Philippines: Ayala, Yuchengco to combine education units; Marcventures merges with two miners

Ayala Corp

Education units of Philippine conglomerates Ayala and Yuchengco are contemplating a potential merger while listed firm Marcventures Holdings is merging with two mining firms.

Ayala, Yuchengco to merge education units

Philippine conglomerates Ayala and Yuchengco have announced plans to merge their education businesses in a move, they said, would contribute to the improvement of the quality of education in the Philippines.

AC Education Inc, the education unit of Ayala Corp, and iPeople Inc, the listed holding company for the education sector controlled by House of Investments (HI), a member of the Yuchengco Group of Companies, have agreed to execute a non-binding term sheet for their potential merger.

AC Education operates the University of Nueva Caceres and APEC Schools while HI owns Malayan Education System Inc, which operates Mapua University. iPeople will be the surviving entity.

In a disclosure to the Philippine Stock Exchange on Monday, Ayala Corp and Yuchengco’s House of Investments (HI) said the merger would result in a combined student population of over 40,000.

The two parties have agreed to an exclusivity period to complete due diligence and to finalize the terms and conditions of the proposed merger within the first quarter of 2018, subject to required approvals.

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Marcventures merges with 2 miners

Listed firm Marcventures Holdings Incorporated is proceeding with its merger with two mining firms – Brightgreen Resources Holdings Inc (BHI) and Asia Pilot Mining Philippine Corp (APMPC) – after getting the go-ahead signal from the Securities and Exchange Commission.

APMPC produces mine bauxite ore through its subsidiary Alumina Mining Philippines Inc (AMPI) and Bauxite Resources Inc (BARI). It owns nearly 7,000 hectares of mining area in Motiong, San Jose de Buan and Wright in Samar province.

BHI, on the other hand, holds a mineral production sharing agreement over a 4,860-hectare piece of land in Carrascal and Cantilan in Surigao del Sur.

MHI, a nickel ore producer, told the Philippine Stock Exchange on Monday that the merger with APMPC will allow the listed firm to gain control of AMPI and BARI, whose mineral resource is bauxite ore, the main raw material of aluminium

Bauxite has been observed to be more stable in prices as compared to other commodities even during the slump of metal prices, MHI said.

“The merger will allow MHI to grow its business, diversify its products and expand its source of income,” the listed firm added. MHI also seeks to increase the nickel reserves of its owned nickel mines by merging with BHI.

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