Philippines News Archives

Friday, May 12, 2000

AC ( 05/12/2000 : AFX )
Ayala Corp said unaudited net profit for the first quarter fell to 1.37 B pesos from 1.88 bln in the same period a year earlier. In a report to the Securities and Exchange Commission, Ayala Corp managing director Rufino Luis Manotok said the decline in profits was brought about mainly by funding expenses to support the company's acquisition of Far East Bank and Trust Co. Ayala Corp's businesses, including property, banking and food showed a weaker performance, reflecting the slowdown in the economy, but the prospects for the remainder of the year remain favourable, he said. "Ayala remains confident earnings will remain stable within the year and will be enhanced in the future with its focus on technology-based business platforms and its initiatives in mobile commerce and Internet-related businesses," Manotok said. In an earlier press briefing, Manotok disclosed that the company's net profit stood at a preliminary 1.4 B pesos in the first quarter. Ayala Corp closed up 0.40 peso at 8.60 pesos.
- posted by StockMarket @ 11:28 PM

Tuesday, May 09, 2000

AC ( 05/09/2000 : PSE )
The company would like to refer to the PSE letter dated 08 May 2000 addressed to Mr. Rufino Luis T. Manotok. This is to confirm that AC International Finance Limited, a wholly-owned subsidiary of Ayala Corporation, has signed a US $100 M Five-Year committed credit facility line. The intention of the Company is not to draw immediately but to have the credit lines established to have flexibility in addressing emerging opportunities. The process of establishing credit lines is a regular activity and is being addressed as part of the normal course of business of the Company.
- posted by StockMarket @ 11:25 PM

Monday, May 08, 2000

AC ( 05/08/2000 : STAR )
Ayala Corp. will tap several foreign banks to finance its capital expenditures for the next 12 to 18 months starting with a $100-million five-year loan facility sealed Thursday last week in Hong Kong, a top-ranking official of the company told the STAR over the weekend. "These are committed credit lines. The intention is not to draw immediately but to have them ready when we needed them," the official, requesting anonymity, said. The official said tapping bank loans right now is cheaper than issuing bonds abroad as yields have gone up with the plan of the US Federal Reserves to raise its interest rates by another 25 basis points. The Fed has been raising interest rates gradually to slow down the growth of its economy and prevent a rise in the inflation rate. He stressed that the firm does not need the funds right now. "These are normal treasury operations (to finance) the (firm's) requirement in the next 12 to 18 months and there are no immediate needs," he said. Ayala Corp. has to finance about P20 billion in capital expenditures this year, bulk of which (around P16 billion) will go to its subsidiary, Globe Telecommunications. Earlier, the company said it plans to issue common X shares to raise funds. The plan was approved by its shareholders in April last year. However, unfavorable condition in the local equities market prevented the firm from issuing the shares. Its issuance has been temporarily shelved until the market recovers. He said they have been receiving various proposals from several local and foreign financial institutions for the company's capital raising activities. "Our strategy in fund raising? First of all, we always maintain an open-mind. Everytime institutions come to us with proposals, we study them. We raise money when the markets are receptive. We don't try to go out if the market is not receptive because most of the time your efforts will not pay off," he explained. He said the firm has always adopted a conservative approach in its borrowings.
- posted by StockMarket @ 11:25 PM

AC ( 05/08/2000 : AFX )
Ayala Corp said its wholly-owned subsidiary, AC International Finance Limited, has signed a 100-M usd five-year credit facility line. Ayala managing director Renato Marzan said the company has no intention to immediately draw from the credit line which was set up to provide flexibility in emerging opportunities. No other details were disclosed.

- posted by StockMarket @ 11:24 PM

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