PH Dealbook: Phinma acquires SWU, RPBC buys parent firm’s shares, FED to raise cap, 8990 Holdings & Waltermart sign JV

Visual from Phinma website

In four separate developments in the Philippine corporate scene – a holding firm acquired controlling stake in a university, a subsidiary bought its parent firm’s shares, another holding firm plans to issue shares for raising capital, and a joint venture was formed to handle mall operations.

Phinma secures controlling stake at SWU for $43m

Phinma Corp, a listed investment holding firm in the Philippines, has secured a 57 per cent ownership in Southwestern University (SWU), based in Cebu City for $43 million (P1.9 billion).

Phinma expects that the deal will boost its Education Network’s revenues and bottom line while helping growth in enrollment to its education schools (from 10,000 to 47,000.)

The acquisition will be funded by internal funds and a loan of up to P1.5 billion.

The purchase price, according to Phinma, takes into account various factors such as the number of student enrolled, brand value, and the appraised values of properties registered under the name of the school, which includes the Sacred Heart Hospital and 240 hectares of land in Cebu.

Among Phinma’s major projects and investment plans are, the upgrading of the facilities and laboratories, improving operational efficiencies , and marketing the school.

“Phinma will also push SWU to move aggressively on the senior high school market, an opportunity arising from the Department of Education’s K to 12 initiative,” the company added.

Phinma’s last traded price went down by 2.28 per cent or P0.280 to close at P12.00 on Friday.

 

FED to raise $1.3m via issued shares

Local holding company Federal Resources Investment Group Inc (FED) plans to raise additional capital with the issuance of shares worth $1.3 million (P59.1 million).

FED’s board of directors approved the issuance of 59,101,000 common shares, at P1.00 apiece, out of the unissued portion of the corporation’s authorized capital stock to LBC Development Corp, the parent firm of LBC Express Inc.

FED explained that it needs more capital for general corporate purposes, adding that such infusion is preparatory to a potential additional investment of LBC Development Corp, into the company.

The company’s last traded priced closed at P16.72 on Friday as it went down by 11.44 per cent or P2.16 to Thursday’s P18.88.

 

RHI’s subsidiary acquires its stake in bioethanol firm

Roxas Holdings Inc (RHI) told the stock exchange that its subsidiary Roxas Pacific Bioenergy Corp (RPBC) has acquired its 2.966 per cent shareholdings in San Carlos Bioenergy Inc (SCBI) for over $1 million (P46.7 million)

SCBI is a bioethanol company located in San Carlos City, Negros Occidental.

RHI’s last traded price remained at P6.40 since yesterday.

Also read: HK’s First Pacific eyes 51% stake in Roxas Holdings

8990 Holdings, Waltermart sign JV deal

Real estate company 8990 Holdings Inc forged a deal yesterday with the Waltermart Group of Companies to operate its malls, located within the various properties it acquired last year in Metro Manila.

“8990 Holdings has entered into a joint venture agreement with Waltermart as its strategic partner for the mall operations, particularly in the Ortigas Avenue Extension and the Vitas, Tondo properties,” the holding firm disclosed to the stock exchange yesterday.

Within the property developer’s 13-hectare Ortigas project are commercial establishments such as banks, warehouses, restaurants, among others.

8990 Holdings’ last traded price went down by 1.44 per cent or P0.130 to close at P8.92 on Friday.

Also read: 8990 Holdings launches $22.4m township

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.