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Philippines Newsletter - January 2023



Market Summary


  • The Energy & Utilities sector experienced the largest deal activity last month, led by a c. USD191.0 loan facility secured by ACEN Corporation (through ACEN Australia) to support renewable energy projects in the Australian market.

  • Locad, the Philippines-based cloud logistics and end-to-end fulfillment company secured USD11.0m from Series A financing, led by Reefknot Investments, a vehicle anchored by Kuehne & Nagel and Temasek.

Aggregate Deal Value* = USD377.4m

 

This month’s top deals


Energy & Utilities

CREIT receives permit to sell P4.5-B green bonds

THE Securities and Exchange Commission (SEC) issued a permit to sell to Citicore Energy REIT Corp. (CREIT) for its maiden P4.5 billion ASEAN Green Bond offering. The offer will consist of a base principal amount of P3 billion with an oversubscription option of up to P1.5 billion.


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CREIT receives permit to sell P4.5-B green bonds

Manila Water unit secures P200-M loan for expansion

A UNIT of Manila Water Co., Inc. has signed a P200-million 10-year term loan facility to fund the refurbishment, expansion, and improvement of its service facilities area, the listed firm said on Monday.


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Manila Water unit secures P200-M loan for expansion

ACEN secures $107M funding for Vietnam Wind Project

Ayala-led ACEN Corporation and Vietnamese venture partner BIM Group have secured $107 million in funding from the Asian Development Bank (ADB) and other lenders for the 88-megawatt (MW) Ninh Thuan wind farm in South Central Vietnam.


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ACEN secures $107M funding for Vietnam Wind Project

AU$277 green loan for ACEN Australia secured

ACEN Corporation subsidiary, ACEN Australia, has secured an AU$277 million (about US$191 million) syndicated green term loan facility from major international banks to support ongoing utility-scale renewable energy (RE) projects in the Australian energy market.


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AU$277 green loan for ACEN Australia secured


Real Estate

Century Properties plans to offer P3-billion retail bonds

THE board of directors of Century Properties Group, Inc. has approved a plan for the listed property developer to offer fixed-rate retail bonds worth up to P3 billion. In a disclosure to the stock exchange on Tuesday, the company said that the board approved the offering with a principal amount of P2 billion and an oversubscription option of up to P1 billion.


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Century Properties plans to offer P3-billion retail bonds

Chemical Industries sells Makati property for more than P1 billion


Industrials & Manufacturing

Philex to invest in Macawiwili gold mining project

Pangilinan-led Philex Mining Corp. is investing in a gold mining project in Itogon, Benguet as it gears up for the expansion of its Padcal Mine. In a disclosure to the Philippine Stock Exchange yesterday, Philex said it signed a term sheet with Macawiwili Gold Mining and Development Co. Inc. (MGMDCI), a 90-year-old company engaged in mineral exploration and production in Itogon, Benguet.


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Philex to invest in Macawiwili gold mining project

Prime Infra unit acquires Cebu-based waste management company ACI

Petron to buy $22.47M of its debt securities

Megawide aims to raise P1.5B via preferred share offering


Agriculture

A Brown to invest in agricultural company

A BROWN Co., Inc., said on Wednesday that its board of directors authorized the firm to invest in Surigao Greens Agri Corp. (SGAC), which is in the process of incorporation. In a stock market disclosure, the company said that SGAC will be its subsidiary.

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Retail & F&B

Locad raises $11M to boost supply chain platform

Founded in Singapore and Manila by Robertz, fellow Zalora alumni Jannis Dargel and former Grab lead product manager of maps Shrey Jain, Locad announced today it has raised $11 million in Series A funding led by Reefknot Investments, a joint venture between Temasek and logistics company Kuehne + Nagel. Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures and Antler also participated, along with new backers Access Ventures, JG Summit and WTI.


Transportation and Logistics

Locad raises $11M to boost supply chain platform

Founded in Singapore and Manila by Robertz, fellow Zalora alumni Jannis Dargel and former Grab lead product manager of maps Shrey Jain, Locad announced today it has raised $11 million in Series A funding led by Reefknot Investments, a joint venture between Temasek and logistics company Kuehne + Nagel. Returning investors Sequoia India and Southeast Asia’s Surge, Febe Ventures and Antler also participated, along with new backers Access Ventures, JG Summit and WTI.

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Technology

PSE approves Upson's P4.88-B IPO

The Philippine Stock Exchange (PSE) has approved the P4.88 billion initial public offering of Upson International Corporation (Upson), the country’s largest retailer of personal computers (PCs) and information technology (IT) products.

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Others


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 = PHP54.31 as of 03/29/2023


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