Philippines News Archives

Saturday, April 24, 1999

AC ( 04/24/1999 : PDI )
The country's oldest conglomerate, Ayala Corp., yesterday said it is interested in acquiring a stake in PCIBank. "It is a bank we are interested in . . . I would like to confirm that," Ayala Corp. president Jaime Augusto Zobel de Ayala II told shareholders at the annual meeting. Ayala said funding for the acquisition could be sourced from either financing or what the company expects to generate from the issuance of its new common "X" shares. Ayala Corp. shareholders approved yesterday a move to increase the company's authorized capital stock to P20 B from P17 B in order to create 300 M new common "X" shares with a par value of P10 each. They also approved the reclassification of the unissued one billion class "C" preferredshares with a par value of P1 into 100 M common "X" shares with a par value of P10 per share. Ayala explained that the issuance of the common "X" shares that would give the company flexibility to raise equity to fund possible investments by the group. Business tycoons John Gokongwei and Eugenio Lopez Jr. announced in a joint statement yesterday that they would sell their combined 72% stake in PCIBank either through a negotiated private sale or through an auction. Stock brokerage analysts said the sale of PCIBank could raise at least P20 B as of last week, which would make it the biggest deal in Philippine banking history.
- posted by StockMarket @ 3:08 PM

Friday, April 23, 1999

AC ( 04/23/1999 : AFX )
Ayala Corp has set aside 21 B pesos for capital expenditures for this year, company chief finance officer Rufino Luis Manotok said. Of the total P21 B spending, 13 B will go to Globe Telecom Inc for the continuing expansion of its CMTS system and cable, 5.2 B for Ayala Land Inc's land development, 800 M for Bank of the Philippine Islands, and 500 M for Purefoods Corp, among others. Ayala Corp president and CEO Jaime Augusto Zobel de Ayala said the Ayala Group intends to acquire companies to take advantage of the ongoing corporate restructurings. "There will be opportunities. I believe it is time for us to begin taking advantage of these opportunities," Zobel de Ayala said. He confirmed earlier reports that the Group is interested in acquiring the combined 72% stake of the Gokongwei and Lopez groups in Philippine Commercial International Bank. He said the Group will "try to husband resources" and look for opportunities in the banking, real estate, telecommunications and food production sectors. He added Ayala is unlikely to invest in areas where it is not already involved. Zobel de Ayala said Ayala Corp will proceed with its planned issuance of common X shares, approved by its shareholders during today's AGM, "if right opportunities appear." "We have no formal timetable for the common X shares. We will finally issue the shares if there are opportunities to use the funds ...," he said. The common X shares, with a par value of 10 times the common shares, is intended to be used as the group's primary fund raising vehicle for equity offerings.
- posted by StockMarket @ 3:06 PM

Tuesday, April 20, 1999

AC ( 04/20/1999 : TDY-p14 )
Holding company Ayala Corp. (AC) denied on Monday newspaper reports its telecom unit Globe Telecom is ready to acquire unlisted cell phone company Islacom. "That's all speculation ...I don't think we've reached that stage," Rufino Luis Manotok, AC managing director for strategic planning. Newspapers, quoting unnamed sources, reported on Monday that the Delgado family, majority owners of Islacom, had agreed to sell its controlling stake in the company to Globe. Thailand's Shinawatra Computers and Communiocations Plc., which controls a 30% stake in Islacom would be bought out although Germany's Deutsche Telekom AG, which owns 10% in Islacom, would remain a stockholder, reports said. However, a denial from Globe's CFO Gil Genio about an agreement to purchase Islacom was also published. Globe is also talking with BayanTel, the cellphone unit of Benpres Holdings Corp., about a possible merger.
- posted by StockMarket @ 3:06 PM

Philippines News Archives Home

Philippine Jobs .ph

Summary of Job Openings

Career Articles & Resources Index

Investing in the Philippine Stock Market

Philippine Sites

Jobs in Canada