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  • AC Energy’s 100 MW Solar Farm in India Gets Green Light for Funding

    AC Energy’s 100 MW Solar Farm in India Gets Green Light for Funding

    AC Energy and Infrastructure Corporation (AC Energy), together with its partner UPC Solar Asia Pacific, reached a financial close for its 100 MW (140 MWp) Sitara Solar Farm in India.

    Located in Rajasthan, a desert state with the highest irradiation in India, Sitara Solar has an estimated project cost of $67 million.

    The construction of the solar farm started last year and is expected to start its power generation by the first half of 2021. 
Sitara Solar secured a 20-year loan from the US International Development Finance Corporation (DFC), to be funded through a 75:25 debt-to-equity financing scheme.

    This is a major milestone for its joint venture company, UPC-AC Energy Solar, as it targets to achieve more than 1 GW of solar energy portfolio across Asia.

    In March 2019, UPC-AC Energy Solar won the power supply agreement for the 100 MW solar project via a competitive bid at INR 2.48 per kWh, fixed over a 25-year period.

    “We are very thrilled with this financial close during the current challenging environment, where we were able to meet DFC’s high standards for environmental and social compliances. This project is poised to enhance renewable power supply in India. We had faced many unexpected headwinds due to Covid-19 pandemic,” said Pranab Kumar Sarmah, CEO of UPC-AC Energy Solar and co-founder of UPC Solar Asia Pacific.

    This project milestone is the latest in AC Energy’s string of initiatives to sustain its growth momentum and expand its renewables capacity in the Asia Pacific region.

    “We are well-positioned to establish a meaningful presence in India and contribute to the country’s renewable energy goals, bringing a total of 450 MW of solar projects under construction and in the pipeline with our partner, UPC Renewables,“ said Patrice Clausse, Chief Operating Officer of AC Energy International.

    As one of the fastest-growing economies in the world, India ranks third globally in terms of its 2020 renewable energy investments and plans and foresees its electricity consumption jumping to 15,280TWh in 2040. As of November 2020, India’s installed renewables capacity stands at 90.39 GW, with 36.91 GW coming from solar. – BusinessNews.ph

  • UREEQA Welcomes Dean Drever, a Sculptor Who Has Produced Multi-Million Dollar Works of Art

    UREEQA Welcomes Dean Drever, a Sculptor Who Has Produced Multi-Million Dollar Works of Art

    You may recognize the work of the newest addition to the UREEQA Collection of Pledged Assets if you tuned in to the 2010 Vancouver Olympics, or if you’ve ever visited Edmonton’s famed Epcor Tower.

    Dean Drever

    Dean Drever is an acclaimed Canadian sculptor whose minimalist and abstract work can be enjoyed at famous landmarks throughout the country, including Toronto’s Union Station and the Toronto Sculpture Garden.

    Drever is a particularly exciting addition to the UREEQA Collection of Pledged Assets, as he is the first artist working in a physical art medium that we are welcoming to the platform. We are pleased that Drever’s pledged work can help illustrate the versatility of the UREEQA platform to protect artists from a variety of backgrounds and mediums.

    As a Creator, Drever’s primary reason for joining the UREEQA platform is to protect his work throughout its many iterations and during the development process. This is one of the many challenges that Creators like Drever face, and a real life example of a problem that UREEQA can solve.

    A creation starts as an idea, that idea is yours, and it deserves protection.

    This is incredibly important to us and is at the forefront of our minds as we develop, launch and grow the platform. UREEQA will help alleviate the fear of bringing an idea to fruition, just for it to be stolen.

    Although Drever’s work often ends up in physical form, it begins as an idea, and that idea can still be protected by the power of the Ethereum blockchain. Whether works are digital or physical, the Creator will be able to utilize the UREEQA platform to validate and protect their work. Though we may be seen as a blockchain company, we are utilizing this technology in a real-world application to empower Creators.

    If you visit Drever’s YouTube page, you can see his creations come to life – from ideas to massive realities, and it’s easy to understand why he would want protection. For his Bear with Salmon sculpture at Edmonton’s Epcor Tower, Dean first designed the bear with illustrations – much like an architect would a building. The bear was then cast and assembled in a foundry in New York. Finally, the two-tonne sculpture was driven across the continent to Edmonton, Alberta. One could understand the many points along the creative way at which Drever’s work could be compromised.

    Once a piece of creative work is hashed to the Ethereum blockchain through UREEQA, it is timestamped, giving proof of WHEN a Creator’s ownership was claimed. This means that as soon as you have an idea, you can stake your claim to your rights. A package of proof can then be built by our team of Validators through our Validation process.

