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AC ( 08/11/2000 : PSE )
The Exchange approved on August 10, 2000, the application of AYALA CORPORATION to list additional 2,381,462,342 common shares, with a par value of P1.00 per share, to cover the 20% stock dividend declaration to stockholders of record as of July 24, 2000. However, the actual listing of the 22,268,810 common shares representing the 20% stock dividend of the Executive Stock Option Plan (ESOP) and Employee Stock Ownership Plan (ESOWN) shares subscribed since 1991, shall take effect upon full payment and listing of the ESOP and ESOWN shares. In view thereof, the listing of the 2,359,193,532 common shares is set for Monday, August 14, 2000. The designated stock transfer agent is hereby authorized to record and register in its books the above number of shares.
AC ( 08/11/2000 : PSE )
In reply to the Exchange's query with regard to the news report of the sale of Purefoods Corporation, a subsidiary of Ayala Corporation (AC) to San Miguel Corporation, AC stated that: "xxx please be advised that Ayala Corporation has not sold Pure Foods Corporation to San Miguel Corporation . We wish to state that we have not received any formal offers from any party indicating their interest to purchase Pure Foods Corporation."
AC ( 08/11/2000 : AFX )
Ayala Corp three months to June financial results:
Net profit - 1.048 B pesos vs 1.229 B
Revenues - 8.952 B pesos vs 7.918 B
Costs and expenses - 7.521 B pesos vs 6.420 B
Ayala Corp six months to June financial results:
Net profit - 2.418 B pesos vs 3.113 B
Revenues - 17.149 B pesos vs 16.474 B
Costs and expenses - 14.127 B pesos vs 12.714 B
In a report to the Securities and Exchange Commission, Ayala Corp managing director Rufino Luis Manotok said the 22 pct decline in its first half bottom line was "reflective of the general slowdown in business activity". Manotok said Ayala Corp unit Globe Telecom Inc's strong earnings partly offset the lower earnings contributions from other subsidiaries. Ayala Land posted a net profit which was on a par with last year's level as the company continued to diversify its revenue mix "with recovery confined to a few sectors of the property market," he said. The narrower interest spreads and weak fee-based business pressured down the bottom line of unit Bank of the Philippine Islands, he also said. Ayala Corp sees an improvement in its future earnings capability as it focuses its corporate initiatives on technology, he added. Ayala Corp closed unchanged at 6.70 pesos.
AC ( 08/11/2000 : AFX )
Ayala Corp's net profit of 2.4 B pesos in the six months to June was within expectations, although it was 22 pct lower from a year earlier, ATR Kim Eng Securities analyst Denis Du said. "Our expectation for the full year is for a 5.3-5.4 B peso net profit. We don't see the need right now to downgrade. The 2.4 B peso net profit in the first half was within expectation," said Du. He said the 5.3-5.4 B peso net profit will be slightly higher than the year earlier figure but only because it includes earnings from the recently merged Far East Bank and Trust Co and Bank of the Philippine Islands. Du said the drop in Ayala Corp's net profit was expected given Ayala Land's flat earnings growth and the merger costs incurred by BPI. For the full year, Ayala Land will likely post flat earnings while BPI's earnings decline should decelerate as its merger with Far East Bank progresses. BPI net profit fell 37 pct to 1.92 B pesos in the first half of the year. He said the favourable earnings performance of Globe Telecoms and Pure Foods Corp will likely help Ayala Corp's full-year profits. In 2001, Du said Ayala Corp will likely post a net profit of 6.0 B as BPI would have finished spending on the merger. Ayala Corp closed unchanged at 6.70 pesos.
AC ( 08/11/2000 : AFX )
Ayala Corp's 2.4 B peso net profit in the first half of the year, 22 pct lower than the year-earlier level of 3.1 B, may prompt a downgrade in full-year earnings forecast, said GK Goh Securities Philippines research head Ivy Cayayan, who previously projected a 5.78 B peso net profit for 2000. "The first half performance was expected considering that BPI earlier reported lower earnings due to its consolidation charges. Then Ayala Land reported flat earnings. The boost to Ayala Corp was primarily Globe and Pure Foods, but they were not enough to pull up the net profit," said Cayayan. The Bank of the Philippine Islands earlier said it posted a net profit of 1.92 B pesos, down 37 pct from the year-earlier level. Its earnings took into account the recent acquisition of Far East Bank and Trust Co. "We may have to downgrade because 5.78 B pesos may be too high. I think Ayala Corp will have a more robust year next year, but that will also be dependent on the economy," said Cayayan. Cayayan said that Globe Telecom and Pure Foods will continue to drive Ayala Corp's earnings for this year. Year-on-year, Cayayan said he expects Globe's net profit to grow 56 pct. Ayala Land earnings, however, will be flat at 2.6 B pesos this year against the year-ago level. "For Pure Foods, we expect a recovery in the chicken and processed meat sector, so we expect a better outlook for the second half," said Cayayan. Next year, Cayayan expects a 20 pct growth in Ayala Corp's net profit. Ayala Corp closed unchanged at 6.70 pesos.
