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Senator Win Gatchalian said the Public Transport Modernization Program (PTMP), formerly known as the Public Utility Vehicle Modernization Program (PUVMP), is achievable with adequate government support. He emphasized his ongoing commitment to the initiative.
The Department of Agrarian Reform-CAR (DAR-CAR) conducted a four-day media training event at the Center of Excellence Training Building, NTC-CAR, in Pacdal, Baguio City. The training, titled "Engaging Agrarian Communities and the Public: Purpose Driven Media Training for Information Officers (IOs)," aimed to boost the communication skills of the agency’s designated IOs in the provinces of Abra, Apayao, Benguet, Ifugao, Kalinga, and Mountain Province. On the first day, the training began with a session on developing effective communication strategies to bridge the gap between agrarian reform initiatives and the communities they serve.
SP New Energy [SPNEC 1.03, up 3.0%; 90% avgVol] [link] clarified a news report that SPNEC was looking to “secure foreign investments for its P200-billion Terra Solar development as early as October this year.” The PSE asked SPNEC to clarify the information and timeline. SPNEC confirmed that it is “committed to finalize a deal with a Strategic Investor... in 2024”, but clarified that its deadline for receiving binding offers is “set in mid-August” and that SPNEC board approval of moving forward with a particular offer “will likely be in September.” SPNEC is led by Manny V. Pangilinan (MVP) and owned by Meralco [MER 390.00 unch; 47% avgVol]. The company is looking to sell up to 40% of its massive Terra Solar project to finance that project’s development after the company’s previous owner, Leandro Leviste, failed to maintain a partnership with Enrique Razon and failed to find an alternative funding source.
MANILA, Philippines — Attention all lottery fans! The dream of transforming your life by winning an astonishing American jackpot prize may be just a few clicks away!
MANILA, Philippines — Attention all lottery fans! The dream of transforming your life by winning an astonishing American jackpot prize may be just a few clicks away!
This is a follow-up to the story about how MEDCO’s [MED 0.21 ?28.5%; 1619% avgVol] parent company was acquired by a mysterious firm called Winter Dragon Limited (WDL). Thanks to MED’s disclosure, we now have a little more information about who (or what) has acquired MED ahead of the planned tender offer. According to the disclosure, control of Millennium Empire Holdings (MEH), the parent company of the parent company of MED, passed from Tay Yew Beng Peter to WDL, with MED asserting that there is no “material” relationship between Tay Yew Beng Peter and WDL [link]. The amount paid by WDL for MEH was $1.56 million USD. By purchasing MEH, WDL gains control of MEH’s 100% interest in Bonham Strand Investments (BSI), and in turn, gains control of BSI’s 69.68% interest in MED. WDL’s rationale for the transaction is that it “seeks to expand their investments in Southeast Asia”. WDL is owned by Visanta Master Fund Pte. Ltd., which is based out of Singapore. MB BOTTOM-LINE: I still don’t get what’s going on here, but at least the cast of characters is a little less chaotic. Still, my Google searches for anything related to WDL’s beneficial owner, Visanta Master Fund, turned up almost nothing except for a hit on a past investment in a Japanese instant noodle manufacturer. The rationale provided–that WDL wants to expand its investment in SE Asia–feels incomplete to the level of malicious compliance. Regardless of the details, MED’s stock continued to rocket. It was up 28% yesterday after being up 50% the day before which is good enough for a 92% two-day gain. This puts MED’s marketcap at P670 million. For a company that WDL paid P90 million to acquire. Expect more developments to come.
CHINESE businessman Michael Yang left the country for Dubai before the House of Representatives could serve the arrest warrant it issued against him for his repeated failure to attend the panel’s hearing on the discovery of 560 kilos of shabu in a warehouse in Mexico, Pampanga last September.
MANILA, Philippines — The Department of Information and Communications Technology (DICT) is preparing the guidelines for the conduct of an audit of the subscriber identity module (SIM) card registration database.