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MANILA, Philippines -- The San Miguel Beermen held on and took Game 1 over the gritty Rain or Shine Elasto Painters, 101-98, in the PBA Philippine Cup semifinals Friday at the Mall of Asia Arena in Pasay City.
LOS ANGELES – The Indiana Pacers put on a shooting clinic to throttle the New York Knicks, 130-109, on Sunday (Monday Manila time) and book an NBA Eastern Conference finals showdown with the top-seeded Boston Celtics.
Ayala Corp [AC 620.00 ?1.3%; 131% avgVol] [link] disclosed that its subsidiaries, Michigan Holdings and Philwater Holdings, would sell their combined holdings in Manila Water Company [MWC 26.60 ?1.5%; 123% avgVol] to Trident Water Company Holdings (TWC), which is owned by MWC’s current owner, Enrique Razon. The combined value of the two sales to TWC is P14.5 billion. The block of shares coming to TWC through Michigan Holdings was already processed and paid for (~P12.9 billion), and the remaining P1.6 billion worth of shares from Philwater Holdings will be purchased in installments over the next five years. AC confirmed that it will have no post-transaction common share interest in MWC, and that its voting stake will be “nil”. MB BOTTOM-LINE: In a weird way, the transfer of ownership and control of MWC from the Zobel Family to the Razon Family is one of the few lasting “achievements” of the Duterte administration. I put “achievements” in quotation marks because it’s not clear how the President’s overreach into the public markets benefitted anyone other than the obvious (MWC’s current owner). As longtime readers of MB will know I have a deep respect for Mr. Razon’s business acumen and operational quality, but I don’t know that MWC customers have necessarily felt any change as a result of this transfer, and I don’t know that minority shareholders have felt any change either. So maybe it was just Mr. Razon in the right place at the right time while Duterte rode the media waves of threatening the Zobels with death and dismemberment? Yeah, it was a weird time.
MANILA, Philippines — The Indiana Pacers produced another big win on their home court Friday, routing the New York Knicks 116-103 to force a decisive Game 7 in their NBA Eastern Conference semifinal series.
MANILA, Philippines -- For the fourth straight season, the National University Bulldogs reigned supreme in the UAAP men's volleyball tournament.
CLEVELAND — Humataw si Jayson Tatum ng 33 points para gabayan ang Boston Celtics sa 109-102 pagligpit sa Cavaliers sa Game Four at kunin ang 3-1 lead sa kanilang Eastern Conference semifinals series.
MANILA, Philippines – National University Lady Bulldog Bella Belen and University of Santo Tomas’ Golden Spiker Josh Ybanez are now two-time UAAP volleyball tournament Most Valuable Players.
WASHINGTON, United States — The container ship that collided with a major bridge in Baltimore, collapsing it within seconds, suffered two electricity blackouts in the moments before the disaster, a preliminary report by federal investigators released Tuesday said.