Market summary
The Financial Services sector accounted for majority of the deal volume for the month, with BDO raising USD1.1bn from its 2nd ASEAN Sustainability Bond issue, and RCBC securing USD400m from its note offering on the Singapore Exchange.
In the Tech sector, the Philippine social commerce platform Toki secured USD1.8m in pre-seed funding from venture capital firms Kaya Founders and Foxmont Capital Partners. Additionally, Toki received support from strategic investors in the tech industry, including Anthony Oundjian, Brian Cu, and Ernest Cu.
Aggregate Deal Value = USD1,526.1m
This month’s top deals
Energy & Utilities
ACEN completes purchase of Indonesia wind projects
Ayala-led ACEN Corp. said its unit has completed the acquisition of three late-stage wind projects from Indonesia-based Barito Renewables, Inc. In a stock exchange disclosure, the listed energy company said ACEN Renewables International Pte. Ltd. through unit ACEN Investments HK Ltd. completed the purchase of shares from UPC Renewables Asia Pacific Holdings Pte. Ltd. for the three wind development assets.
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ACEN completes purchase of Indonesia wind projects
Basic Energy to list 450 million common shares
Basic Energy Corp. has received approval from its board of directors to list 450 million common shares on the Philippine Stock Exchange, Inc. (PSE), the holding company announced. In a regulatory filing, Basic Energy said that the approved listing is subject to compliance with the rules and regulations of the PSE.
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Basic Energy to list 450 million common shares
Alternergy board clears perpetual preferred shares listing
Alternergy Holdings Corp. said that its board of directors approved the listing of a total of 470.4 million perpetual preferred shares. In a regulatory filing, the listed energy company said that the board greenlit the listing and filing of 370.4 million perpetual preferred shares 1 and 100 million perpetual preferred shares 2 series A.
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Alternergy board clears perpetual preferred shares listing
SEC OKs Citicore Renewable IPO
The Securities and Exchange Commission (SEC) has given its green light to the PHP11.252 billion initial public offering (IPO) of Citicore Renewable Energy Corp. (CREC). CREC plans to conduct its share sale from March 4 to 8 with a target to list its shares on the main board of the Philippine Stock Exchange on March 15.
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Telecommunication & Media
PCC clears sale of ABS-CBN’s Sky Cable to PLDT
The Philippine Competition Commission (PCC) has approved the sale of Sky Cable, a subsidiary of media company ABS-CBN Corp., to telecommunications giant PLDT Inc. Competition watchdog PCC gave the go-signal for Sky Cable to be sold to Pangilinan-led PLDT, ABS-CBN said in a disclosure to the stock exchange. Sky Cable provides broadband, enterprise cable broadband, pay television, and cable services.
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PCC clears sale of ABS-CBN’s Sky Cable to PLDT
PLDT investing PHP2.11 billion for 34.9% stake in Meralco’s Radius Telecoms
PLDT Inc. said it plans to invest PHP2.1 billion in Radius Telecoms Inc., a telecommunications company with a strong fiber network infrastructure to strengthen its market position and increase its market share in the Philippines. The company’s strategic investment will see PLDT acquire 2.49 million shares, or 34.9-percent equity shares in Radius, bolstering its fiber network reach and unlocking potential synergies between the two firms. It said the indicative purchase price is subject to due diligence and execution of definitive agreements.
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PLDT investing PHP2.11 billion for 34.9% stake in Meralco’s Radius Telecoms
Real Estate
Ayala Land signs PHP15 billion loan deal with Metrobank
Listed Philippine property developer Ayala Land, Inc. has signed a 10-year loan deal with Metropolitan Bank & Trust Co. (Metrobank) worth PHP15 billion as part of its fund-raising activity. The loan would be used to partially fund capital expenditure requirements and debt refinancing, Ayala Land said in a statement.
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Ayala Land signs PHP15 billion loan deal with Metrobank
Cebu Landmasters board OK’s 3 million preferred shares offering
Cebu Landmasters, Inc.’s (CLI) board has approved a public offering of up to three million series A preferred shares, the listed property developer announced. The company said in a stock exchange disclosure that a special board meeting approved oversubscription for up to two million series A preferred shares at PHP1,000 per share.
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Cebu Landmasters board OK’s 3 million preferred shares offering
VLL International to sell USD2 billion notes
Villar-led property developer Vista Land & Lifescapes, Inc. said its unit had approved an USD2 billion medium-term note program as part of capital raising efforts. In a stock exchange disclosure on, Vista Land said VLL International, Inc. approved the program on Dec. 29 and hired DBS Bank Ltd. and HSBC as dealers for the offer, sale, and issuance of the notes. The notes are guaranteed by Vista Land and units Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.
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Retail & F&B
PCC approves USD1.8 billion Coke PH sale to Aboitiz, partner
The USD1.8 billion acquisition of Coca-Cola Beverages Philippines Inc. (CCBPI) by Aboitiz Equity Ventures Inc. (AEV) and Coca-Cola Europacific Partners Plc (CCEP) takes a further step towards completion after getting the green light from the Philippine Competition Commission (PCC). In a disclosure to the Philippine Stock Exchange (PSE), AEV said they have received the PCC certificate of approval for their joint acquisition of 100 percent of CCBPI from The Coca-Cola Company (TCCC).