    We want to ensure that no idea goes unseen for fear of it being stolen, before it can even be realized by the original Creator. UREEQA will protect work from the smallest idea to the largest creations, including two-tonne sculptures.

    Dean also looks forward to the social aspect of UREEQA. It will allow Creators, like Drever, to confidently share their work with fans and art lovers all over the globe, without the fear of it being stolen and having no recourse.

    In this way, the UREEQA platform will be an empowering and inspiring place to share creativity. After all, our love of various forms of creative works is the one thing that binds us together as global citizens.

    About Dean Drever
    Dean Drever is a Canadian sculptor whose abstract, minimalist work is featured throughout Canada. Dean studied at the Alberta College of Art and Design in Calgary, Alberta and currently creates art out of his studio in Toronto, Ontario. His most noted work is Pass the Hat (paper), which is a totem pole made up of nothing more than nearly 11,000 sheets of paper.

    You can discover more about Dean Drever and his body of work here:
    Website|Instagram|YouTube:

    About UREEQA
    The UREEQA platform harnesses the power of blockchain technology and the blockchain community to empower creators to protect, manage, and monetize their work. Established in Canada in 2020, UREEQA will modernize the inefficient and bureaucratic systems currently in place for copyright, patent, industrial design and trademark protection. UREEQA provides value and opportunities for its Creators, Validators and Tokenholders via URQA, the token at the heart of the UREEQA ecosystem.

    For more information on UREEQA and upcoming announcements please visit our website UREEQA, join our Telegram channel, and follow us on Twitter.

  • SM’s Net Income Down by Almost Half in 2020

    SM’s Net Income Down by Almost Half in 2020

    PASAY CITY – SM Investments Corporation (SMIC) reported a nearly 50-per cent decline in net income last year.

    The company said its net income was at P23.4 billion, 48% lower than P44.6 billion in 2019. Consolidated revenues stood at P394.2 billion from P502.0 billion in 2019. 




    The banking and property businesses accounted for 55% and 33% of net income while retail contributed 12%. 

    “Our businesses continued to build momentum through the end of 2020 as they addressed the changed behaviors and needs of our customers. Our banks, food retailing and residential property all performed well, while our malls and non-food retail operations showed steady improvements as conditions allowed. We continue to innovate and focus on safety and are cautiously optimistic about the year ahead,” SMIC President Frederic C. DyBuncio said. 

    Retail

    SM Retail Inc., which consists of non-food (THE SM STORE and specialty stores) and food stores, reported revenues at P296.8 billion, 19% lower than P366.8 billion in 2019. Net income was lower by 67% at P4.1 billion. 

    THE SM STORE opened two new stores in 2020 in Butuan and another in Zamboanga. The total gross selling area of all 66 department stores in 2020 stood at 816,958 square meters. 

    The food group, which includes SM Markets (SM Supermarket, SM Hypermarket, and Savemore), Alfamart, and WalterMart, added 287 new stores in 2020. 

    SM Retail added a total of 351 new stores in 2020 across the portfolio. At year end 2020, SM Retail had a total of 3,019 outlets, comprising 66 THE SM STORES, 1,550 specialty retail stores, 59 SM Supermarkets, 52 SM Hypermarkets, 209 Savemore, 71 WalterMart, and 1,012 Alfamart stores.




    Property 

    SM Prime Holdings (SM Prime) recorded net income of P18.0 billion from P38.1 billion in 2019. Revenues were at P81.9 billion from P118.3 billion in 2019. 

    SM Prime’s Philippine mall business reported P23.6 billion revenues from P57.8 billion in 2019. Local malls’ rent income was at P21.8 billion from P48.4 billion in 2019. 

    SM Prime opened SM City Butuan in Agusan del Norte and SM City Mindpro in Zamboanga in 2020. 

    Banking 

    BDO Unibank, Inc. (BDO) posted a net income of P28.2 billion from P44.2 billion in 2019 due mainly to pre-emptive provisions of P30.2 billion set aside against potential delinquencies from the pandemic. 

    Net interest income grew 12% to P133.7 billion. Loans increased 3% to P2.3 trillion driven by consumer and corporate accounts. CASA (Current Account Savings Accounts) deposits expanded 17% to P2.1 trillion as clients were able to access BDO products and services through its branches, ATMs and digital channels even despite the quarantine restrictions.  – BusinessNews.ph

     

  • E-commerce Helps Drive Robinsons Retail’s P151bn 2020 Net Sales

    E-commerce Helps Drive Robinsons Retail’s P151bn 2020 Net Sales

    Robinsons Retail Holdings Inc said e-commerce sales continued to rise, registering nearly three times increase from the previous year, including sales from third-party platforms.

