- DoubleDragon to acquire 35% of MerryMart
LISTED DoubleDragon Corp. (DD) will acquire a 35% stake in listed consumer and wholesale retailer MerryMart Consumer Corp. under a P1.28-billion deal. DD will buy 2.66-billion MerryMart common shares at 48 centavos per share from Injap Investments, Inc., it said in a regulatory filing on Wednesday. The price was based on the 30-day volume-weighted average
- SM Offices to expand leasable space in Cebu and Bacolod
SM Prime Holdings, Inc. said its office unit SM Offices will accelerate its office space expansion in the Visayas this year to meet the growing demand. SM Offices plans to add over 85,000 square meters of leasable space this year, driven by increasing demand from both traditional and business process outsourcing (BPO) tenants, according to
- GMA Network’s 2024 income down 34.7% on weaker ad
GMA Network, Inc. saw its attributable net income drop by 34.7% to P2.07 billion in 2024, mainly due to lower advertising revenues during the period. The company reported consolidated revenues of P17.56 billion, down 5.8% from P18.64 billion in 2023, according to its annual report. Breaking down its topline, advertising revenues dropped by 5.5% to
- Vietnamese firm kicks off construction of Bataan solar project
Vietnamese renewable energy developer CN Green Roof Asia (CNGRA) has started construction of a 22.785-megawatt-peak (MWp) solar power project in Hermosa, Bataan. The facility, developed through special purpose vehicle Solana Solar Beta, Inc., is slated to begin commercial operations by the end of 2025. Once operational, the solar farm is expected to generate 32.8 gigawatt-hours
- Metro Retail profit dips to P609M on expansion-related charges
LISTED retailer Metro Retail Stores Group, Inc. reported a 1.4% decline in net income to P609.42 million in 2024, attributed to expansion-related non-cash charges. “Due to non-cash charges driven by the company’s ongoing expansion program, net income for 2024 was flattish at P609.42 million compared to the prior year’s P618.02 million,” Metro Retail said in
- Golden MV secures SEC nod to rebrand as Villar Land Holdings
Listed real estate developer Golden MV Holdings, Inc. has secured approval from the Securities and Exchange Commission (SEC) to change its corporate name to Villar Land Holdings Corp. The SEC approved the corporate name change on Monday, April 15, as stated in a regulatory filing by Golden MV on Wednesday. Once finalized, Villar Land will
- SSI Group 2024 income down 2.7% at P2.5B
TANTOCO-led specialty retailer SSI Group, Inc. posted a 2.7% decline in its net income for 2024 to P2.51 billion from P2.58 billion in 2023 despite a strong fourth quarter. Revenue increased by 8.2% to P29.9 billion, SSI said in a regulatory filing late Tuesday. “Our fiscal year 2024 results reflect the enduring strength of our
- AboitizPower disconnects Cebu power plants from the grid
Two fossil fuel power plants in Cebu, operated by a subsidiary of Aboitiz Power Corp., have been disconnected from the power grid, the company announced on Wednesday. Therma Power-Visayas, Inc. (TPVI) received a letter of confirmation from the National Grid Corporation of the Philippines for the disconnection of its 44.640 MW Naga oil-fired power plant
- BYD eyes 77 dealerships by yearend
ACMobility subsidiary BYD Cars Philippines is planning to increase its dealership network to 77 by yearend. “We are excited to see the continued growth of BYD in the Philippines as it expands its presence across the nation,” said Bob Anthony Y. Palanca, managing director at BYD Cars Philippines, in a statement on Wednesday. “Both ACMobility
- CLI eyes P23 billion in reservation sales
Cebu Landmasters, Inc. (CLI) said it hopes to achieve P23 billion worth of reservation sales this year, reflecting robust market demand. Reservation sales represent the total value of units reserved by buyers. “We had P20 billion worth of reservation sales last year. We’re targeting, hopefully, P23 billion,” CLI Chief Operating Officer Jose Franco B. Soberano