Union Bank [UBP 73.25 0.27%] [link] gets BSP approval for its takeover of Citi’s PH-based retail banking assets. Now that this condition has been satisfied, the Aboitiz-led bank will be able to push for completion of the deal, which could happen as early as next month. I expect that there will be some hiccups along the way, but I hope the deal closes in time for some of the Citi-integrated assets to show up on UBP’s Q3 financial statements.
Security Bank [SECB 89.00 0.56%] [link] tried to sell P1 billion worth of bonds, but ended up selling P16 billion. SECB exercised its over-subscription option after it realized there was massive demand for its 1.5-year bonds with a 3.7407% per year interest rate. SECB listed the bonds on the PDEx, which is like the PSE, except for corporate and government bonds and other fixed-income investment products.
Solar Philippines NEC [SPNEC 1.60 1.27%] [link] received SEC approval for its upcoming “mini” stock rights offering (SRO). SPNEC said that shareholders of record on August 25 would be able to participate (ex-date of August 22), but we will have to wait for the SRO to be PSE-approved before the other transaction dates (pricing, offer, listing) are 100% confirmed.
Alliance Global [AGI 9.71 0.10%] [link] subsidiary, Travellers International Hotel Group, is renaming its Resorts World Manila integrated casino/resort to “Newport World Resorts”. Travellers said that the change is to recognize its “shift in perspective”, and to present itself as “the most innovative, dynamic, and comprehensive casino, hotels, and entertainment complex in the country”. It’s also a pretty quick and cheap way to escape the Google/reputation stain that was left by the obscene number of people that died in the 2017 attack that killed 37 people and injured nearly 100 others. Now when wealthy gamblers search “Newport World Resorts”, they won’t see any pictures of burning gaming tables or talk of ISIS claiming responsibility or any of that stuff. Good brand hygiene.
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