PH dealbook: China Bank, San Miguel Corp

Visual from China Bank website

Philippine-listed companies China Banking Corp and San Miguel Corp are executing plans for establishing new subsidiaries and cutting off debt notes, respectively.

China Bank to invest $11.1m in investment house subsidiary

China Bank will be, officially, making its investment group in the country as an Investment house subsidiary, investing in P500 million ($11.1 million), reports said.

The bank informed the stock exchange that the investment house subsidiary will be named China Bank Capitol Corp.

China Bank said the investment amount is subject to the requirements of relevant regulatory agencies.

China Bank’s last traded price on Friday was P46.95, up by 0.32 per cent or P0.150 to Thursday’s P46.80.

SMC to buy back $400m SG-listed debt notes

 

San Miguel Corp, a diversified conglomerate in the Philippines, has issued an offer to buy back up to $400 million of its $800 million debt notes listed at the Singapore Stock Exchange.

“The company has made an announcement in the Singapore Stock Exchange (SGX) on the tender offer for purchase of up to $400 million of the $800 million 4.875 per cent notes due in 2023,” SMC disclosed to the Philippine Stock Exchange.

SMC said it will increase the purchase price by 1.25 per cent in a modified Dutch auction, to investors who opt to surrender the notes ahead of deadline. It offered a bid range of 92.5 per cent and 95 per cent.

“The offer is made in accordance with the Company’s policy to actively manage its balance sheet liabilities and to achieve a lower running cost of debt,” the conglomerate said in its statement.

SMC has retained Australia and New Zealand Banking Group Ltd to act as the sole dealer manager for the tender offer. Lynchpin Bondholder Management serves as the tender agent for the transaction.

SMC’s last traded price on Friday was P67.95, down by 3.34 per cent or P2.35 to Thursday’s P70.30.

Related stories:

PH’s Pure Foods raises $338m from shares offer

Mizuho mulls buying 60% stake in PH’s Bank of Commerce

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.