ERC orders Meralco
The Energy Regulatory Commission ordered Manila Electric Co. not to disconnect Millennium Energy Inc. from its system pending the resolution of their distribution wheeling charge dispute.
ERC chairman Jose Vicente Salazar told reporters the commission acted on Millennium Energy’s application for interim relief by allowing the power generator’s 100-megawatt gas fired power plant to export its output pending resolution of the dispute.
“Moreover, for purposes of the distribution wheeling charges, the Commission decided that Meralco shall not impose a guaranteed minimum billing demand on MEI, in the interim, but shall only bill based on the actual use or dispatch of the MEI plant subject to ERC-approved distribution wheeling charges,” Salazar said.
Millennium and Meralco earlier asked the ERC to allow the dispatch of power from the Navotas gas turbine power plant pending the resolution of their dispute. Alena Mae S. Flores
DM Wenceslao IPO
DM Wenceslao & Associates Inc. is reviving its P12.3-billion initial public offering plan.
DM Wencelsao chief executive Delfin Wenceslao said in an interview at the sidelines of a real estate forum held at Marriott GrandBallroom in Pasay City the company was updating all information on in its earlier IPO application with the Philippine Stock Exchange.
“Our listing approval lapsed early part of May. So we are now in consultations with the Philippine Stock Exchange on what information we need to update,” Wenceslao said.
Wenceslao said the company might push through with the IPO within the year, depending on market conditions.
DM Wenceslao earlier planned to conduct its IPO in December. But the company decided to defer the offering as markets turned volatile.
DM Wenceslao had planned to offer up to 429 million in primary common shares while selling shareholder Wendel Holdings Inc. granted the underwriters an option to sell another 64.375 million in secondary shares to cover overallotment. Jenniffer B. Austria
Tiger Resort bullish
Tiger Resort Leisure and Entertainment Inc. of Japanese billionaire Kazuo Okada is on track to open a $2.7-billion integrated entertainment and gaining facility within the government-sponsored Entertainment City by the end of 2016.
Tiger Resort president Steve Wolstenholme said in an interview at the sidelines of a real estate forum held at Marriot GrandBallroom in Pasay City the company remained confident about the opportunities in the Philippines despite being the third player to open a gaming facility within Entertainment City.
“The investment is on time. We will open our first phase which is $2.7 billion at the end of this year. It will be something that is quite spectacular and the most significant investment that is happening in the Philippines. We will change the face in the way how tourism is perceived here but also will change how the face of entertainment is perceived here,” he added. Jenniffer B. Austria
Insular Life revenues
Insular Life Assurance Company Ltd., the largest Filipino-owned life insurance company, booked revenues of P19.93 billion in 2015 amid the strong performance of its core life insurance business.
Insurance revenues grew 6 percent to P13.59 billion, on the back of higher sales of single pay and multiple-pay variable unit-linked products.
The company said in a statement Wednesday after its annual members’ meeting that consolidated assets rose 5 percent to P106.15 billion from P101.35 billion in 2014. Networth expanded four percent to P23.72 billion from P22.85 billion in the previous year.
Despite the market volatility in 2015, the Insular Life group ended the year with a consolidated net income of P1.77 billion from P2.95 billion in 2014.
“The decline in net income was primarily due to reduced profit from the sale of property and equities, and lower equity in net earnings of associates. Insular Life landed at number four in the industry ranking based on net income,” Insular Life said. Gabrielle Binaday