Friday, January 27, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Corporate

Converge ICT hires four banks to plan P35-b IPO

Jenniffer B. AustriabyJenniffer B. Austria
July 2, 2020, 9:10 pm
in Corporate
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

Fiber internet company Converge ICT Solutions Inc. hired four banks to arrange a P35-billion initial public offering this year, sources said Wednesday.

Banking sources confirmed a Bloomberg report that Converge ICT, which is owned by Pampanga-based businessman Dennis Anthony Uy, had tapped Bank of the Philippine Islands, BDO Unibank Inc., Morgan Stanley and UBS Group AG for the planned share sale.

Sources said the company would shortly file an IPO application with the Securities and Exchange Commission.

Converge ICT’s IPO could be the biggest share sale in the country since the maiden offering of Robinsons Retail Holdings Inc., which raised P28 billion in proceeds in 2013. Analysts said the Converge ICT IPO would enable it to raise fresh capital to aggressively finance expansion plans amid increased demand for faster internet as millions of people are working and learning from home because of the coronavirus pandemic.

Converge ICT took in United States-based Warburg Pincus, one of the world’s biggest private equity firms, as a minority investor through a $250-million equity investment last year.  The company plans to use proceeds from the equity investment to finance a $1.8-billion nationwide internet backbone.

ADVERTISEMENT

The Philippine Stock Exchange said it was expecting more listings this year, including the country’s first Real Estate Investment Trust offering despite the current volatile trading conditions.

PSE president and chief executive Ramon Monzon said in a statement the successful IPO of MerryMart Consumer Corp. and the listing by way of introduction of Altus Property Ventures Inc. in June could boost capital activities in the market.

“Hopefully, these two new listings will help prop up trading activity even as we await the listing of the first REIT IPO,” Monzon said.

Ayala Land Inc. and DoubleDragon Properties Inc. earlier expressed plans to conduct REIT offerings this year.

Capital raised from the stock market in the first six months reached P20.83 billion, mainly from a follow-on offering, one stock rights offering and two private placements.

The daily average trading value turnover in the first half amounted to P6.59 billion, down 15.9 percent than the P7.84 billion average turnover in the same period last year.  

Foreign funds turned into net sellers of P68.44 billion in the first half, a sharp reversal from the P21.26-billion net foreign buying a year ago.

“Foreign funds have left emerging markets including the Philippines as a result of the health and economic crisis caused by COVID-19.  Even if there are attractive bargains in emerging markets, foreign institutional funds prefer to sit it out,” Monzon said.

“Fortunately, local investors readily took over the buying momentum and kept our market resilient. In April and June, we noted that locals were responsible for 53.0 percent and 58.9 percent of value turnover,” he said.

The 30-company Philippine Stock Exchange index dropped 20.6 percent in the first half to settle at 6,207.72 on June 30.  

“While the index may have recovered from oversold levels it has not been able to climb back to its pre-COVID-19 levels indicating that investors are still quite wary about the full impact of the virus on the economy and are concerned that the number of cases continue to increase despite the various community quarantine regimes we went through” Monzon said.

Tags: Bank of the Philippine IslandsBDO Unibank Inc.Converge ICT Solutions Inc.Dennis Anthony Uyinitial public offeringIPOMorgan StanleyUBS Group AG
ADVERTISEMENT
Jenniffer B. Austria

Jenniffer B. Austria

Related Posts

Monde Nissin acquiring 15% of Figaro Group

byJenniffer B. Austria
January 26, 2023, 7:20 pm
0
8
Monde Nissin books P2.9-b core net income

Monde Nissin Corp. said Thursday it is acquiring a 15-percent interest in restaurant chain operator Figaro Coffee Group Inc. for...

Read more

SM focuses expansion toward provincial areas

byJenniffer B. Austria
January 26, 2023, 6:50 pm
0
8
SMIC among best managed firms in PH

Conglomerate SM Investments Corp. is gearing its expansion plans toward the provincial areas where growth is faster, according to a...

Read more

SPNEC open to more strategic investors

byJenniffer B. Austria
January 26, 2023, 6:35 pm
0
8
Razon-Leviste joint venture seeking Meralco supply deal

SP New Energy Corp. said Thursday it is open to taking in more strategic investors to broaden investor base and...

Read more

Manila Water investing P37.3 billion in wastewater masterplan

byManila Standard
January 26, 2023, 6:30 pm
0
8
Manila Water consortium bags second Saudi water contract

Manila Water Company Inc. said Thursday it is investing in the P37.3-billion Three-River System Wastewater Masterplan to help rehabilitate and...

Read more

Cemex main shareholder launches P2.1-b tender offer

byJenniffer B. Austria
January 25, 2023, 8:15 pm
0
8
CEMEX, Nestle take action for the climate

Cement manufacturer Cemex Holdings Philippines Inc. said Wednesday its majority shareholder Cemex Asian South East Corp. will launch a P2.1-billion...

Read more

SEC releases draft IRR on Financial Consumer Protection law

byJenniffer B. Austria
January 25, 2023, 7:55 pm
0
8
SEC urges stronger cybersecurity steps

The Securities and Exchange Commission said Wednesday it released the draft implementing rules and regulations of Republic Act No. 11765,...

Read more

Print Edition

View More

Recent Posts

  • foodpanda: SIM registration will help fight fraud, fake bookings
  • Enchanted Kingdom installs WiFi, powered by Globe
  • Managed security provides efficiency, solution to IT talent gap
  • Infobip reveals 5 trends in customer experience, omnichannel communications
  • ‘Cali shooter admits guilt, mentally ill’
  • Spain port reels after man kills 1, hurts 1 at church
  • German parliament spotlights Nazis’ LGBTQ victims
  • Ex-paratrooper set to sweep
    Czech prexy vote vs. ex-PM

Advertisement

Latest News

Spain port reels after man kills 1, hurts 1 at church

byAFP
January 27, 2023, 6:20 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Algeciras, Spain—The city of Algeciras was united in mourning Thursday, a day after a machete-wielding man stormed two churches, killing...

Read more

German parliament spotlights Nazis’ LGBTQ victims

byAFP
January 27, 2023, 6:15 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Berlin—The German parliament will for the first time on Friday focus its annual Holocaust memorial commemorations on people persecuted and...

Read more

Ex-paratrooper set to sweep
Czech prexy vote vs. ex-PM

byAFP
January 27, 2023, 6:10 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Prague—Retired NATO general Petr Pavel looks a clear favourite to beat billionaire former prime minister Andrej Babis in the Czech...

Read more

Tough new rules for Myanmar political parties

byAFP
January 27, 2023, 6:05 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Yangon -- Myanmar’s junta on Friday gave political parties two months to re-register under a strict new electoral law written...

Read more

Thai ruling party names deputy PM as main poll bet

byAFP
January 27, 2023, 6:00 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Bangkok—Thailand’s ruling party on Friday named Deputy Prime Minister Prawit Wongsuwan as its candidate to be premier in the kingdom’s...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App