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POWER generation companies and distribution utilities (DUs) can now raise fresh funds with less difficulty from a public offering through a simplified registration process, the Securities and Exchange Commission (SEC) said on Friday.
The Department of Agriculture underscored the need to increase support for local seaweed producers to boost the potential of the second biggest export earner in Philippine aquaculture.
MANILA, Philippines — The Securities and Exchange Commission (SEC) upheld its decision to slap a P2-million fine on broadband and technology company NOW Corporation (NOW Corp.) and its CEO Mel Velarde for allegedly giving “misleading disclosures”.
How to boost and strengthen the Philippines’ agrifood systems was the main agenda during top level discussions between Agriculture Secretary Francisco P. Tiu Laurel, Jr. and Dr. Quo Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO).
The PSE [PSE 190.50, up 1.4%] [link] disclosed that its board of directors voted to approve an extension of the timeline for its disbursement of the P2.8 billion in net proceeds that it raised through a 2018 stock rights offering (SRO). Over 56% of the proceeds were supposed to have been used to acquire the PDS Group (PDS), but the SEC didn’t allow the PSE to acquire 100% of PDS until December of 2023. The PSE’s acquisition of PDS is scheduled for “2024 - 2025” under the new timeline of disbursement for the P1.58 billion earmarked for this purchase.
The SEC’s proposed second draft [link] of its new set of rules on IPO cornerstone investors contains a few adjustments to ease the burden of the new rules on both issuers and cornerstone investors. A cornerstone investor (sometimes called an anchor investor) negotiates directly with the company doing the IPO and receives a guaranteed allocation at the final offer price. The first draft of the rules required the company doing the IPO to negotiate with and disclose the identity of any cornerstone investors before filing the preliminary prospectus with the SEC and required any cornerstone investors to hold their shares in lock-up for 30 days after the IPO. This has been amended to require negotiation and disclosure on or before the official pricing of the IPO, and the 30-day lock-up has been removed entirely.
The Department of Budget and Management (DBM), in partnership with the Association of Local Budget Officers - Central Visayas Inc. (ALBOCV), has successfully conducted the Public Financial Management (PFM) Competency Program for Local Government Units (LGUs) in Central Visayas from February 19 to 21, 2024 at the Bai Hotel, Mandaue City.
Sen. Robinhood "Robin" C. Padilla on Wednesday upheld the Philippines' rights over Sabah by introducing an amendment to the proposed Philippine Maritime Zones Act.