Quick takes from around the market
Solar Philippines NEC [SPNEC 2.09 4.57%] [link] says that it will need “at least ?10 billion” to develop its 10-gigawatt solar pipeline. SPNEC said that this would only be a “small percentage” of the total cost, but a “large percentage of the value” because development is the “bottleneck” for the Philippines’ transition to renewable energy.
Bogo-Medellin Milling Company [BMM 68.80] [link] was suspended yesterday for failure to submit its annual report on time. The suspension is going to last until BMM manages to get it together and actually submit its annual report. It’s as simple as that.
DoubleDragon [DD 8.88 13.45%] [link] amended its primary purpose of its subsidiary, Hotel 101, to allow it to build and operate locations in foreign countries. It wouldn’t be able to apply any of the proceeds of either the DDMP [DDMR 1.79 unch] IPO or the upcoming CentralHub IPO, though, since all REIT IPO proceeds need to be reinvested in domestic real estate projects.
AC Energy [ACEN 8.20 4.65%] [link] pushed P2 billion down to a subsidiary (Buendia Christiana Holdings Corp) to allow it to buy property for “various potential power projects”. ACEN subscribed to 20 million shares of the subsidiary in order to get the money into the entity. ACEN can’t just dump cash into Buendia’s bank account, even if it is a subsidiary!
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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