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Ayala Corp sells P8B stake in GCash parent to Mitsubishi - philstar.com - Philippines

Ayala Corp sells P8B stake in GCash parent to Mitsubishi

According to a report by InsiderPH, Ayala Corp. [AC 717.50, down 1.7%; 30% avgVol] is selling half of its stake in AC Ventures (ACV) to Mitsubishi for P18 billion, in a deal that values GCash at approximately P288 billion (~$5 billion).  ACV owns a stake in Globe Fintech Solutions (Mynt), which in turn owns GCash. This deal is apparently a continuation of the July transaction where MUFG acquired an 8% stake in Mynt for $393 million; it was conducted on the same valuation terms. According to InsiderPH, Ayala will use the proceeds of the sale to “retire loans it took to finance AC Ventures’ stake that matched MUFG’s entry in GCash last July.”     

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CTS still has not disbursed 56% of its 2022 IPO - philstar.com - Philippines

CTS still has not disbursed 56% of its 2022 IPO

According to its quarterly Disbursement of Proceeds and Progress report, CTS Global [CTS 0.71, down 4.0%; 5% avgVol] [link] has over P780 million in undisbursed proceeds from its April 2022 IPO that raised P1.375 billion. The company has not disbursed a material amount of its IPO proceeds since its January 2023 progress report. The stock is down 7.5% over the past year, down 1.3% year-to-date, and down 26% from its IPO price of P1.00/share. It declared P0.00264/share in regular and special dividends this year out of its FY23 unrestricted retained earnings, at a yield of 0.4% at CTS’s market price at the time of the declaration. The stock is up 23% since the middle of June.

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Why do you care if shares sold are primary? - philstar.com

Why do you care if shares sold are primary?

Because it helps me follow the money! Long-time readers know how important the distinction between primary and secondary shares can be for something like an IPO or a strategic investment, but for new readers or for those who are new to investing and reading financial disclosures maybe a little explanation is in order.> “Primary” definition:  Primary shares are “new” shares that are issued by the company out of its authorized capital stock. The money paid by investors for primary shares will go to the company. A primary share sale increases the company’s outstanding shares.> “Secondary” definition:  Secondary shares are “used” shares that are held by an investor.

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SEC wants to boost number of energy IPOs - philstar.com - Philippines

SEC wants to boost number of energy IPOs

The SEC [link] has said that it is planning to launch a new set of guidelines “early next year” to create “sort of a fast lane where [the SEC] will prioritize registration of investments in the energy sector.” The guidelines will require the SEC to complete its review of a power company’s registration statement in less than 45 days, and will allow applicants to bypass the SEC’s  20% public float requirement to avail of a lower 15% public float minimum. The SEC thinks this will “enable faster approvals” by “making it easier to comply”.

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PHINMA closes education unit stake sale to KKR - philstar.com - Usa

PHINMA closes education unit stake sale to KKR

PHINMA Corporation [PHN 21.00 unch; 48% avgVol] [link] disclosed that its education arm, PHINMA Education Holdings (PEHI) had closed its stake sale to American private equity firm KKR. Under the deal, PEHI sold P3.59 billion primary shares to KKR and another P0.90 billion primary shares to a fund called Kaizenvest. KKR also entered into agreements to acquire all of the secondary PEHI shares owned by several development banks and funds like ADB that invested in PEHI back in 2019. Upon this closing, PEHI received an initial payment of P2.52 billion from KKR. PHN said that it now owns 66.41% of PEHI’s outstanding shares. PHN isMB BOTTOM-LINE:  This deal with KKR is ultimately what killed PHN’s push to IPO its education arm. Perhaps “kill” is a strong word, because KKR is a "financial investor", and financial investors (especially large American ones like KKR) are only in it to make money. They’re not like a strategic investor that hopes to marry its skills and network to grow and improve the business over the very long term; KKR is interested in earning multiples of its investment through some medium-term “exit”. The most common way for financial investors to exit a large position like this is through an IPO, so PHN will now cause PEHI to use the proceeds of this sale to improve the company’s valuation ahead of bringing PEHI to market to allow KKR to exit. From PHN’s perspective, it’s a win-win, as they get to use KKR’s money to build/improve the business and both PHN and KKR stand to benefit if/when the spin-off IPO of PEHI takes place. As PEHI said in a recent article, they’re now considering 2027 to 2029 to be the new PEHI IPO window. It’s possible to list the company earlier if conditions make it profitable. It's also possible things go sideways and they need to find a new financial investor to step in to carry the bags. PHN is up 133% from its COVID-crash low, up 3% year-to-date, and up 8% since June. One of PHN’s peers, STI Education [STI 1.33 unch; 21% avgVol], is up 250% from its COVID-crash low, up 175% year-to-date, and up 45% since June. The education sector is hot, but some stocks are just hotter than others.

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Alternergy FY24 profit: P130M (+240%) - philstar.com - Palau

Alternergy FY24 profit: P130M (+240%)

Alternergy [ALTER 0.83 ?1.2%; 425% avgVol] [link] reported an FY24 net income of P130 million, up 240% from its FY23 net income of P38 million, thanks to a 60% jump in gross revenues “particularly from ALTER’s operating assets”. Most notable of these is the Palau Project plant that started operations in January 2024 and posted P87 million in revenues in 6 months of operations. Some of its existing solar plants reported higher production thanks to higher “irradiation” (fancy way of saying “sunlight”).

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RL Commercial REIT’s P34B infusion approved by SEC - philstar.com - Philippines

RL Commercial REIT’s P34B infusion approved by SEC

RL Commercial REIT [RCR 5.76, up 0.2%; 209% avgVol] [link] disclosed that the SEC approved its P33.9 billion acquisition of 13 properties from its parent company, Robinsons Land [RLC 15.90, down 1.1%; 98% avgVol], in exchange for approximately 5 billion primary RCR common shares. The transaction was deemed effective on the date of the SEC’s September 19 approval, which increased RCR’s issued and outstanding shares to approximately 15.7 billion and dropped its public float/ownership to 34.1%. This completes the third asset swap between RCR and RLC. While SEC approval was not granted until just yesterday, revenues from the transferred properties have been accruing to RCR since April 1, 2024.

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Hotel101 offering free Yumburger for app download - philstar.com - Philippines - Usa

Hotel101 offering free Yumburger for app download

Hotel101 [link], a subsidiary of DoubleDragon [DD 9.10, up 3.1%; 65% avgVol], is partnering with Jollibee [JFC 262.80, up 1.1%; 64% avgVol] to offer a free Yumburger to new users who download the Hotel101 Global App. Existing app users are able to participate through referrals. The promo runs from September 18 to October 18, and the prizes earned are redeemable in Jollibee stores until December 17 of this year. As noted by the InsiderPH article, Hotel101 Global is preparing for its IPO later this year in the US. Tony Caktiong owns JFC and is the Co-Chairman of DD with Injap Sia. 

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