Top Frontier income rebounds
Top Frontier Investment Holdings Inc. posted profits of P28.15 billion in the first half of the year, a turnaround from last year’s P4.01 billion loss.
The holding company, which is a mirror of all the businesses of San Miguel Corp. and a few others that are not folded into the San Miguel group, said “all major businesses posted robust recoveries” amid the continuing pandemic restrictions nationwide.
Sales grew 16 percent to P410.12 billion from last year’s P352.79 billion, mainly driven by higher sales from Petron Corp. and the energy business combined with “higher volumes, favorable selling prices and better sales mix of the food and beverage business,” the company said.
Gross profit jumped 84 percent to P97 billion from P52.59 billion last year, mainly attributable to the turnaround of Petron to a positive profit margin this year compared to a loss in 2020.
PH Resorts raises P600B
PH Resorts Group Holdings Inc. said it raised P600 billion through mother company Udenna Corp.
The casino firm, which is in the middle of putting up its Mactan, Cebu gaming complex, said Udenna sold PH Resorts shares to qualified investors, the proceeds of which will be plowed into PH Resorts to fund its ongoing casino project — the Emerald Bay Resort & Casino in Mactan.
“The transaction consisted of around 352 million shares sold by PH Resorts’ parent Udenna Corp. at P1.70 per share. With the proceeds, Udenna Corp. will then subscribe to the same number of shares to be issued by the company at the same price, thereby injecting the funds into PH Resorts,” it added.
“Despite continuing fears about COVID-19 and with the Delta variant reaching our shores, we are very happy that there are investors that continue to remain bullish on the prospects of the country’s tourism and gaming industry. In fact, the participants in our top-up placement are existing shareholders and also participated in the Company’s follow-on offer last November,” said Jose Angel Sueiro, PH Resorts chief operating officer. – Ruelle Castro
Cirtek eyes preferred share sale
Cirtek Holdings Philippines Corp. has received board approval for a planned preferred share sale it earlier pegged at P3.5 billion.
The company said its board of directors has approved the plan to issue preferred shares under the preferred B-2 subseries C shares, TCB2C, and the preferred B-2 subseries D shares, TCB2D.
Cirtek added the board also approved “the terms and conditions” of the preferred shares sale but failed to provide the details.
Cirtek announced the plan for the preferred shares sale in June, saying this will be sold through an initial 50 million shares with a par value of P1 and another 20 million shares, covering the oversubscription option, at P50 per share.
The shares will be cumulative, non-voting, non-participating, non-convertible and redeemable.
