Fortea relishes spark plug role for Fighting Maroons
MANILA, Philippines – Terrence Fortea has so far been providing the spark off the bench for the University of Philippines Fighting Maroons in the UAAP Season 87 men’s basketball tournament.
Provident latest news
A deluxe movie experience awaits you at the newest cinema in the metro
MANILA, Philippines — As Ortigas Malls continuously commits to provide top-notch services to mallgoers, GH Mall in San Juan has made movie-watching more enjoyable with the newly opened Ortigas Cinemas.
PNP orders reopening of probe into killing of ex-PCSO exec Barayuga
MANILA, Philippines — Philippine National Police (PNP) Chief Rommel Marbil has ordered the immediate reopening of the investigation into the killing of Philippine Charity Sweepstakes Office (PCSO) board secretary, Wesley Barayuga.
SEC approves AREIT’s P28.6B property injection
Ayala Land [ALI 37.20 ?2.2%; 62% avgVol] [link] subsidiary, AREIT [AREIT 36.80 ?0.3%; 136% avgVol], shared that it received approval from the SEC for its P28.6 billion property-for-share swap with various sibling and affiliate companies in the Ayala Group. The transferred properties include an office building, a mall, two business hotels, and 2,759,135 of industrial land in Zambales. The swap was done using new (primary) AREIT shares at an exchange price of P34.00/share, which was a 3.75% premium over the 30-day volume-weighted average price (30-day VWAP) of AREIT shares at the time. AREIT said that it expects the transfer to “boost dividends per share”, with the expected yield of 3% for the office building, 2.5% for the mall and hotels, and 1.5% for the industrial land. As per AREIT, its FY23 yield was approximately 6.6% relative to the 30-day VWAP price, and this transaction could increase AREIT’s overall yield to 6.96% once the assets are infused. AREIT will be able to recognize income from the new assets starting from July 1, 2024.MB BOTTOM-LINE: I think AREIT did a great job of explaining how this transaction will benefit shareholders. It’s one thing to execute a massive property-for-share swap and simply assert that the transaction is “dividend accretive”. (That just means they expect the transaction to add to the company’s dividend per share.) But that alone doesn’t tell us a lot about how much they expect the properties to add to the dividend, or how the different asset types are anticipated to contribute. AREIT’s transparency gives some footing to measure the actual against the expected. Of course, the disclosure says that “estimated yields and total shareholder return are subject to actual operating performance and market conditions” – that’s just business. But with this level of detail, they aren’t able to just marginally increase the dividend by a few centavos and claim “mission accomplished” because the dividend was boosted. I would love for other REITs to follow AREIT’s lead here in terms of the level of detail provided in the discussion section of this disclosure.
Press Release - "Ilapit ang tulong at serbisyo ng gobyerno sa mga nangangailangan" -- Bong Go partners with LGU to provide support to various sectors in Cauayan City, Isabela
On Saturday, September 28, Senator Christopher "Bong" Go personally extended support to struggling residents from various sectors in Cauayan City, Isabela.
Press Release - Marikina City father battles kidney disease with the help from Bong Go's Malasakit Center initiative
Life had been a daily battle for James Umpad, a 33-year-old father from Marikina City. Diagnosed with Stage 5 kidney disease, he often found himself on the brink of despair, his body weakened by illness, and his spirit burdened by the financial strain that comes with long-term treatment.
Press Release - Bong Go supports groundbreaking of Super Health Center in Cauayan, Negros Occidental
Senator Christopher "Bong" Go, Chairperson of the Senate Committee on Health and Demography, commended the groundbreaking of another Super Health Center in the country which aims to bring primary health services closer to communities, this time in Barangay Talacdan, Cauayan, Negros Occidental.
3-year network infrastructure plan presented
MANILA, Philippines — A three-year network infrastructure buildup plan to reach geographically isolated and disadvantaged areas (GIDAs) by 2028 has been presented by telecommunications providers in the Philippines.