Quick takes from around the market
Citicore Energy REIT [CREIT 2.37 0.42%] [link] parent company, Citicore Renewable Energy Corp (CREC), reported spending P1.55 billion on building Phase 1 of a 72 MW solar farm in Pampanga, and P0.3 billion for Phase 2 of the 116 MW Arayat Mexico Solar Farm. This spending does not immediately impact CREIT’s financial statements, but it’s good to see CREC throwing a large chunk of the proceeds into projects that are definite upload candidates to CREIT’s portfolio in the future. These reinvestment disclosures are very confusing, as it makes it look like CREIT is the one spending the money on its own portfolio, when really it’s CREIT disclosing the spending of its parent on behalf of its parent. I wish the PSE would change the reporting requirements to reduce this confusion.
UnionBank [UBP 73.05 1.22%] [link] announced that its digital bank, UnionDigital Bank (UDB), is already in commercial operations. It might be operational, but its Google search results are abysmal. LinkedIn results are at the top. UBP website is silent on UDB, what it offers, or how customers should interact with it. UDB Twitter account contains no links to operational infra. Feels like I tried to buy a drink before the tindero even put the cash in the register.
Cebu Landmasters [CLI 2.50] [link] P8 billion maiden bond issue gets “Very Strong” (PRS Aa+) credit rating. PhilRatings provided a “stable” outlook for the rating, which applies to its opinion of how CLI’s credit attributes might change over the next year or so. Debt with this rating is considered “very low risk”. I wonder if CLI is having internal discussions about pushing as much of this P15 billion shelf-registration out the door as soon as possible before rates go up even further.
SEC [link] given “marching orders” by the Department of Finance (DoF) to make our “capital market more broad-based and inclusive through digitalization and strengthened corporate governance”. The DoF wants the SEC to accelerate its digitization initiatives, because the DoF expects “even more dynamic and feverish market activity” in the “coming period”. Considering the DoF’s compliments of the system was with respect to its resiliency during COVID, I’m not too sure that the “dynamic and feverish activity” is going to be all that fun. Sounds a little like disaster resiliency work.
Marcventures Holdings [MARC 1.27] [link] board approves broad list of by-laws amendments to modernize its governing documents and “improve its corporate governance structure/s and processes”. Lots of little tweaks with respect to how votes will be conducted, and how major changes can be made. Slight consolidation of power in favor of the owners. Preparing for bigger business?
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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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