NEWS IN BRIEF; P/$ Rate Closes at P56.095 to $1
The peso rate closed lower at P56.095 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P56.07 the previous day. The weighted average rate appreciated to P56.077 from P56.156. Total volume amounted to $383.1 million.
Sept. 13 T-bond sale scrapped
The Bureau of Treasury said yesterday it had decided to cancel a planned auction of four-year bonds scheduled for September 13. It did not give any reason for the move in its memorandum to government securities dealers. The government recently raised P40 billion from the sale of five-year Retail Treasury Bonds (RTB). National Treasurer Omar Cruz on Monday said six or seven auctions of T-bond sales earlier programmed for the last quarter will also be scrapped following the successful RTBs sale.
Kirin wants 20% on SMC
TOKYO, Sept. 8 (Reuters) - Kirin Brewery Co., Japan's second-biggest brewer, said on Thursday it aimed eventually to raise its 20 percent stake in the Philippines' San Miguel Corp. as a means to grow amid slow demand at home. Like global giants including InBev, the world's biggest brewer, and No. 2 SABMiller, Japanese beer makers are pressed for measures to expand out of a saturated domestic market. The world's biggest brewers have been looking to expanding markets such as Latin America, China and Russia for growth and have been buying up local brands to attract local drinkers, who tend to be loyal to traditional brews. Kirin, which plans to focus on expanding in Asia, had said it aimed to spend [yen]100 billion ($908.8 million) in the three years to 2006 for strategic investment. It has so far spent about [yen]40 billion, the biggest deal being an additional investment in San Miguel in April. "When the Philippine government releases its shares (in San Miguel) or maybe via other ways, we would like to raise our stake," Managing Director Kazuhiro Sato told Reuters in an interview. The government allows foreign companies to own only up to 40 percent of the company, he added. San Miguel, Southeast Asia's largest food and beverage group and the country's most valuable firm with a market value of $4.7 billion, has been key to Kirin's expansion in Asia and is still owned over 36 percent by the government and governmental entities.
HI pays cash dividend
House of Investments Inc. said its board of directors has approved a cash dividend of P42.18 million to holders of its preferred shares as of October 5. The dividend, which would paid on October 31, will be taken from the company's unrestricted retained earnings as of end-2004, it told the stock exchange. The HI board also accepted the resignation of Carlos Dominguez as director. The company's founder, tycoon Alfonso Yuchengco, will replace Dominguez.
Petron Saudi VP reassigned
Petron Corp.'s vice president for corporate planning, Basil Abul-Hamayel, has resigned from his post to take on a new assignment by Saudi Arabian Oil Co., which owns 40 percent of the Philippines' largest oil refiner. He will continue as a director at Petron. Sulaiman Ababtain was named officer-in-charge of the position vacated by Abul-Hamayel.
Regulators okay info sharing
Government financial and monetary agencies have agreed to expand the existing memorandum of agreement on data and information sharing. The Bangko Sentral ng Pilipinas, Securities and Exchange Commission, the Insurance Commission and the Philippine Deposit Insurance Corp. is currently drafting the Multilateral Memorandum of Agreement for Information Exchange. BSP said the MoA is being expanded to cover the sharing of information relating to reputation of agents, which include external auditors, appraisal companies and external credit rating agencies.
Trade data forecasts revised
ATR-Kim Eng Securities Inc. said it has revised its forecasts for Philippine exports and imports owing to drastic changes to official trade data from 2002 to 2004, and the trends in trade for the first six months of the year. …