsletter - July 2022

Market Summary

• In the energy space, ACEN Corp remained active as it divested its coal-fired power plant for c.USD66.4m. SMC Power was also able to successfully list its bonds for c.USD718.3m
• Ayala Land also successfully listed its c.USD591.6m bond offering, further strengthening the deal values in the debt capital markets
• Transportation and logistics also saw the deal activity as International Container Terminal Services Inc, announced it is acquiring a USD46.5m majority stake in PT East Java Development.
• IPO filings remain strong as Altenergy and ISOC Cold Chain Logistics both file for initial public offerings.
• Finally, Society Pass announces its acquisition of Mangan.ph

Aggregate Deal Value* = USD1,377m

This month’s top deals

Energy

‍ACEN divests its last coal-fired power plant:

ACEN Corp. is divesting all shares in the remaining coal-fired power plant in its portfolio in a deal valued at Php3.7 billion, which it will, in turn, invest in renewable energy projects, the Ayala-led company said on Tuesday.‍

SMC power unit lists Php40 billion fixed-rate bonds:

SMC Global Power Holdings Corp. successfully listed its Php40 billion fixed-rate bonds at the Philippine Dealing & Exchange Corp., following a strong demand and confidence from investors in its continuous ability to provide reliable power.‍

Alternergy files for Php2.2 billion IPO‍

POWER company Alternergy Holdings Corp. recently filed an application for an initial public offering (IPO) with the Securities and Exchange Commission to raise up to Php2.18 billion, which will be used in part for its renewable energy (RE) projects.

Alternergy, founded by former Energy chief Vicente S. Perez, Jr., intends to offer up to Php1.28 billion common shares at a maximum price of Php1.48 per share, with an overallotment option of up to Php192.22 million common shares, the company said in its prospectus dated June 28.‍

ACEN files Php30 billion debt securities with SEC‍

AC ENERGY Corp. (ACEN) has filed with the Securities and Exchange Commission (SEC) the shelf-registration of debt securities worth up to Php30 billion, of which the Php10 billion first tranche will be offered as ASEAN green fixed-rate bonds.

“Since our debt levels remain very manageable, we are taking this opportunity to issue Peso green bonds to fund our renewable energy expansion in the country,” said ACEN Chief Financial Officer and Treasurer Ma. Corazon G. Dizon in a disclosure on Tuesday.

Articles links:

ACEN divests its last coal-fired power plant

SMC power unit lists Php40 billion fixed-rate bonds

RE company Alternergy files for Php2.18-B IPO

ACEN files Php30 billion debt securities with SEC

Real Estate

‍Ayala Land lists Php33-billion fixed-rate bonds‍

AYALA Land, Inc. (ALI) successfully listed its new Php33 billion fixed-rate bonds due 2024, 2027, and 2029 on July 4 at the Philippine Dealing & Exchange Corp. (PDEx).

The two, five, and seven-year bonds are ALI’s largest issuance to date and its second for the year in the local capital debt market.

Articles links:

Ayala Land lists Php33-billion fixed-rate bonds

Consumer & Retail

‍Philippine distiller Emperador lists in Singapore amid a global push‍

Philippine liquor group Emperador conducted a secondary listing on the Singapore Exchange on Thursday as it seeks to ramp up international expansion.

Emperador says its move is the first by a Philippine Stock Exchange-listed company. The listing by way of introduction doesn't raise new capital but does allow investors in the regional financial hub to trade Emperador shares.

Article link:

Philippine distiller Emperador lists in Singapore amid a global push

Transportation & Logistics

‍Cold chain logistics firm files Php1.5 billion IPO:

ISOC Cold Chain Logistics, Inc. has filed with the corporate regulator an application to hold an initial public offering (IPO) of shares worth nearly Php1.5 billion to fund, among others, its expansion plans. The company, which operates under the business name ORCA Cold Chain Solutions, plans to sell 1.035 billion common shares in its primary offer, Php444.8 million common shares via a secondary offer, and Php222 million common shares as an overallotment option.‍

ICTSI to take majority stake in Indonesian terminal for USD46.5 million

Article link:

Cold chain logistics firm files Php1.5-billion IPO

ICTSI to take majority stake in Indonesian terminal

Technology

‍Society Pass (SoPa) Welcomes Mangan.ph, Philippines’ Leading Restaurant Delivery Service, to Its Ever-Expanding Next Generation Digital Ecosystem

Society Pass Incorporated (“SoPa” or “Society Pass”) (Nasdaq: SOPA), Southeast Asia’s leading data-driven loyalty platform, today announces the acquisition of Mangan.ph (“Mangan”), the leading local restaurant delivery service in the Philippines. Founded in 2017, Mangan delivers restaurant food from over 1,200 partner restaurants through its over 200 rider network to its over 500,000 registered users. Thus far, Mangan has generated more than 100,000 mobile app downloads and accumulated over 80,000 social media followers.

Article link:

Society Pass (SoPa) Welcomes Mangan.ph, Philippines’ Leading Restaurant Delivery Service, to Its Ever-Expanding Next Generation Digital Ecosystem

Note: Deal values only include disclosed completed deals with amounts restricted to the local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals are not included. Cross-posted deals are also adjusted to avoid double count.

*USD 1.00 = PHP55.69 as of 08/09/2022