Business Newsbits: November 30, 2012

Aboitiz Power Corp. (AP) declares a cash dividend of P0.22 per share to all stockholders as of Dec. 13, 2012, payable on Jan. 11, 2013.

Ayala Land Inc. (ALI) launches the first building of Garden Towers, an upscale residential condominium in Makati City. The property developer expects to generate roughly P7 billion from the sale of units at the first building.

Bank of the Philippine Islands (BPI) and the Department of Tourism (DOT) team up on a tourism project financing and services that will use  and expand banking infrastructure to support the needs of the tourism industry.

D&L Industries, Inc., a colorant and food additive maker, announces its initial public offering (IPO) final price at P4.30 per share. The company is set to list on Philippine Stock Exchange next month.

EastWest Bank (EW) raises P1.5 billion through the issuance of long-term negotiable certificates of deposit (LTNCDs) to fund the bank's growing lending business. The LTNCDs have tenor of five years and six months and coupon rate of 5% but unlike regular time deposits, they cannot be preterminated although they can be traded in the secondary market.

Liberty Flour Mills, Inc. (LFM) declares a cash dividend of P1.00 per share with record date of Dec. 11, 2012, payable on Dec. 21, 2012.

Standard & Poor's Rating Services (S&) upgrades the credit rating of Manila Electric Co. (MER) to "BB-" a stable outlook, based on the company's stronger competitive position and cash flow stability.

The Philippines' gross domestic product (GDP) grows by 7.1% in third quarter of 2012, beating market expectations. The high GDP growth extends the Philippine stock market's rally allowing the PSE index to end above 5,600, which is first time in history.

Philippine Realty and Holdings Corp. (RLT) approves a joint venture project with its principal shareholder Greenhills Properties Inc. (GPI) to develop a 6,400-square meter prime property in Bonifacio Global City into a mixed-use complex.

President Benigno Aquino III approves Manuel V. Pangilinan's NLEx-SLEx connector road and ten other public-private partnership (PPP) projects. The P25-billion connector road is the second biggest project in the list after the P43-billion Cavite-Laguna Expressway. Also in the list is the new P17.5-billion terminal at Mactan-Cebu International Airport, which the Ayala and Aboitiz groups plan to bid for.

Republic Glass Holdings Corp. (REG) announces the sale of its two-hectare property in Libis, Quezon City to Robinsons Land Corp. (RLC).

Rockwell Land Corp. (ROCK) authorizes the issuance of Corporate Notes of up to P10 billion with First Metro Investment Corp. and PNB Capital and Investment Corp. as the joint lead arrangers. The P4-billion proceeds will be used to refinance the company's existing loans while the balance of P6 billion will be for various land acquisitions and capital expenditures.

UBS AG, the sole international bookrunner and lead manager for the follow-on offering of STI Education Systems Holdings, Inc. (STI), exercises its over-allotment option of 273 million STI shares.