    E-commerce helped drive the company’s 2020 net sales of P151 billion. The amount, however, was seven per cent lower from the previous year.




    The drop in net sales was due to the economic effects of the pandemic. Sales includes the two months’ results of Rose Pharmacy, a leading chain in the Visayas, which was acquired in October 2020.

    The company added that it is on a fast-track in increasing its e-commerce presence, capitalizing on the shift in buyer preferences towards online marketplaces, which was made more pronounced by the pandemic.

    Robinsons Retail operates its own e-commerce platforms– gorobinsons.ph, southstardrug.com.ph, and robinsonsappliances.com.ph.

    GoRobinsons has onboarded six banners, namely, Robinsons Supermarket, The Marketplace, Shopwise, Toys ‘R’ Us, No Brand, and Handyman Do-It-Best. It is set to add other formats to its site this year.

    Selling via third-party platforms, meanwhile, still remains part of the Company’s strategy to increase sales contribution from e-commerce.

    Robinsons Retail’s e-commerce sales continued to rise, registering a nearly 3x increase from the previous year including sales from third-party platforms.




    Blended same store sales growth (SSSG) was negative 8.9% for full year 2020 mainly due to the performance of the non-essential formats which were closed for eight weeks in 2020.

    However, SSSG of the supermarket segment was strong at 7.7%. SSSG of the drugstores segment ended flat, as sales of prescription drugs slowed down in the second half of the year with less people visiting hospitals.

    SSSG of the department store, do-it-yourself (DIY) and convenience store segments were down in 2020 but showed improvement in the fourth quarter as quarantine restrictions eased. Unaudited net income attributable to the equity holders of the parent company reached ₱2.93 billion for the full year 2020. – BusinessNews.ph

  • PLDT, DITO Ink Interconnection Deal

    PLDT, DITO Ink Interconnection Deal

    METRO MANILA – The country’s largest integrated telecommunications company PLDT and telco newcomer DITO have recently entered into an agreement for the construction of a transmission facility that will serve as the point of interconnection for their subscribers.

    Under the agreement, PLDT will establish and manage the interconnection facility that will operate as the primary physical interface for both companies.




    PLDT Chief Revenue Officer and Smart Communications President and CEO Al Panlilio emphasized how “it is important for us that we establish this interconnection capability between PLDT-Smart and the customers of DITO as mandated by the NTC, and principally to make sure that our customers are able to communicate.”

    “During this pandemic, technology has been a lifeline for our customers so we want to make sure that our connectivity is solid in helping our fellow Filipinos and the entire nation during these critical times. We thank DITO for this partnership and I am looking forward to a long and mutually beneficial relationship,” he added.

    Through PLDT’s technology and expertise, the interconnection hub will deliver the intercarrier requirements of DITO which will benefit all fixed and wireless subscribers of PLDT and DITO by enabling them to communicate and connect to all the services needed.

    The planned facility is expected to be completed by end-March in time for the commercial operations of DITO.

    DITO Telecommunity Chairman and CEO Dennis Uy shared during the virtual signing how “being chosen as the country’s third player, DITO knew from day 1 that in order for us to deliver our commitment to the Filipino, we needed to work hand-in-hand with the pioneers of the telco industry like PLDT. I’d like to express my gratitude to everyone in making the interconnection agreement between DITO and PLDT possible.”




    “It’s been a privilege to work alongside all of you in providing the Philippines with the world-class connectivity that we all deserve,” Uy added.

    PLDT has been heavily investing in its network and expanding its coverage to service more businesses and consumers, both in the country and abroad. Currently, PLDT operates the most expansive fiber optic network among local ISPs reaching over 429,000 kilometers. – BusinessNews.ph

  • PSE Says Dividend Payouts from Listed Firms Remain Robust

    PSE Says Dividend Payouts from Listed Firms Remain Robust

    Some 105 of the 271 companies listed on the Philippine Stock Exchange (PSE) paid a total of P342.88 billion in cash dividends to common stockholders in 2020, according to data compiled by PSE.

    The dividends gave investors in these companies a yield of 2.5 per cent. In 2019, 115 of the 268 PSE-listed companies paid P368.03 billion in cash dividends, also providing a yield of 2.5 per cent.




    For PSEi companies, the cash dividends paid to common stockholders by 29 of the 30 index stocks amounted to P157.05 billion (1.76 per cent yield) and P178.52 billion (1.85 per cent yield) in 2020 and 2019, respectively.

