MPIC offers P54.8b to buy out minority IN BRIEF

Solana Solar, Prime Asset sign electricity supply deal

SOLANA Solar Alpha Inc., a whollyowned subsidiary of Solar Pacific Energy Corp., signed a power supply agreement with Kratos RES Inc., a wholly-owned subsidiary of Villar Group’s Prime Asset Ventures Inc. which is engaged in retail electricity supply.

Solana Solar will supply Kratos RES with up to 20 megawatts of clean and renewable power from the soon-to-be built Solana solar project in Hermosa, Bataan.

“We are pleased to partner with Kratos RES to help its electricity end-consumers achieve their sustainability goals and transition their power supply to renewable energy,” Alternergy Holdings Corp. chairman and Solana Solar chairman and president Vicente Pérez Jr. said.

The 20-MW Solana solar project, with a cost of P1.5 billion, recently secured financing commitments from a leading commercial bank and a commitment for the engineering, procurement and construction from a leading EPC provider.

Early works activities had started, with the full swing construction to commence in the coming months. Project completion is eyed by 2024. Alena Mae S. Flores

Business groups support open Internet access bill

TEN business groups are expected to sign on July 5 a joint statement of support for the immediate enactment of the proposed Open Access in Internet Services Act.

The groups include the Philippine Chamber of Commerce and Industry, Philippine Exporters Confederation, Export Development Council, National ICT Confederation of the Philippines, Fintech Alliance.PH, Philippine Cable Television Association Inc., Internet Society - Philippines Chapter, Foundation for Media Alternatives, Democracy. net. Ph and Better Internet PH.

Major challenges in internet access, quality and affordability are affecting the digitalization of the Philippines, according to the groups.

Results of the National ICT Household Survey 2019 showed the Philippines entered the COVID-19 pandemic with only 47 percent of Filipinos using the Internet and 18 percent of households subscribed to an Internet connection.

A Department of Education survey also revealed that 52 percent of public schools and 83 percent of their enrollees were unable to go online during the height of mobility restrictions. Othel V. Campos

Megaworld eyes P6.5-b sales from Cubao project

MEGAWORLD Corp. said Tuesday it expects to raise up to P6.5 billion in sales from a newly-launched high-rise residential development in Cubao, Quezon City. Megaworld said in a disclosure to the stock exchange the 39-story Laurent Park would be the third residential development within the Manhattan Garden City complex. It will offer 796 ‘smart home’ units in varying types with sizes ranging from 29 square meters for studio unit to 132 sq. m. for a three-bedroom loft unit with lanai.

“Laurent Park sits on a very strategic location as it will soon rise within Araneta City in Cubao, Quezon City, which is known now as the central transportation and mobility hub of Metro Manila. This will allow future residents to enjoy unparalleled convenience and seamless connections to different cities and provinces,” said Eugene Lozano, first vice president for sales and marketing of Megaworld Manhattan Garden City.

Manila Standard TODAY

The condominium tower is scheduled for completion by 2029. Jenniffer B. Austria

By Jenniffer B. Austria

METRO Pacific Investments Corp. said Tuesday the consortium of companies that offers to take the company private increased the tender offer price by 12 percent to P5.20 from P4.63 per share.

The consortium said in a joint statement the P5.20 is “the best and final” offer price to minority investors, representing a 37-percent premium over the one-year volume weighted average price of the company’s common shares. It also marks a P0.10 premium over the highest end of the range provided by the independent financial adviser.

The consortium will spend about P54.8 billion, at P5.20 per share, to buy out the remaining shares held by minority shareholders of MPIC.

The tender offer price also values MPIC at P149.2 billion or $2.7 billion in equity value.

MPIC said it would call a special stockholders meeting on Aug. 8 to seek shareholders’ approval on the planned voluntary delisting from the Philippine Stock Exchange.

A consortium consisting of Metro Pacific Holdings Inc., GT Capital Holdings Inc., Mit-Pacific Infrastructure Holdings Inc. and MIG Holdings Inc., offered in April this year to buy out the shares held by minority investors in MPIC.

“We regard this new offer as the best and final price the bidders are able to deliver to MPIC’s minority shareholders,” said First Pacific executive director Christopher Young.

“Due to the transaction timetable, approvals, and regulatory requirements of the entire process across multiple jurisdictions, there will be no further opportunity to adjust the price,” he said.

