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Philippines Newsletter - March 2024



Market summary


  • The Energy sector saw large activity in the form of a USD3.3bn joint venture between Meralco PowerGen Corporation (MGen), Aboitiz Power COrporation (AP) and San Miguel Global Power Holdings Corp. (SMGP) in a fully integrated LNG project

  • The private markets in Retail picked up in April, seeing two private placements: USD28m investment by Jollibee into Botrista, and USD25m by Venturi Partners into DALI.


Aggregate Deal Value = USD4,403.0m

 

This month’s top deals


Energy & Utilities

MGen, AboitizPower, and SMGP sign USD3.3 billion deal for Batangas LNG facility

PANGILINAN-LED MERALCO PowerGen Corp. (MGen), Aboitiz Power Corp. (AboitizPower), and Ang-led San Miguel Global Power Holdings Corp. (SMGP) have forged a deal worth USD3.3 billion, or around PHP 168 billion, to establish an integrated liquefied natural gas (LNG) facility in Batangas.


Article link:

MGen, AboitizPower, and SMGP sign USD3.3 billion deal for Batangas LNG facility

Alternergy consolidates wind assets

ALTERNERGY HOLDINGS Corp. has transferred 60,060 shares in its subsidiary Alternergy Tanay Wind Corp. (ATWC) to another subsidiary Pililla A VPC Corp. (PACO) to consolidate its wind assets. The listed energy company’s board of directors approved the sale of all of its shares in ATWC, it said in a regulatory filing.


Article link:

Alternergy consolidates wind assets

CREC raises PHP5 billion from sale of shares to SMIC

Citicore Renewable Energy Corp. (CREC) said it raised PHP5 billion after selling its shares in its real estate investment trust to conglomerate SM Investments Corp. (SMIC).


Article link:

CREC raises PHP5 billion from sale of shares to SMIC




Media and Telecommunications

PLDT secures PHP1 billion 'green loan'

PANGILINAN-LED PLDT Inc. secured a PHP1 billion Green Loan facility from HSBC Philippines (HSBC) to partially fund the ongoing nationwide modernization and expansion of its fiber network supporting internet delivery platforms such as fiber fixed broadband, mobile data services and carrier-grade WiFi.


Article link:

PLDT secures P1 billion 'green loan'

KKR to invest USD400 million in Philippine telecoms tower business

Private equity firm KKR & Co will invest USD400 million in telecoms tower operations and expansion in the Philippines, the U.S. Department of Commerce said, among a slew of deals in a USD1 billion investment announced in a landmark trade mission.


Article link:

KKR to invest USD400 million in Philippine telecoms tower business



Consumer & Retail

Jollibee group invests USD28 million for 10% stake in beverage tech company Botrista

Listed Jollibee Foods Corp (JFC) announced a USD28 million investment to acquire a 10% stake in US-based beverage technology company Botrista, Inc. “We look forward to Botrista’s rapid and asset-light distribution and channel expansion that will create more value to its partners and ultimately, the end consumers”, JFC Chairman Tony Tan Caktiong said in a statement.


Article link:

Jollibee group invests USD28M for 10% stake in beverage tech company Botrista

PHL discount grocery chain DALI secures USD25 million in fresh funding

Singapore-based growth equity firm Venturi Partners said it has invested USD25 million for the expansion of discount grocery chain DALI. This marked the company’s second investment in the Philippines, following its investment in the grab-and-go coffee chain Pickup Coffee the previous year, Venturi said in a statement.


Article link:

PHL discount grocery chain DALI secures USD25 million in fresh funding





Logistics

Metro Pacific Tollways finalizing IPO plans

THE METRO PACIFIC Tollways Corp. (MPTC) said it is currently finalizing its plans for an initial public offering (IPO) as it prepares to bid for a major project in Indonesia. “It is too early because we are still in the process of valuation between us and San Miguel (San Miguel Corp.) and whether they will accept to include Indonesia, so things will change definitely in the next few months”, Rogelio L. Singson, president and chief executive officer of MPTC, said on the sidelines of a briefing.


Article link:

Metro Pacific Tollways finalizing IPO plans

Philippines' San Miguel secures bank financing for USD3 billion airport

Philippine conglomerate San Miguel Corp said it has already secured financing from banks for its 170.6 billion pesos (USD3 billion) operation and overhaul of the country's main airport.


Article link:

Philippines' San Miguel secures bank financing for USD3 billion airport


Metro Pacific-led consortium in talks to buy stake in Indonesian toll firm for USD750M

A consortium led by Metro Pacific Tollways Corp. (MPTC), the biggest toll road group in the Philippines, is in advanced talks to buy a minority stake in a unit of its Indonesian peer Jasa Marga, in a deal that could fetch USD750 million, two sources with knowledge of the matter said.


Article link:

Metro Pacific-led consortium in talks to buy stake in Indonesian toll firm for USD750 million




Real Estate


Vista Land secures loan from Japan bank

Willar-led Vista Land & Lifescapes Inc. has secured a PHP2.0 billion loan from the Manila branch of Japanese banking giant Sumitomo Mitsui Banking Corp. (SMBC).


Article link:

Vista Land secures loan from Japan bank

AREIT executes share-for-property exchange worth PHP28.6 billion

AREIT, Inc. announced a transaction exchanging shares for five properties valued at PHP28.6 billion. The swap deal involves AREIT, Ayala Land, Inc. (ALI) and its subsidiaries Greenhaven Property Ventures, Inc. and Cebu Insular Hotel Co., Inc., as well as ACEN Corp. unit Buendia Christiana Holdings Corp. (BCHC), the listed company said in a stock exchange disclosure.


Article link:

AREIT executes share-for-property exchange worth P28.6 billion





Others

AbaCore secures USD1.6 million investment from Singapore-based firm

LISTED holding firm AbaCore Capital Holdings, Inc. said it has secured USD1.6 million in additional investment from a Singapore-based investment company.

The Singaporean company bought USD1.6 million more in shares and plans to buy up to USD4 million worth, AbaCore said in a statement, without disclosing the company’s name.


Article link:

AbaCore secures USD1.6 million investment from Singapore-based firm

Belle offers PHO0.85 for each minority share in PLC

Belle Corp., a portfolio company of Sy family-led conglomerate SM Investments Corp., has set the tender offer price for all the outstanding common shares of Premium Leisure Corp. (PLC) at PHP0.85 each as the SM Group works to restructure its gaming assets.


Article link:

Belle offers P0.85 for each minority share in PLC




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 = PHP56.45 as of 04/03/2024

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