Airport bus firm
The government granted Airfreight 2100 a permit to operate an interim premium airport bus service starting Wednesday.
The Land Transportation Franchising and Regulatory Board said it qualified Airfreight 2100 in August last year, after passing and meeting the financial requirements as specified in LTFRB’s guidelines.
Airfreight 2100, a member of the Lina Group of Companies, plans to deploy six brand new Hino bus models, and one MAN articulated bus for the new premium airport bus service.
Airfreight 2100 will offer premium airport services in two bus routes—the 24-km NAIA—Roxas Boulevard area, including Mall of Asia and Entertainment City, and the 18-km NAIA–Makati Central Business District route.
“With the official launch of this airport bus service, LTFRB together with the management of Ninoy Aquino International Airport and Airfreight 2100, we will be able to provide an alternate and convenient transport mode for airline and airport passengers and employees in our three key terminals,” LTFRB chairman Winston Ginez said. Darwin G. Amojelar
Allianz acquisition
The Insurance Commission on Tuesday approved the acquisition of more than half of the common shares of Philippine National Bank’s life insurance arm by Allianz SE of Germany.
PNB, the fifth largest commercial bank owned by the Lucio Tan group, in December last year sold its 51-percent interest in PNB Life Insurance Inc. to the Allianz Group.
Allianz said the acquisition and the ensuing merger would operate under the name of “Allianz PNB Life Insurance Inc.”
“The partnership of the two companies will allow Allianz to enter into the market with an established distribution network through its proposed bancassurance agreement with PNB, which has more than 660 branches located in the country,” Insurance Commissioner Emmanuel Dooc said.
The acquisition was the second time Allianz Group joined the Philippine market after it pulling out from Pioneer Allianz Life Assurance Corp.
Allianz, a Munich-based international company which offers insurance services and asset management products, said the joint venture was a part of a 15-year bancassurance agreement. Gabrielle H. Binaday
Villar tender offer
Vista Land and Lifescapes Inc., owned by the family of former senator Manuel Villar Jr., said Tuesday only a few minority shareholders of Starmalls Inc. joined the recently-concluded tender offer conducted by the company.
Vista Land and Starmalls are both principally owned by the Villar Group.
Vista Land made a tender offer to acquire the remaining shares in Starmall held by minority shareholders in line the the Villar Group’s plan to consolidate its mall and commercial businesses under Vista Land.
Vista Land said in a disclosure to the stock exchange its tender offer agent Maybank ATR Kim Eng Securities Inc. reported that 6.67 million Starmall shares were tendered at the end of the offering period on Feb. 15, which is equivalent to just 0.079 percent of the total outstanding common shares of Starmalls.
Following the transfer of the tendered shares to Vista Land, the public float of Starmalls will stand at approximately 11.66 percent.