    “We are pleased that listed firms continued to pay attractive dividends in 2020 despite the disruptive impact of the pandemic to their operations and cash flow. These dividends provided investors additional income during one of the most financially challenging years in the history of Philippine business,” PSE President and CEO Ramon S. Monzon said.

    The Financials sector had the biggest dividend payout among the sectors last year. Twelve of the 30 companies in this sector paid out a combined P159.05 billion in cash dividends.

    “We hope that corporate profits will improve substantially this year, especially with the expected arrival of vaccines, so companies can continue to maintain or even increase their dividend payouts,” Monzon added.

    Meanwhile, the PSE is now requiring companies that are planning to delist to provide independent valuation reports and fairness opinions on their tender offer, in an effort to protect small investors.




    In a memorandum released on Friday, the bourse operator said the Securities and Exchange Commission (SEC) approved the amendments to the PSE guidelines for fairness opinions and valuation reports.

    “The amendments pertain to the express inclusion of tender offers undertaken pursuant to delisting proceedings in the list of transactions where a fairness opinion and valuation report prepared by an independent valuation firm duly registered or licensed by the SEC and accredited by the Exchange are required,” the PSE said. – BusinessNews.ph

  • Meralco Ordered to Refund $14bn to Consumers

    Meralco Ordered to Refund $14bn to Consumers

    The Energy Regulatory Commission (ERC) has ordered the Manila Electric Company (Meralco) to refund a total of P13.88 billion to customers or equivalent to an average refund of P0.1528 per kilowatt-hour in 24 months.

    “The Commission approved Meralco’s prayer for the issuance of a provisional authority in order to allow their customers to immediately enjoy the benefits of the proposed refund and provide immediate rate relief especially during this time of pandemic,” said ERC Chairperson and CEO Agnes VST Devanadera.




    In its Order, the ERC emphasized that it limits such provisional authority only to the refund of the amount as applied by Meralco.

    Except for authorizing the refund as applied, all other allegations, assumptions, and computations made in the instant Application are still subject to the ERC’s extensive evaluation and pertinent rules on the matter.

    Moreover, ERC qualified that the refund is without prejudice to the outcome of the final evaluation of the application after completion of both technical and legal proceedings.

    MERALCO, in its application, sought the ERC’s confirmation of its actual Weighted Average Tariff (AWAT) as against the ERC-approved Interim Average Rate (IAR) to determine if there are any over or under recovery.

    “As regulator of the electric power industry, the Commission in determining its actions on applications filed before it, has the consumer welfare as its primary consideration, thus, our decision to immediately authorize the refund. We hope that the reduction in rate could help our consumers cope with the still ongoing pandemic.” ERC Chair Devanadera added.




    Last month, Meralco Head of Utility Economics Lawrence S. Fernandez explained that the AWAT was based on Meralco’s distribution charges, which increased during the pandemic. During the global health emergency, the distribution rate differed from the interim average rate (IAR), as residential households consumed more power, he said.

    Fernandez earlier said that Meralco resolved to ask the ERC to refund the difference between its AWAT and IAR to consumers. – BusinessNews.ph

  • TOYOTA GAZOO Racing heads north in search of further snow success

    TOKYO, Feb 19, 2021 – (JCN Newswire) – After making a near-perfect start to the 2021 season on Rallye Monte-Carlo last month, the TOYOTA GAZOO Racing World Rally Team will target another strong result on Arctic Rally Finland on 26-28 February. Making its debut in the FIA World Rally Championship, the event takes the place of the cancelled Rally Sweden as the season’s only pure winter round. The team will travel north from its base in central Finland aiming to continue the strong record of the Toyota Yaris WRC on snow and ice, having claimed three victories in Sweden in the past four seasons.

    Following his record eighth Monte-Carlo victory, Sebastien Ogier leads the championship just ahead of team-mate Elfyn Evans (who won for the team in Sweden in 2020) while Kalle Rovanpera is fourth – and looking forward to a bonus event in his home country alongside the championship’s traditional summer visit to Finland.

    Born out of the Arctic Lapland Rally held in the area every January, the event will be based in Rovaniemi – capital of Finland’s northernmost region – with some stages taking place inside the Arctic Circle. The location promises great winter rallying conditions, with frozen roads and high snow banks at the sides of the road, which drivers lean on to carry more speed through corners. Special studded tyres will bite into the icy surface to provide grip and some of the highest speeds of the entire season.

