San Miguel, MPIC to submit joint Tagaytay toll road offer in August IN BRIEF

Kaylaway, Nasugbu town, runs parallel to Tagaytay-Nasugbu and Palico-Balayan highways. The terminus of NBEX connects to the proposed CBEX which leads to Tagaytay and Silang.

Metro Pacific Tollway Corp. in 2018 proposed to the DPWH a similar project that would connect Cavite and Batangas through Tagaytay City.

The DPWH granted the original proponent status to MPTC for the proposed P22.4-billion Cavite-Tagaytay Batangas Expressway—a 50.4-kilometer toll road that will connect Cavite and Batangas, with a spur road to Tagaytay City and ultimately terminating in Nasugbu and another spur road to Tuy, Batangas.

By Jenniffer B. Austria

THE Philippine Stock Exchange denied the request of Holcim Philippines Inc. to lift its trading suspension, making the cement firm’s planned tender offer costlier and more cumbersome to minority shareholders.

Holcim said in a disclosure to the stock exchange late Friday it received the PSE’s letter denying its request to lift the trading suspension pursuant to Bureau of Internal Revenue Regulations No. 16-2012.

BIR RR 16-2012 provides that the tax treatment of sales or other disposition of shares of stocks of a publiclylisted company that is non-compliant with the minimum public ownership requirement should be subject to capital gains tax and documentary stamp tax.

The same policy could affect SP New Energy Corp., which is also hoping to get its trading suspension lifted to allow it to conduct private placement and increase its public float back to the required 10 percent.

500,000 houses to rise in Tarlac’s New Clark City

By Othel V. Campos

STATE-RUN Bases Conversion and Development Author- ity signed a memorandum of understanding with the Department of Human Settlements and Urban Development to develop 500,000 housing units within the New Clark City in Tarlac province.

The two agencies formalized their partnership with the signing of the MOU under President Ferdinand Marcos Jr.’s Pambansang Pabahay para sa Pilipino Housing Program.

“This could be the answer to decongestion of surrounding highly-urbanized areas, and also tapping the full economic potential of New Clark City by putting up residential structures, hence, the populace,” said DHSUD Secretary Jose Rizalino Acuzar, citing the huge potential of the area in terms of township developments under 4PH.

“There are already government facilities here. We only need to bring in population to spur economic activities. And by putting up decent yet affordable and sustainable housing units, surely, we will attract home buyers,” he said.

Azucar said the DHSUD and BCDA committed to ex- ploring the plan within the next few weeks.

New Clark City is envisioned to be the country’s first smart, green and resilient metropolis, masterfully laid out and highly connected with mixed-use developments and an integrated transport system.

The 9,450-hectare greenfield development is being positioned as a world-class city that focuses on livebility and sustainability and is expected to catalyze economic growth in Central Luzon.

BCDA chairman Delfin Lorenzana said the green city is being developed with the needs of the people at the forefront of the masterplan.

“We believe that New Clark City is one of the ideal sites for the Marcos administration’s housing program, having the potential to play a key role in addressing the housing shortage in the country,” he said.

The proposed housing sites would benefit the residents and workers in Clark regardless of age, background and income. It will also provide housing facilities to families affected by government projects in New Clark City and government employees and members of the Armed Forces of the Philippines.

The transfer of shares will only be recorded in the books of the corporation once the certificate authorizing registration and/or tax clearance certificate is secured.

The PSE said in a statement these problems and concerns could have been avoided if Holcim and Holderfin had taken into consideration the interest of public shareholders before implementing the share transaction between Holderfin and Sumitomo Osaka Cement Co., Ltd.

“As such, the purchase by the Holderfin B.V., acting as the bidder in the tender offer and the transfer of the tender offer shares from the tendering shareholders of the company to the bidder will have to be effected outside the facilities of the PSE,” Holcim said.

This means that the minority shareholders that will participate in the tender offer should shoulder the cost and expenses for the sale of the tendered shares. The minority shareholders will also be responsible for the filing of the CGT Return and DST Return and securing the CAR.