Philippines News Archives

Friday, April 28, 2000

AC ( 04/28/2000 : PSE )
Please find hereunder the text of the news article that will be released today related to the launch of iAyala Company, Inc., a wholly-owned subsidiary of Ayala Corporation. 'Ayala Corporation President, Mr. Jaime Augusto Zobel de Ayala II revealed today the 166-year-old conglomerate's plan to be "a prime architect of the New Economy." To carry out this strategy, Ayala has established a wholly-owned subsidiary, iAyala Company, Inc. to aggressively seek revenue opportunities in internet-related activities for companies within the group iAyala's tasks include undertaking projects and executing deals jointly with Ayala Corporation subsidiaries as well as developing relationships with other players in this dynamic market. It is also building internet communities in the country by nurturing start-up Filipino entrepreneurs. iAyala was incorporated early this year as the group's holding company for investments in internet-related businesses and ventures and will be capitalized at P1.5 B with authoorized capital stock of P3 B. Ayala Corporation has an 85% stake in the company. Diosdado Banatao, one of Silicon Valley's most successful entrepreneurs holds the remaining 15%. Before joining Mayfield Fund in 1998, he founded three Silicon Valley semiconductor companies: S3, Chips and technologies, Inc. and Mostron. other companies within the group are likewise actively embracing the New Economy in their operations. Another significant initiative is Ayala Land's lifestyle and entertainment portal or gateway to the internet, MYAYALA.COM. It is envisioned as the "premier on-line community in the Philippines," related Mr. Francisco H. Licuanan, III President of Ayala Land, Inc. Drawing from its core of merchants in its commercial centers, Ayala Land has set up the beginnings of a one-stop, on-line channel for shopping. It is expected to have at least 100 merchants by year-end as well as information on dining and entertainment outlets, chat rooms and discussions boards. On the business to business side, Ayala intends to organize a range of B2B market places and supply chain products. These will include data centers, telecommunication links and IT parks to name a few.
- posted by StockMarket @ 11:20 PM

AC ( 04/28/2000 : PSE )
Please be informed that iAyala Company, Inc., a wholly-owned subsidiary of Ayala Corporation (AC), has concluded a PhP1 Million Investment into Music.Com, Inc., the premier full service music destination. This investment represents iAyala's interest in investing in companies worldwide and developing strategic partnership in the emerging internet communication. In addition, iAyala and Music. Com are discussing a possible joint venture for a Philippine based version of Music.Com to be launched later this year. iAyala was incorporated in January 2000. iAyala is a wholly-owned subsidiary of Ayala Corporation, the Philippines' largest conglomerate with interests in banking/financial services, real estate development, telecommunications and infrastructure. iAyala is driven by three primary objectives: 1) to originate business development and revenue opportunities from IT convergence trends for the Ayala Group, 2) to complete projects and execute deals jointly with subsidiaries, and 3) to develop and maintain relationships in the regional internet communities. Music.com (www.music.com), along with its business partners, operates an Internet site providing aggregator and gateway services to the consumer (B2C) and professional music industry (B2B). First launched in October 1998, traffic to the site has increased over 600% and continues climbing at an increasing rate. Acting more than just a music information site, music downloading site or music portal, Music.com covers all aspects and genres of music, including today's biggest and upcoming acts and is host to artist's web sites, reviews, features, contests, chats, free e-mail, and other music related information.
- posted by StockMarket @ 11:19 PM

AC ( 04/28/2000 : PSE )
Ayala Corporation ("AC") clarified to the Exchange a news article entitled "Ayala units tie up with Yahoo" published in today's issue of the Manila Bulletin. The article reported that AC firmed up an agreement with web firm Yahoo Inc. as part of the company's plan to diversify into the Internet. In its letter of even date, AC stated that: "This is to confirm that iAyala Company, Inc. will sign the agreement with Yahoo Inc. this afternoon. x x x"
- posted by StockMarket @ 11:19 PM

AC ( 04/28/2000 : PSE )
Relative to the company's disclosure yesterday on the investment of iAyala Company, Inc. in Music.Com, Inc., the company would like to confirm that the amount of the investment is US$ 1 Million.
- posted by StockMarket @ 11:18 PM

AC ( 04/28/2000 : AFX )
Ayala Corp expects its net profit for this year to be flat to slightly higher compared with the level a year earlier, company president Jaime Augusto Zobel de Ayala II told a news briefing. "We're hoping to hit the (net profit) level (recorded) last year or (post a) slightly better (level)," Zobel said, but did not elaborate. Ayala Corp has said its 1999 net profit stood at 5.1 B pesos against 6.6 B in 1998. Zobel said the company has set its capital spending for this year at 20.0 B pesos, of which 14 B will be used for its unit Globe Telecom. At 10:59 am, Ayala Corp was down 0.20 peso at 9.30 on 845,000 shares.
- posted by StockMarket @ 11:18 PM

AC ( 04/28/2000 : AFX )
Ayala Corp said its subsidiary iAyala Co Inc and Music Corp unit Music.com Inc are in talks for a possible partnership in the operation of an internet site providing aggregate and gateway services to consumers and the music industry. "iAyala and Music.com are discussing a possible joint venture for a Philippine-based version of Music.com to be launched later this year," Ayala Corp said in a notice to the stock exchange. U.S.-based Music.com covers all genres of music and is host to artists' web sites, reviews, features, contests, chat, free-email, and other music-related information. Ayala Corp said iAyala has concluded a 1 M peso investment into Music.com.
- posted by StockMarket @ 11:17 PM

AC ( 04/28/2000 : AFX )
Ayala Corp's preliminary net profit for the first quarter stood at 1.4 B pesos, company managing director Rufino Luis Manotok told a news briefing. "It's very preliminary at 1.4 B pesos," Manotok said, when asked about the company's performance in the first three months. "We are still in the process of completing our books," he said, declining to provide first quarter revenue and expenditure figures, neither did he give comparative figures. Ayala Corp earlier said its net profit fell to 5.1 B pesos in 1999 from 6.6 B year-on-year due to flat or lower results of its units Ayala Land Inc and Bank of the Philippine Islands. At 10:39 am, Ayala Corp was down 0.20 pesos at 9.30 on 559,000 shares.
- posted by StockMarket @ 11:17 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