The consortium said MPIC has historically traded at a discount to the underlying value of its assets with a one-year volume weighted average price of P3.80 per share.

The consortium hired an independent financial advisor, which produced a report with a valuation range of P3.37 to P5.10 per share, to comply with the voluntary delisting rules.

“Following a period of consultation in the wake of the earlier tender offer announcement, the bidders feel that the raised tender offer price provides an improved path to minority shareholders to exit their positions at a sizable premium to market price,” the consortium said.

Converge ICT rolls out 1 Gbps fiber Internet at NAIA Terminal-4

By Darwin G. Amojelar

CONVERGE

ICT Solutions Inc. on

Tuesday rolled out fiber connectivity with a speed of 1 gigabit per second at the Ninoy Aquino International Airport Terminal 4 as part of its Free Wifi project for the benefit of the country’s international and local gateways.

FCF EDUCATIONAL TOUR. Officials and workers of Barangay Aurora, Quezon, Nueva Vizcaya hold an educational mine tour at FCF Minerals Corp. which afforded participants to have a closer look at the active mine operations and some of the company’s rehabilitated areas. They also visited the new Runruno Barangay site, a project implemented by the Social Development and Management Program of the company. The group toured around the building where they saw the different traditional clothing and accessories of the different tribes in Runruno hand-weaved by the Abel RIPO—a local group of 10 women who are members of the Runruno Indigenous Peoples Organization and e-pillows produced by the Innovative Runruno Livelihood Integrating for Sustainable Environment -- an income-generating project of the BLGU. The tour was concluded by a side trip to the FCF Information Center beside the Barangay Hall.

Pse Index Closing

Tuesday, July 4, 2023

6.26 PT.

By Alena Mae S. Flores

THE Philippine Solar and Storage Energy Alliance asked the Energy Regulatory Commission to review the auction rates amid the low investor turnout during the Green Energy Auction Program

2. “We urge ERC to seriously examine the tariff rates in the GEAP. The rates are not reflecting the realities of the current demand and supply of electricity in the country, nor is it encouraging developers to build,” PSSEA chairperson Tetchi Capellan said.

The Department of Energy’s GEAP

2 generated 3,580.76 megawatts of renewable energy capacities who committed to deliver energy from 2024 to 2026 at a price that is lower than or equal to the prices set by the regulator.

The committed capacities is way below the 11,600 MW offered by DOE for private sector development on Monday.

Energy players committed to develop 1,968.982 MW of ground-mounted so-

CONCEPCION INDUSTRIAL CORPORATION (formerly Concepcion Airconditioning Corporation)

NOTICE OF THE SPECIAL STOCKHOLDERS’ MEETING

TO: ALL STOCKHOLDERS lar from 2024 to 2026.

Meanwhile, 9.39 MW was committed for 2024 and 2025 for rooftop solar, and 90 MW for the construction of floating solar in 2026.

Developers committed 1,512.384 MW for onshore wind from 2025 and 2026.

“The framework of the auction is to set a price cap and bid below the price cap. It seems however that the regulators are setting a floor price,” Capellan said.

The PSSEA sought for a higher reserve price for floating solar of P7.3661 per kilowatt-hour compared to the ERC-approved P5.3948 per kWh.

Capellan said the renewable energy developers epeatedly made representations to the ERC on the parameters of the tariff structure.

“In the case of solar, PSSEA submitted studies and actual references that can form part in designing green tariff. Unfortunately, these parameters failed to convince ERC,” she said.

Notice is hereby given that CONCEPCION INDUSTRIAL CORPORATION (formerly Concepcion Airconditioning Corporation) (the “Corporation”) will conduct its Annual Stockholders’ Meeting virtually via Zoom (https://us02web. zoom.us/meeting/register/tZYqde-srTgtG9fH9_ghoziIPzVJ5f7lfQTv) on July 27, 2023 at 10:00 a.m., at which meeting the following matters shall be taken up:

1. Call to Order;

2. Certification of Existence of Quorum;

3. Approval of the Minutes of the Annual Meeting of the Stockholders held on July 20, 2022;

4. Report of the Chairman;

5. Approval of the Audited Financial Statements as of December 31, 2022;

6. Election of Directors;

7. Appointment of External Auditors;

8. Ratification of All Actions taken by the Board and Management;

9. Approval of the Compensation of Directors;

10. Other Matters; and

11. Adjournment.

The record date for the determination of stockholders entitled to notice of, and to vote at, the said meeting is fixed at the close of business hours on June 27, 2023.

