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Philippines Newsletter - November 2022



Market Summary


  • The Real Estate sector experienced the largest deal activity last month, led by the property investments of the joint venture between Ayala Land Inc. and the Araneta group for a total transaction value of USD354.6m. In addition to this, Globe Telecom Inc raised over USD301.2m through its recent stock rights offering (SRO).

  • Grouping, the Philippines-based online group-buying platform secured USD30.0m from Series B financing, led by Groupon, and Alternergy Holdings Corp was cleared to push forward with its initial public offering (IPO) amounting to USD39.0m

Aggregate Deal Value* = USD727.6m

 

This month’s top deals


Energy & Utilities

ACEN subscribes to shares in wind energy units

ACEN Corp. announced that it had executed subscription agreements with two of its subsidiaries to fund a wind energy project in Pagudpud, Ilocos Norte. In a disclosure, ACEN said it subscribed to around 7.3 million shares of its wholly-owned subsidiary, Bayog Wind Power Corp. It said the subscription, priced at PHP100.0 each share, will be used for the development of the unit’s 160-megawatt (MW) wind project in Pagudpud’s barangays Balaoi and Caunayan.

ACEN fully divests from its coal power plant unit

ACEN Corp. has completed divesting its stake in a 246-megawatts (MW) coal-fired power plant subsidiary South Luzon Thermal Energy Corp. (SLTEC) through a mechanism that funds the transition from coal to renewables. ACEN said the move will allow the early retirement of the coal plant in Batangas, bringing the company closer to its target of 100% renewable energy generation by 2025 and its transition to cleaner technology by 2040.

SEC clears PHP2.2 billion IPO of Alternergy Holdings

Alternergy Holdings Corp., founded by former Energy Secretary Vicente Perez, is pushing forward with a PHP2.2 billion (USD39.0 million) initial public offering despite challenging market conditions. Alternergy Holdings is selling up to 1.5 billion shares at a maximum offer price of PHP1.5 per share to finance the development of new projects and for debt repayment.

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Telecommunication & Media

Globe stock rights offer raises PHP17 billion

Telco giant Globe Telecom Inc. has fully subscribed the amount of PHP17.0 billion (USD301.4 million) from its stock rights offering (SRO), raising the cash needed to cover debt payments and capital expenditures. In a regulatory filing, Globe announced that it sold a total of 10.1 million common shares at an offer price of PHP1,680.0 per entitlement right, for a total of PHP17.0 billion.

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Technology

Grouping obtains Series B financing

The original Internet company "Grouping" headquartered in Makati, Philippines, announced that it has secured another USD30 million Series B financing. This round of financing, led by Groupon, the originator of online group buying, and followed by the famous venture capital company a16z, will boost the development of "Grouping".

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Real Estate

Ayala, Araneta to infuse PHP20 billion to expand Altaraza

AYALA LAND, Inc. and the Araneta group are investing PHP20 billion (USD354.6 million) to expand their joint venture’s mixed-use estate in San Jose del Monte, Bulacan. The investment, under the two companies’ Altaraza Development Corp., will be used to develop 600 hectares that will widen the estate.

Filinvest REIT adds PHP1.1 billion Boracay land to portfolio

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Industrials & Manufacturing

Eagle Cement stockholders approve firm's delisting

EAGLE Cement Corp. said that no stockholder voted against its proposal to voluntary delist in relation to the company’s ongoing sale of shares to a San Miguel Corp. (SMC) subsidiary. In a disclosure to the Philippine Stock Exchange (PSE), Eagle Cement said that it received the written assent of its stockholders that represent a total of 4.61 billion shares or 92.27% stake in the company.

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Consumer and Retail

Solid Group to acquire electronics retailers

Solid Group, Inc.’s board of directors has approved a plan to acquire Avid Sales Corp. for PHP100.2 million (USD17.8 million). The acquisition price is less than 10% of Solid Group’s total consolidated assets and is less than its threshold amount for material related-party transactions.

Lucio Co infusing allied business into Puregold

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Transportation and Logistics

Gogoro to launch EV battery stations and scooters in the Philippines

Gogoro, a Taiwan-based electric vehicle firm, has expanded its operations into the Philippines through a strategic partnership with telecom company Globe’s 917Ventures and local conglomerate Ayala Corporation. The firm plans to launch the pilot program in the first quarter of 2023.

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Financial Services

Japan's Sumitomo Mitsui to boost stake in Philippines' RCBC for USD460 million

Sumitomo Mitsui Financial Group Inc said it would buy an additional 15% stake in the Philippines’ Rizal Commercial Banking Corp (RCBC) for about USD460.0 million. The move is part of a drive by Japan’s second-largest lender to capture growth in Asian emerging markets through acquisitions, spurred on by limited business opportunities at home with ultra-low interest rates and an aging population.

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Other

Philippine startup enabler launches with USD10 million fund

Philippine-based startup accelerator Archipelago Labs (A-Labs) has launched a USD10 million fund to back and support Web3 startups and talent in the country. The company plans to deploy the fund in early-stage companies with sustainable business models and sound token economics.

Ayala-Yuchengco education unit expands partnership with Coursera

San Miguel secures SEC permit to sell PHP60 billion bonds


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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 = PHP56.40 as of 30/11/2022


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