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Philippines Newsletter - March 2023



Market Summary

  • Energy and real estate composed of most deal volume for the month. Energy transactions for March include ACEN subscribing to P5-B shares in Santa Cruz Solar unit, Matahio Energy acquiring Galoc field operator NPG, and Shell securing Php9bn from two local banks.

  • Real estate saw activity in the REIT space with MREIT looking to complete a c. Php5.3bn asset infusion, while Ovialand announces its intention to complete an IPO.

  • In the transportation segment, the SM group has made a tender offer to buy out the remaining public minority shareholders of 2Go.

Aggregate Deal Value* = USD227.6m

 

This month’s top deals


Energy & Utilities

ACEN subscribes to P5-B shares in Santa Cruz Solar unit

AYALA-LED ACEN Corp. announced on Thursday that it had executed a subscription agreement with its wholly-owned subsidiary Santa Cruz Solar Energy Inc. (SCSEI) to fund the construction of the latter’s solar project in Zambales. In a stock exchange disclosure, ACEN said it subscribed to 50 million common A shares and 449.98 million redeemable preferred A shares for a subscription price of P5 billion.


Articles links: ACEN subscribes to P5-B shares in Santa Cruz Solar unit

Metro Pacific acquires 16% stake in SPNEC for P2 billion

PANGILINAN-led Metro Pacific Investments Corp. (MPIC) is set to acquire 1.6 billion shares equivalent to a 16% stake in SP New Energy Corp. (SPNEC) for P2 billion. “Our thrust of pursuing renewable energy brings the MVP Group one step closer to fulfilling our mission of creating long-term value for our stakeholders through responsible and sustainable investments,” MPIC Chairman Manuel V. Pangilinan said in a disclosure.


Article link:

Metro Pacific acquires 16% stake in SPNEC for P2 billion

A Brown fully acquires shares in Vires Energy

A BROWN Co., Inc. has fully acquired Vires Energy Corp., the listed holding firm announced on Monday. In a stock exchange disclosure, A Brown said the acquisition of the remaining 0.005% shares in Vires Energy increased its ownership to 100%.


Article link:

A Brown fully acquires shares in Vires Energy

Matahio Energy acquires Galoc field operator NPG

MATAHIO Energy Pty. Ltd., announced on Thursday that it has fully acquired NPG Pty. Ltd., the operator of Service Contract (SC) 14C-1 off Palawan’s coast. “The Matahio team has always found the Philippines to be a collaborative and supportive environment,” Wai-Lid Wong, president and chief executive officer of Matahio Energy, said in a media release.


Article link:

Matahio Energy acquires Galoc field operator NPG

PILIPINAS Shell Petroleum Corp. has secured a P9-billion loan from two local banks that it will use to reduce its exposure to short-term market volatilities, the listed company announced on Wednesday. In its regulatory filing, Pilipinas Shell said the loan has a five-year term and is evenly split between Bank of the Philippines Islands (BPI) and Metropolitan Bank & Trust Co.

Article link:


Real Estate

LISTED real estate developer Sta. Lucia Land, Inc. said on Thursday that its board had approved taking out a P1.5-billion long-term loan facility while authorizing joint ventures to develop six projects, including an acquisition in Batangas. In a disclosure to the stock exchange, the company also said its board of directors had authorized the acquisition of parcels of land in Batangas with a total area of 79,054 square meters (sq.m).


Article link:

Sta. Lucia Land board clears six projects, P1.5-B loan

Megaworld, MREIT to complete P5.3-B asset infusion of offices

Megawide receives permit to sell P1.5-B shares


Telecommunications & Media

PLDT to buy Lopez-led Sky Cable for nearly P6.8B

PANGILINAN-led PLDT Inc. announced on Thursday that it is fully acquiring Sky Cable Corp. for P6.75 billion in a move that will expand its coverage and services. In a disclosure to the Philippine Stock Exchange, the telco company said that its board of directors cleared the agreement it entered with sellers Sky Vision Corp., ABS-CBN Corp., and Lopez, Inc. Lopez-led Sky Cable provides broadband, enterprise cable broadband, pay television, and cable services.

Article link:


Agriculture

LISTED flour manufacturer Liberty Flour Mills, Inc. on Tuesday said that it had sold its real estate asset to its property subsidiary LFM Properties Corp. (LPC). The company said in a stock exchange disclosure that its board had approved the sale of Liberty Building at a price equivalent to 28%, more or less, of the asset value of the corporation.

Article link:


Healthcare & Life Science

The country’s leading private hospital network, Metro Pacific Health Corporation (MPH), the new name of Metro Pacific Hospital Holdings Inc., has completed the acquisition of Howard Hubbard Memorial Hospital (HHMH) through its newly-formed subsidiary Metro Matutum Hospital, Inc. (MMHI).

Article link:


Transportation and Logistics

The Sy-led SM Group will launch a P5.5-billion tender offer starting next week to buy out minority stockholders of logistics giant 2GO Group Inc. at a valuation that was double its price from just a week ago.

Article link:



Technology

BUSINESS superapp Enstack has raised $3 million after the completion of a funding round to support its goal of digitizing small and medium enterprises (SMEs) in the Philippines and across Southeast Asia. In a statement on Thursday, the startup said it was able to raise the amount after a funding round led by Mangrove Capital Partners, which marked its first investment in Southeast Asia. The other participants include payments startup Xendit and Shinsegae International Chief Executive Officer William Kim.

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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 = PHP54.3 as of 03/31/2023


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