SBS Philippines acquires 4.7-hectare property from Coca-Cola
Philippine-listed chemical trading and distribution firm SBS Philippines Corp (SBS) is acquiring a 4.7-hectare warehouse facility complex from a company majority owned by Coca Cola for P520 million ($10.42 million).
In a disclosure to the Philippine Stock Exchange, SBS said its subsidiary, Lence Holdings Corporation (LHC), has entered into a binding commitment with The Coca Cola Export Corporation – Philippine Branch and its related parties for the acquisition of warehouse facilities and property lot located at Silangan Industrial Park in Barangay Mapagong, Calamba City, Laguna.
LHC will purchase 100% equity interests of Benesale Land Inc (BLI), the owner of the 4.7-hectare parcel of land, on which the warehouse facility complex stands. BLI is 60% owned by Coca-Cola Affiliated Companies in the Philippines Retirement Plan and 40% by The Coca-Cola Export Corporation – Philippine Branch.
The acquisition involves a combination of a stock purchase of the company owning the property lot and an asset purchase of the buildings, improvements and machinery of the warehouse facility.
PLDT inks $28.5m partnership deal with Huawei
Listed Philippine telecommunications and digital services giant PLDT Inc has sealed a $28.5-million agreement with China’s Huawei Technologies Co to overhaul the company’s wireless service delivery platforms.
PLDT informed the stock exchange that its partnership with Huawei is part of its $50-billion capital expenditure programme for this year to improve its fixed and wireless infrastructure, and information technology systems.
“This partnership will enable PLDT Group’s wireless services under the brands PLDT, Smart, Sun and TNT to become much more agile, efficient and resilient in developing and delivering a growing array of digital services,” said PLDT Chairman and CEO Manuel V. Pangilinan.