Latest news with #P49
GMA Network
4 days ago
- Business
- GMA Network
Maynilad secures SEC approval for IPO this July 2025
West zone concessionaire Maynilad Water Services Inc. has secured the approval of the Securities and Exchange Commission (SEC) to proceed with its initial public offering (IPO) this July, as the firm is required to offer at least 30% of its outstanding capital stock as part of its government-issued franchise. Based on its latest timeline submitted to the SEC, Maynilad plans the offer period from July 3 to July 9, with the shares set to be listed on the main board of the Philippine Stock Exchange on July 17. The corporate regulator's En Banc resolved to render effective Maynilad's registration statement covering 1,934 primary shares and 354,704,200 secondary shares on May 30, subject to compliance with certain requirements. Maynilad is set to offer 1,680,317,400 common shares at up to P20 apiece, with an overallotment option of up to 249,047,600 shares and a preferential offer of up to 29,904,800 shares. The company is set to net up to P37.41 billion, should the overallotment option and preferential offer be fully subscribed. Proceeds are set to bankroll the company's capital expenditures, and corporate general purposes. The company earlier planned to raise P49 billion from its IPO by offering 2.46 billion common shares at a maximum price of P20 each. 'The initial numbers, they're all tentative, so don't be surprised if they adjust it, but they're close to make a final determination — the number of shares, how many are primary, how many are secondary,' Maynilad chairman Manuel Pangilinan told reporters on the sidelines of an event last week. 'Some of the shareholders might decide to sell down a bit, and of course, the pricing also. I think in the next few weeks or by next month, within a range, they will announce the range of prices at which the IPO will be offered. So just watch out for that space,' he added. The company tapped BPI Capital Corp., The Hongkong and Shanghai Banking Corporation Limited (HSBC), Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offer. Under its franchise signed into law by former President Rodrigo Duterte in December 2021, Maynilad is mandated to offer at least 30% of its outstanding capital stock within five years. Maynilad currently serves customers in the west zone, which covers the cities of Caloocan, Las Piñas, Makati, Malabon Manila, Muntinlupa, Navotas, Parañaque, Pasay, Quezon, Valenzuela. It also services certain areas in Cavite such as the cities of Bacoor, Cavite, and Imus; and the towns of Kawit, Noveleta, and Rosario. —KG, GMA Integrated News
The Star
4 days ago
- Business
- The Star
AirAsia MOVE faces economic sabotage case for alleged overcharging in the Philippines
MANILA: The Department of Transportation (DOTr) is preparing an economic sabotage case against the online travel agent platform of aviation group AirAsia for allegedly selling plane tickets to Tacloban at 'unreasonably' high prices. In a press briefing on Monday (June 2), Transportation Secretary Vince Dizon (pic) said they were finalising the complaints against AirAsia MOVE with the target of filing the case this week. Prior to this, the government agency issued a cease and desist order against the company headquartered in Malaysia on May 26. Dizon said the case stemmed from the complaint by Leyte 4th District Rep. Richard Gomez and Ormoc Mayor Lucy Torres-Gomez, who booked Philippine Airlines (PAL) flights from Tacloban to Manila via AirAsia MOVE that cost them about P77,704 (US$1392) – or almost P40,000 each. Had they booked through the PAL website, the plane tickets would have only cost them P49,507, Dizon noted. 'I have asked them (Philippine National Police – Anti-Cybercrime Group) to take this website down today, so this AirAsia MOVE can no longer scam others. I'm sure Congressman Richard Gomez is not the only victim here,' Dizon announced in a press conference on Monday. 'I also asked the CAB (Civil Aeronautics Board) and DOTr aviation group to immediately file a criminal economic sabotage case against AirAsia MOVE because this is really economic sabotage,' Dizon added. Dizon stressed that AirAsia MOVE's one-way plane tickets are three times higher compared to the tickets sold by other airlines at around P12,000. Aside from Gomez, Dizon said he had also received a letter from the Office of the Civil Defence executive director, Undersecretary Ariel Nepomuceno, detailing similar complaints about the selling of unreasonably high-priced plane tickets to Tacloban. Dizon also said that the overcharging might have stemmed from the limited access to the 53-year-old San Juanico Bridge, whose load limit has been limited to three tonnes starting May 15, barring trucks and buses from crossing the 2.16-km. bridge. 'Clearly there is a crisis there because the movements of goods and people were affected by the partial closure of the San Juanico Bridge to heavy vehicles, such as buses and trucks. They are taking advantage of the situation,' he lamented. The DOTr chief also instructed CAB to investigate other online platforms suspected of overcharging plane tickets not only in Tacloban but also in other destinations. Asked if Dizon had already asked AirAsia about this, he said that the multinational airline 'has nothing to do with' the issue surrounding the online travel booking platform and is only 'affiliated' with it. - Philippine Daily Inquirer/ANN
