Business

Gokongwei group flagship JG Summit Holdings Inc. (JGSHI) has agreed to purchase 577.2 million shares of Global Business Power Corp. (GBPC) consisting of 423.3 million shares from GT Capital Holdings Inc. and 154 million shares from Manila Electric Co. generation unit PowerGen Corp to expand its exposure in the energy business.

President Duterte’s pro-reform administration will likely to attract foreign direct investment (FDI) inflows, US-based think-tank IHS Global Insight said. 

The Caltex brand of US oil giant Chevron has reformulated its signature additive package with the addition of a new Clean & Glide technology. 

A self-contained classroom, aptly named EGG, will be sent to remote areas through a partnership between the Department of Education (DepEd) and Microsoft Philippines.

By Riza Lozada Growth in local trade resulted in foreign- currency (forex) borrowings among local banks to grow 11.4 percent in the first quarter, the Bangko Sentral ng Pilipinas (BSP) reported over the weekend.

The Securities and Exchange Commission (SEC) approved the change of name of insurance holding company Generali Pilipinas Holding Cp. Inc. (GPHC) to BDO Life Assurance Holdings Corp. (BDO Life Holdings), and its wholly-owned life insurance company, Generali Pilipinas Life Assurance Company Inc. (GPLAC), to BDO Life Assurance Company Inc. (BDO Life), BDO Unibank reported to the Philippine Stock Exchange.

By Riza Lozada
 To comply with market regulators’ requirements on a P70-billion megadeal, listed Liberty Telecoms Inc. (LIB) will voluntarily delist from the stock market,  as its shares will be the subject of a tender offer.
  

Listed property giant SM Prime Holdings Inc. will start with the development of its P94 billion reclamation project in the cities of Pasay and Parañaque with a combined size of 600 hectares after getting approval from the next administration.
    

Bloomberry Resorts Corp., the listed developer and operator of Solaire Resort and Casino, has signed a deal to sell its controlling stake in its hotel and casino in South Korea’s Jeju Island for about P4.76 billion.

The Securities and Exchange Commission (SEC) has approved the P20-billion fixed rate bonds offering of conglomerate Ayala Corp. under its debt securities program.