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TACLOBAN CITY – Residents of two farming villages in this city will soon enjoy paved roads as the Department of Agrarian Reform (DAR) and Department of Public Works and Highways (DPWH) start the construction of two farm-to-market roads (FMRs) following its recent groundbreaking rites.
MANILA, Philippines — Recognizing the opportunities in growing infrastructure and development projects in the Philippines, Malaysia External Trade Development Corporation (MATRADE), the national trade promotion agency under the Ministry of Investment, Trade and Industry (MITI) Malaysia, is spearheading the Market Immersion Mission to the Philippines from March 12 to 15 covering two cities, namely Davao and Manila.
HONG KONG, China — Asian markets rallied Thursday after Wall Street's record-breaking day as traders welcomed news that the Federal Reserve still saw three interest rate cuts this year even after recent data pointed to a bounce in inflation.
MANILA, Philippines — Malls and shopping establishments have announced their adjusted schedules for the Holy Week.
Senator Christopher "Bong" Go commended the grand opening of the Pili Public Market in Camarines Sur, along with the groundbreaking of the Pili Super Health Center on Friday, March 15.
The Department of Agriculture (DA) joins the launch of the Filipino Food Month (FFM) or Buwan ng Kalutong Pilipino at the Casa Buenas, Newport World Resorts on March 20, 2024. This year’s FFM, themed “Kalutong Filipino, Lakas ng Kabataang Makabago,” seeks to empower the youth as leaders to promote Philippine culinary heritage and gastronomy.
Belle Corp [BEL 1.96 suspended] and Premium Leisure Corp [PLC 0.92 suspended] were both voluntarily suspended for the day yesterday after BEL disclosed details of its proposed tender offer to acquire PLC’s public float and eventually delist PLC from the exchange. According to BEL, it will conduct its tender offer for PLC shares from March 22 through April 24. BEL will pay P0.85/share, with settlement on May 9. BEL said the tender offer price was set by the PSE’s rules, which require the price to be the higher of the highest valuation based on the Fairness Valuation Report or the volume-weighted average price of PLC over the past year. According to BEL, the First Metro valuation report said that PLC was fairly valued at a range between P0.60/share and P0.85/share. The volume-weighted average price of PLC shares over the period was P0.60/share. BEL will need to acquire at least 95% of PLC’s outstanding shares to meet the PSE’s threshold for delisting.MB BOTTOM-LINE: The tender offer price is 15% higher than PLC’s price on the day before the proposed tender offer was announced, which was P0.74/share; however, the dramatic uptick in demand for PLC stock after that announcement pushed the market price of PLC shares up to P0.92/share, which makes the tender offer price an 8% discount to PLC’s current market price. When the suspension is lifted this morning, I expect to see PLC’s stock price drop by about 10% to somewhere just below the tender offer price. This will put the ~400 million shares traded above the tender offer price in a losing position. To look at the tender offer from a technical perspective, BEL owns approximately 24.9 billion of PLC’s 31.2 billion outstanding shares. This means that it will need to buy at least around 4.7 billion shares through the tender offer to successfully delist PLC. At the tender offer price, this would cost BEL approximately P4 billion to complete.
WASHINGTON: The US Federal Reserve (Fed) could provide additional clues on Wednesday, US time, about how much it will cut interest rates this year, but it is almost certain to leave its key lending rate unchanged for the time being.