Latest Business News

Latest Business News in the Philippines.

  • MPIC defers vote on proposed market delisting 

    THE CONSORTIUM of companies that plan to take Metro Pacific Investments Corp. (MPIC) private has requested to defer the shareholders’ vote on its delisting to a later date or after the release of a report explaining the basis of the bidders’ tender offer price.

  • First Pacific: New advisor prompts deferred MPIC vote

    FIRST Pacific Co. Ltd. said the consortium that seeks to acquire Metro Pacific Investments Corp. (MPIC) has tapped another independent financial advisor (IFA) for the valuation report. “There have been some developments in terms of the IFA and the finalization of the report,” said Stanley H. Yang, head of corporate development at First Pacific, in

  • Fruitas Holdings to acquire cloud kitchen company Fly Kitchen

    FRUITAS Holdings, Inc. has acquired full ownership of cloud kitchen business Fly Kitchen Inc. in its efforts to increase market share, the company said on Thursday. “The purchase of Fly Kitchen fits our strategic objective to remain competitive in the digital arena. The startup complements our present activities and will enable us to accelerate the

  • SMPC set to ship second trial coal exports to Japan

    SEMIRARA Mining and Power Corp. (SMPC) is poised to make its second trial shipment of coal to Japan this month, as part of its goal to expand its market while also reducing its dependency on China. “China is still our main foreign buyer, but with their industrial output growing slower than expected, we want to

  • Repower Energy,  Austrian firm Gugler forge deal for seawater pumped storage

    REPOWER Energy Development Corp. has signed an agreement with Austria-based Gugler Water Turbines GMBH to develop seawater pumped storage projects in the Philippines. “We are pleased to enter into a partnership with Gugler — a leading provider of state-of-the-art turbine technology,” Eric Peter Y. Roxas, president and chief executive officer of Repower Energy, said in

  • MREIT set to acquire 7 offices

    MREIT, Inc. has signed a memorandum of understanding with its sponsor Megaworld Corp. for the possible transfer of seven offices to the portfolio of the real estate investment trust. “These properties boast high average occupancy rate of 94% and quality tenants, marking a significant step towards our commitment to deliver sustained growth and value to

  • CLI aims to launch Luzon development next year

    LISTED Visayas-Mindanao property firm Cebu Landmaster, Inc. (CLI) targets to launch its Luzon project developments by the middle of next year, its top official said on Thursday. “Next year would be something that we can easily target, somewhere in the middle [of the year] probably,” CLI President and Chief Executive Officer Jose R. Soberano III

  • First Gen, Prime Infra team up on LNG plans

    FIRST Gen Corp.’s unit has signed a memorandum of understanding with Prime Infrastructure Capital, Inc. (Prime Infra) for the proposed lease and operation of its liquefied natural gas (LNG) storage and regasification terminal. In a stock exchange disclosure on Thursday, Lopez-led First Gen said its subsidiary FGEN LNG Corp. formed the “alliance on lease” with

  • Vikings’ digital shift brings greater operating efficiency

    ALL-YOU-CAN-EAT restaurant Vikings recognized improvement in its operations after its shift to digitalization. In a press release, Vikings said that by using solutions from PLDT Enterprise, it is now accommodating a higher volume of calls, inquiries, and reservations. “Digital advancements in restaurants have brought about significant changes in the way these businesses operate,” said Ding

  • How PSEi member stocks performed — June 1, 2023

    Here’s a quick glance at how PSEi stocks fared on Thursday, June 1, 2023.