Quick takes from around the market
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Elon Musk biography to be adapted into movie
WASHINGTON, United States — A top-selling biography of billionaire Elon Musk is being adapted into a film with prolific US director Darren Aronofsky already attached, production company A24 said.
'This has to stop': Anne Curtis feels for children caught in Israel-Hamas war
MANILA, Philippines — Actress-host Anne Curtis wished she could do more for the innocent lives who are caught in the middle of the ongoing Israel-Hamas war.
Kathryn Bernardo, Daniel Padilla fans call out Ogie Diaz for being 'fake news peddler'
MANILA, Philippines — Veteran showbiz reporter Ogie Diaz trended online after fans of Kathryn Bernardo and Daniel Padilla, also known as KathNiels, called him out for being a "fake news peddler."
ACEN 9M net income: P6.6-B (UP 59% y/y)
ACEN [ACEN 5.19, down 2.1%; 115% avgVol] [link] teased its Q3 and 9M results, headlined by a 9M consolidated net income of P6.6 billion (+59% y/y), boosted largely by the sale of ACEN’s interest in two geothermal power plants in Indonesia. Consolidated revenues for the period were up 13% to P28.6 billion, with “core operating earnings” up 100% thanks to new operational capacity coming online and ACEN’s “shift to a set selling merchant” in 2023. ACEN did warn that its Q3 operating earnings dipped due to scheduled plant maintenance and seasonably low wind and spot electricity prices, but added that it was able to maintain its position as a net seller thanks to the new capacity that came online this year. ACEN reported that its attributable renewables output was up 27% to 3,174 gigawatt-hours.
PVL probes Gerflor for alleged non-payment of players
MANILA, Philippines -- The Premier Volleyball League has looked into allegations hurled at the Quezon City Gerflor Defenders regarding non-payment of player salaries.
Unprecedented family financial support for Monde's meat alternative business
Monde Nissin [MONDE 7.90 unch; 79% avgVol] [link] announced a bizarre and remarkable commitment from Henry Soesanto, MONDE’s CEO, and the rest of MONDE’s controlling shareholders, to offer a one-time cash “top-up” to reduce the net cumulative impairment of Monde Nissin Singapore Pte. Ltd., MONDE’s wholly-owned subsidiary that holds MONDE’s struggling alternative meat business. The commitment will begin for any impairment starting in FY23, and carry through for 10 years for any impairments through FY32, with that one-time payment coming on or before June 30, 2033. The amount of this commitment is capped at 12% of the value of MONDE’s outstanding shares, based on a weighted average of the last five trading days of 2032. The commitment will automatically expire if MONDE ceases to control the entities holding MONDE’s alternative meat assets. The amount of the commitment will also be pro-rated if MONDE retains control of the alternative meat assets but sells a portion of the business to another investor or group of investors. As of yesterday’s closing price, the value of the shares pledged is approximately P17 billion.
Monde Nissin ownership group offers to personally backstop Quorn losses for 10 years, but...
Monde Nissin [MONDE 7.90 unch; 79% avgVol] [link] announced a bizarre and remarkable commitment from Henry Soesanto, MONDE’s CEO, and the rest of MONDE’s controlling shareholders, to offer a one-time cash “top-up” to reduce the net cumulative impairment of Monde Nissin Singapore Pte. Ltd., MONDE’s wholly-owned subsidiary that holds MONDE’s struggling alternative meat business. The commitment will begin for any impairment starting in FY23, and carry through for 10 years for any impairments through FY32, with that one-time payment coming on or before June 30, 2033. The amount of this commitment is capped at 12% of the value of MONDE’s outstanding shares, based on a weighted average of the last five trading days of 2032. The commitment will automatically expire if MONDE ceases to control the entities holding MONDE’s alternative meat assets. The amount of the commitment will also be pro-rated if MONDE retains control of the alternative meat assets but sells a portion of the business to another investor or group of investors. As of yesterday’s closing price, the value of the shares pledged is approximately P17 billion.