Destiny to go digital

Almost done with converting its subscribers from analog to digital transmission via the installation of digital set-top boxes, Lopez-owned Sky Cable Corp. will start converting subscribers of Destiny Cable to digital before yearend.

ABS-CBN Convergence president and concurrent SkyCable chief Carlo Katigbak revealed that before the end of the year, Destiny subscribers will have their TV sets installed with these boxes, without which they can no longer access their cable TV signals.

He told this writer that about 95 percent of Sky subscribers are on the box. Their target is for 20 to 30 percent of Destiny subscribers to migrate to digital next year.

SkyCable middle of last year acquired for P3.5-billion the cable TV, broadband Internet and direct-to-home pay-TV business of Solid Group. Of the total amount, P1.2 billion was for the purchase of Destiny Cable.

The Lopez group said that with the acquisition, Destiny Cable subscribers will enjoy the benefits of digital cable technology that is already being utilized by SkyCable. Through this technology, subscribers could access more channels, avail of various services through digital cable technology, and get clearer signal.

And of course, the shift to digital was also aimed at putting an end to cable TV signal piracy. Prior to the migration, the ratio of paying subscribers to “pirates” is estimated at 1:1.

Boardroom war

The Medical City, a reputable and prestigious medical institution located in Ortigas, is now embroiled in a controversy.

Its board is in the spotlight for its plan to issue new shares at below the P7,500 book value. Medical City is said to be raising funds for its expansion but at the expense of the shareholders.

The board reportedly plans to issue the new shares at P5,000 per share, significantly lower than its book value, prompting medical practitioners, who are also stockholders, to question this move. The medical practitioner stockholders are saying that the board’s move is “very dubious and clearly disadvantageous” to existing shareholders.

The hospital will hold its annual stockholders meeting on June 13 where the plan is expected to be strongly opposed by the stockholders.

Xerox firm expands

We have just received news from real estate provider Collins International that ACS, a Xerox company, is setting up its fifth facility at Aseana One, Aseana’s new building. The new facility totals 3,881 square metres, accommodating 505 seats. This is in addition to their current seat count of approximately 6,000.

According to ACS country director Jojo Gajitos, this expansion is their response to the growing portfolio of the company.

The company started their operation in the Philippines in 2005 and will employ an additional 600 full-time employees.

Buds Wenceslao, managing director of Aseana, says that they currently house some of the country’s biggest business process outsourcing (BPO) firms.

Aseana One is the first in a series of commercial/office projects in D.M. Wenceslao Inc.’s  flagship development, Aseana City, located at the picturesque Manila Bay. It is a 12-story office project designed to specifically cater to the BPO industry.

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