    The rally will run to a condensed format with 10 stages providing a total of 251.08 competitive kilometres. Following shakedown on Friday morning, the rally features a demanding start with two runs over the longest test of the rally, the 31.05-kilometre Sarriojarvi stage, with the second pass to take place in darkness. Saturday is the longest day of the rally, with a loop of three stages to be repeated either side of mid-day service with another late finish. The final day on Sunday consists of two passes over the Aittajarvi test, the latter as the Power Stage.

  • Kickstart Ventures Invests $2m in Internet Firm Transcelestial

    Kickstart Ventures Invests $2m in Internet Firm Transcelestial

    Philippine venture capital investor Kickstart Ventures has made a $2-million strategic investment in Transcelestial, a Singapore-headquartered internet connectivity provider.

    The investment was made through Kickstart’s Ayala Corporation Technology Innovation (ACTIVE) Fund, the $180-million fund backed by Ayala Corporation, with several of its subsidiaries participating, namely AC Energy, AC Industrials, AC Ventures, BPI, and Kickstart’s parent company, Globe Telecom.




    The amount raised by Ayala Corporation and its subsidiaries for the Active Fund is 20 per cent more than the initial $150-million target announced by Ayala chairman Jaime Augusto Zobel de Ayala at the time of the fund’s launch in April 2019.

    The fund seeks to invest in Series A to D startups globally and has four investment themes focused on the future of transactions and transfers, work and human capital, resource allocation and availability, and property, homes, and community life.

    “The team at Kickstart has been fully aligned with our goals of solving the last mile and global bottlenecks in internet distribution. We could not have asked for a better partner to help us not only work with Globe in Philippines but also advise us on bringing our current and future products to solve some of the challenges in the archipelago nation.”, said Rohit Jha, CEO of Transcelestial.

    CENTAURI is Transcelestial’s mass-produced network device which leverages their proprietary Wireless Laser Communication Technology to create a wireless distribution network between buildings, traditional cell towers, street-level poles, and other physical infrastructure.

    For the ACTIVE Fund and its stakeholders, “The Frictionless Future” is one with improved digital access to goods, services, and information, said Kickstart Ventures president Minette Navarrete.

    “As more Filipinos become reliant on internet access for their livelihood and social connections, we’re hopeful that Transcelestial will help increase Internet penetration and provide telcos and ISPs with an affordable option for 5G deployment,” Navarrete added. – BusinessNews.ph

  • SEC Approves DoubleDragon’s P14.7bn REIT Listing

    SEC Approves DoubleDragon’s P14.7bn REIT Listing

    The Securities and Exchange Commission (SEC) has considered favorably the nearly P14.71 billion initial public offering (IPO) of a real estate investment trust (REIT) largely sponsored by DoubleDragon Properties Corp.

    In its February 16 meeting, the Commission En Banc resolved to render effective the registration statement of DDMP REIT, Inc. for 17,827,465,406 common shares for listing on the Main Board of the Philippine Stock Exchange (PSE), subject to the company’s compliance with the remaining requirements.




    Of the total issued and outstanding shares, DDMP will offer to the public up to 5,942,488,469 common shares currently owned by DoubleDragon, Benedict V. Yujuico and Teresita M. Yujuico.

    The selling shareholders set aside 594,248,847 more shares for over-allotment. Assuming the full exercise of the overallotment option, new investors will corner 36.67% of the issued and outstanding common shares of DDMP.

    DoubleDragon will retain a 44.33% interest, while the Yujuicos will continue to own 9.65% and 9.35%, respectively. DDMP pegged the maximum offer price at P2.25 apiece, or a total of P14,707,658,961.

    The selling shareholders will receive the entire proceeds, which shall be reinvested in the Philippines, pursuant to the Revised Implementing Rules and Regulations of Republic Act No. 9856, otherwise known as the Real Estate Investment Trust (REIT) Act of 2009.

    DDMP intends to conduct the IPO from March 5 to 11 and debut on the PSE on March 19, based on the latest timetable submitted to the
    SEC.

    Credit Suisse (Singapore) Limited, DBS Bank Ltd., Nomura Singapore Limited, and PNB Capital and Investment Corporation will act as joint global coordinators for the REIT offering.

    The global coordinators will concurrently serve as joint bookrunners, along with CIMB Investment Bank Bhd, Investment & Capital Corporation of the Philippines (ICCP), Macquarie Capital Securities (Singapore) Pte. Limited, Maybank Kim Eng Securities Pte. Ltd., and RCBC Capital Corporation.

    DDMP further mandated Credit Suisse, DBS, Nomura, CIMB, Macquarie, and Maybank as international bookrunners for the offer, and PNB Capital, ICCP, and RCBC Capital as domestic underwriters. – BusinessNews.ph