To ensure the health and well-being of our stockholders during this COVID-19 pandemic, stockholders may only attend the meeting by remote communication and/or vote in absentia or through the Chairman of the meeting as proxy. Stockholders who wish to participate by remote communication or vote in absentia or by proxy should notify the Corporate Secretary by email to cic.secretary@romulo.com from July 6, 2023 to July 17, 2023. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting. For any registration concerns, please get in touch with the Corporation through cic.secretary@romulo.com.

All stockholders who wish to vote through a proxy or in absentia shall submit the duly signed proxies or ballots, as the case may be, to the Office of the Corporate Secretary at the 21st Floor, Philamlife Tower, 8767 Paseo de Roxas, Makati City and/or by email to cic.secretary@romulo.com not later than July 17, 2023. The proxies and ballots submitted shall be validated on July 20, 2023 at 2:00 p.m. We are not soliciting proxies. The Information Statement which contains a brief explanation of each item on the agenda and procedures for attending the meeting via remote communication and for casting votes in absentia, Management Report, and Annual Report for the year ended December 31, 2022 in SEC Form 17-A are posted on the Corporation’s website at https:// cic.ph/investor-relations/#annual-stockholders and PSE EDGE. The meeting shall be recorded in audio and video format and copies thereof shall be retained by the Corporation.

(MS-JULY 5 & 6, 2023)

By Othel V. Campos

METRO Pacific Health Corp. said Tuesday it acquired 70.4 percent of Medical Center Imus in Cavite, marking the company’s 21st hospital investment to date.

“This is our first hospital in the much-coveted Cavite province which, due to industrialization and the influx of OFW families in the past decades, has grown to be the country’s second most populated and second densest province, next to Cebu and Rizal, respectively,” said MPH president Augie Palisoc Jr.

MCI, established by a group of 30 enterprising founders 21 years ago, is a 90-bed Level 2 hospital and has the po-

“Internet connectivity is among the top complaints of travelers when it comes to airport amenities. We want to do our part in enhancing the Philippines’ image and reputation to foreign and domestic travelers through this connectivity project,” said Converge chief executive and co-founder Dennis Anthony Uy.

“Local and international travelers can maximize our fiber-fast connection especially in digitally-supported processes in checking in and boarding, or even just surfing while waiting for departure or upon their arrival,” he said.

Through the Converge Free Public Wifi, travelers can surf the internet for 120 minutes at speeds of up to 1 Gbps.

Converge formalized the project through a memorandum of agreement with the Department of Transportation and airport operators Civil Aviation Authority of the Philippines, MactanCebu International Airport Authority, Manila International Airport Authority and Davao International Airport Authority last year.

NAIA Terminal 4 is the first terminal to have the fiber Internet project under the agreement.

CYAN MAGENTA YELLOW BLACK

“This initiative aligns perfectly with the Manila International Airport Authority’s vision of a modern and technologically advanced transportation system. By offering free WiFi, we create an environment that encourages digital innovation and provides a platform for the development and implementation of various digital services,” said MIAA officerin-charge Bryan Co.

Center Imus

tential to expand to 120 beds. It caters to the cities of Imus and Bacoor, with a combined population of about 1 million, with 97 active specialists and 200 visiting doctors. It occupies over a hectare of property, inclusive of about 6,000 square meters of vacant land currently used for surface parking.

“We see a lot of potential in this hospital given that it is in the middle of a highly populated fertile market. We are excited to apply MPH’s group synergies to MCI and raise patient experience to new levels never before seen in Cavite, by strengthening management and investing in infrastructure improvements,” said incoming deputy chief executive Dr. Jo Eileen Suzanne Ringler-Pama.

PLDT-ARTA WORKSHOP.

PLDT Inc. and Smart Communications president and chief executive Alfredo Panlilio and Anti-Red Tape Authority deputy director-general for operations Undersecretary Gerald Divinagracia kick off a workshop on process mapping of telco towers’ energization, an ARTA initiative that reinforces its mandate of ensuring compliance to the national policy on anti-red tape and ease of doing business in the country. PLDT Group’s support aligns with a focus area of the Private Sector Advisory Council’s digital infrastructure pillar, where Panlilio sits as a founding member, aimed at accelerating the rollout of telco towers and internet infrastructure.