In latest business developments in the Philippines, Petron Corp sealed three supply deals, while mass house builder 8990 Holdings Inc gained government approval for its $200 million issued corporate notes.
Petron seals 3 fuel deals worth $110.9m
Fuel company Petron Corp has won separate fuel supply deals with three government-owned power plants, worth altogether $110.9 million (P5 billion), reported BusinessWorld online.
The power plants that tapped Petron as their source for industrial fuel oil are Western Mindanao Power Corp (WMPC), Malaya thermal power plant, and Southern Philippines Power Corp (SPPC).
Petron will be supplying WMPC with 128 million liters (P2.683 billion) for the latter’s Sarangani plant, SSPC with 72 million liters (P1.532 billion) for its Zamboanga City plant, and 35 million liters (P754.218 million) for Malaya power plant.
Petron’s last trading price remained at P9.09 since yesterday.
8990 Holdings’ $200m notes gets SEC approval
Listed property developer 8990 Holdings Inc received the approval of the Securities and Exchange Commission (SEC) for its proposed issuance of registered corporate notes of up to $200 million (P9 billion).
SEC approved the mass house builder’s issuance of P5 billion corporate notes with a potential for an over-subscription of up to P4 billion.
8990 Holdings seeks to use the proceeds to refinance its debts including those of its subsidiaries. The bonds are due on 2020, 2022 and 2025.
Appointed respectively as joint issue managers and joint lead underwriters are BDO Capital and Investment Corp, China Bank Corp, First Metro Investment Corp, and SB Capital Investment Corp.
The real estate company is launching nine new projects this year, in addition to its 10 ongoing ones, which together is expected to touch $225 million (P10 billion) in gross value this year. The 19 projects will contain 11,083 housing units.
8990 Holdings’ last trading price remained P7.40 since Tuesday.