Business Newsbits: November 20, 2012

Aboitiz Equity Ventures (AEV) acquires 100% interest in Aboitiz Land, Inc. from Aboitiz & Company, Inc. for P3.2 billion. Aboitiz Land is the developer and operator of the Mactan Economic Zone II in Lapu Lapu City and the West Cebu Industrial Park in Balamban.

Calata Corp. (CAL) enters into an exclusive agreement with Siembra Directa Corp. for the supply of agricultural farm inputs (seeds, agrochemicals and fertilizers) in all of Siembra's farming operations throughout the Philippines. This will provide Calata an estimated additional sales of at least P1.6 billion for a 20-year exclusive supply contract.

COL Financial Group, Inc. (COL) reports a 7.5% decline in its nine-month net income to P266.5 million due to the increased expenses and poor performance of its overseas unit Hong Kong.

Energy Development Corp. (EDC) reports a net income of P8.57 billion for the first nine months of 2012 from a loss of P488 million for the same period last year. The increase was boosted mainly by revenues from its subsidiaries Green Core Geothermal, Inc. and First Gen Hydro Power Corp.

NTC orders Globe Telecom , Inc. (GLO), Philippine Long Distance and Telephone Co. (TEL)'s Smart Communications, Inc., and Digitel Mobile Philippines (Sun Cellular) to reduce SMS rates to P0.80 from P1.00 per tex message and reimburse subscribers of the P0.20 difference for an estimated 20 million messages since the order took effect on Dec. 1, 2011. The order stems from NTC's Memorandum Circular No. 02-10-2011 issued in October 2011 lowering interconnection charges to P0.15 per SMS from the original P0.35. NTC also ordered the three telcos to pay P200 per day starting Dec. 1, 2011 until they are able to comply with the circular.

Lafarge Republic, Inc. (LRI) has met Philippine Stock Exchange's 10% minimum public ownership requirement following a share swap it conducted on Nov. 18, 2012 with Southeast Asia Cement Holdings, Inc. (CMT). Prior to the share swap, Lafarge had a public float of 6% and failure to comply with minimum requirement will lead to forced delisting from the bourse.

Robinsons Land Corp. (RLC) unveiled on Nov. 18, 2012 The Sapphire Bloc in a press briefing at Crowne Plaza Manila Galleria, a four-tower complex that will rise on an 8,400-sqm property bounded by Sapphire and Garnet Roads in Ortigas Center, Pasig City. This is Robinsons Land'sbiggest project to date in Ortigas.
San Miguel Pure Foods Co., Inc. (PF) priced its secondary share offer at P240. The offer will be crossed at the stock exchange on Nov. 21, 2012. The share sale will increase Pure Food's public float to up to 15% from the current .08%, allowing the firm to comply with the 10% minimum public ownership set by the Philippine Stock Exchange for listed companies at year-end.