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PCC approves USD1.8 billion Coke PH sale to Aboitiz, partner
Financial Services
BDO board OK’s merger with SM Keppel Lands
BDO Unibank, Inc.’s board has approved its merger with SM Keppel Land, Inc. (SMKL) as part of its restructuring plans. In a regulatory filing, BDO said that it will be the surviving entity following the merger. The transaction is still subject to stockholders’ and regulatory approvals. The merger will be presented for shareholder approval during the annual shareholders’ meeting on April 19.
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BDO board OK’s merger with SM Keppel Lands
RCBC raises USD400 million from note offering
Rizal Commercial Banking Corp. (RCBC) has raised USD400 million from its offer of five-year senior unsecured sustainability notes, marking the lender’s return to the overseas debt market after over three years. “The transaction saw strong interest from a wide range of high-quality Asian and European investors, which allowed the bank to tighten final price guidance to 165 bps (basis points) over the five-year Treasury yield,” the Yuchengco-led bank said in a disclosure to the stock exchange.
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RCBC raises USD400 million from note offering
BDO raises PHP63.3 billion in 2nd ASEAN Sustainability Bond issue
BDO Unibank, Inc. successfully raised PHP63.3 billion in its second ASEAN Sustainability Bond issue, exceeding the original offer of PHP5 billion by more than twelve times. The issuance was backed by strong demand from retail and institutional investors, with a rapid build-up in orders resulting in the shortening of the offer period by a week to January 16, 2024. This marks the Bank’s largest single issuance, surpassing its first ASEAN Sustainability Bonds issue in January 2022 amounting to PHP52.7 billion.
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BDO raises PHP63.3 billion in 2nd ASEAN Sustainability Bond issue
Technology
Salmon to Own 60% of Rural Bank of Sta. Rosa (Laguna) Following BSP Approval
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), the Filipino regulator, has provided Salmon, the savings and investment fintech, with the approval to acquire the controlling interest in Rural Bank of Sta. Rosa (Laguna). The transaction has not been fully completed yet, but upon doing so in the next few weeks, Salmon will own 59.7 percent of the bank.
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Salmon to Own 60% of Rural Bank of Sta. Rosa (Laguna) Following BSP Approval
HR tech platform Sprout Solutions acquires PH operations of JustPayroll
HR tech startup Sprout Solutions has announced its acquisition of the Philippines operations of JustPayroll Inc., a provider of enterprise-grade payroll solutions, for an undisclosed amount. The acquisition includes all existing clients and employees of JustPayroll.
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HR tech platform Sprout Solutions acquires PH operations of JustPayroll
GCash eyes IPO by second half
Electronic wallet platform GCash is planning to conduct its initial public offering (IPO) by the second half of the year as the company awaits a more favorable market, its president said “We’re preparing internally so that we can be ready for this year; it is a question of the market”, Oscar A. Reyes, Jr., president and chief executive officer of G-Xchange, told reporters on the sidelines of a press briefing.
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Philippine Social Commerce Platform Toki Secures USD1.8m Pre-Seed Funding
Toki, a social commerce platform based in the Philippines, has secured USD1.8 million pre-seed funding to address demands of untapped market. Toki said in a statement that the pre-seed funding comes from venture capital partners Kaya Founders and Foxmont Capital Partners. Toki has also received support from strategic investors in the tech industry such as Anthony Oundjian (BGC Philippines), Brian Cu (SariSuki), and Ernest Cu (Globe), to name a few. Additionally, Toki has received an investment from Bigboy Cheng, one of the most renowned sneaker, toy, and art collectors in Southeast Asia.
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Philippine Social Commerce Platform Toki Secures USD1.8m Pre-Seed Funding
Others
Sourcefit Secures Strategic Investment from 9 Basil, NextGen Ventures, and Rocket Equities
Sourcefit, a leading international business processing outsourcing (BPO) provider with operations centers in the Philippines, South Africa, Dominican Republic and Armenia, has successfully closed a significant strategic investment, attracting investments from prominent players 9 Basil, NextGen Ventures, and Rocket Equities.
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Sourcefit Secures Strategic Investment from 9 Basil, NextGen Ventures, and Rocket Equities
Metals Exploration to buy majority stake in Philippine YMC
Metals Exploration PLC said it has signed a conditional purchase agreement to buy a controlling interest in Philippines-based Yamang Mineral Corp Group. The Philippines-focused gold producer said the acquisition is for USD1.6 million in cash, as well as the option to subscribe for up to 41 million shares, for a share capital of around 73% of YMC. YMC holds the exploration tenement Abra, or EXPA-000129, a "highly prospective" exploration license covering 16,200 hectares on Luzon, Philippines.
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Note: Deal values only include disclosed completed deals with amounts restricted to local scene i.e. amounts related to the Philippine entity and/or business. Rumored, announced, or planned deals not included. Cross-posted deals are also adjusted to avoid double count.
*USD 1.00 = PHP56.30 as of 1/31/2024