AC ( 08/08/2000 : BW )
Ayala Corp., through Internet investment arm iAyala Co., Inc., has joined a pool of foreign companies that will jointly invest a total of $30 M in e-procurement firm MeetChina.com. iAyala director Gina Oris said Ayala Corp. is the only group in the Philippines which was invited by the China-based company along with other foreign investors to provide funds for its expansion. iAyala wholly owned subsidiary Ayala Internet Venture Partners, Inc. will be representing the local conglomerate. "It's going to be a portfolio investment for Ayala. The groups have already pooled the money but the ownership structure is still being finalized. The closing of the agreement is scheduled on August 13. We're going to hold a small minority and we don't even have a board seat in the company," she said. MeetChina provides a platform for small and medium enterprises in China, predominantly exporters, as well as online door-to-door solution for buyers around the world to procure products in China. The company facilitates discovery and negotiation, as well as offers trade services including quality inspection, logistics and payment. The $30-M financing will be used to develop an innovative suite of online negotiation and settlement tools that are needed to source goods from China and other markets. Other companies which have joined the consortium include Stanley Works, Mitsubishi Finance, Total Film Group, Hikaru Tsushin, Vickers Investment, Bessemer Investments, Archipelago Group and Crystal Ventures. The said companies also intend to integrate MeetChina's business into their global e-commerce strategies. "The e-commerce environment is constantly evolving and MeetChina.com is clearly moving towards providing a next generation of online services that will transform the way international trade and procurement is settled over the Internet. This new investment will bring MeetChina closer to our goal of providing the discovery of delivery tools companies demand when sourcing goods from China," MeetChina chief executive officer Len Cordiner said.
AC ( 08/07/2000 : PSE )
Ayala Corporation (AC) informed the Exchange that Ayala Internet Venture Partners, Inc., a 100% subsidiary of iAyala Company, Inc., the Internet investment arm of Ayala Corporation, has agreed to its participation in the US$30 M Series C financing for MeetChina.com. MeetChina.com provides an online door-to-door solution for buyers around the world to procure products from China. This encompasses facilitating discovery, negotiation and a full range of trade services including quality inspection, logistics and payment. The funds raised during this round of financing will be used to develop an innovative suite of on-line negotiation and settlement tools that are essential to sourcing goods from China and other emerging markets in a safe, secure and convenient environment. The group of investors, which included new companies as well as firms that participated in Meetchina.com's January round of financing, was largely composed of partners that plan to integrate MeetChina.com as part of their global e-commerce strategies. These include investors such as Stanley Works, Mitsubishi Finance, Total Film Group, Hikaru Tsushin, Vickers Investment, Bessemer Investments, Archipelago Group and Crystal Ventures. MeetChina.com provides an online door-to-door solution for buyers around the world to procure products from China. This encompasses facilitating discovery, negotiation and a full range of trade services including quality inspection, logistics and payment. The funds raised during this round of financing will be used to develop an innovative suite of on-line negotiation and settlement tools that are essential to sourcing goods from China and other emerging markets in a safe, secure and convenient environment. To further explore the integration of MeetChina.com's model in the Philippines, MeetChina.com and iAyala Company Inc. entered into a Memorandum of Understanding to study the formation of "MeetPhilippines.com". The MOU was signed on 25 July 2000 in San Francisco, California during President Joseph Estrada's state visit. Present at the signing ceremony were Mr. Francis Ferrer, Managing Director of Ayala Corporation, Mr. Len Cordiner, CEO of MeetChina.com, San Francisco's Mayor Willie Brown and President Joseph Estrada.
AC ( 08/07/2000 : AFX )
Ayala Corp said its unit Ayala Internet Venture Partners Inc has
agreed to participate in the 30 M usd "series C" financing for online
procurement company MeetChina.com. It gave no details of its planned
investment. Ayala Corp said MeetChina.com provides a door-to-door
solution for buyers seeking to procure products from China.
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