Thursday, August 18, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business

SM Investments’ stockholders okay renewables plan

Jenniffer B. AustriabyJenniffer B. Austria
April 28, 2022, 8:30 pm
in Business, Stocks
Reading Time: 2 mins read
A A
158
SHARES
Share on FacebookShare on TwitterShare on Email

Shareholders of SM Investments Corp. approved the conglomerate’s venture into renewable energy.

SM Investments said in a disclosure to the stock exchange Thursday shareholders approved the merger of the company with Allfirst Equity Holdings Inc., the holding company of Philippine Geothermal Production Co., which in turn operates the Tiwi and Mak-Ban steam fields.

SM Investments will be the surviving entity under the merger plan.

“The acquisition is in line with group’s strong commitment to sustainability and in promoting renewable energy in the Philippines,” the conglomerate said.

The merger will enable SM Investments to invest directly in clean renewable energy-related production and create value for minority shareholders.

ADVERTISEMENT

SM Investments plans to issue 43 common shares in exchange for one Allfirst common share or a total of 21.5 million SM Investments common shares, subject to a fairness opinion by an independent appraiser.

Out of the 21.5 million SM Investments common shares, four million shares will be issued by SM Investments to itself, and be treated as treasury shares, while 17.4 million shares will be issued to the other shareholders of Allfirst Equity. SM Investments owns a 19-percent stake in Allfirst Equity prior to the deal.

The merger is expected to completed by the third quarter of 2022.

PGPC is the operator of Tiwi, the first commercial-scale geothermal steam field development in Southeast Asia. It is located in Albay while Mak-Ban operates in Laguna and Batangas.

Both fields are in operation since 1979. They generate geothermal steam sufficient to produce approximately 300 megawatts of electricity.

The geothermal power plants are being operated separately by Aboitiz Power Corp.

In addition to its two producing steam fields, PGPC has several other greenfield concession areas for geothermal steam production which it plans to develop later.

Tags: Allfirst Equity Holdings Inc.Philippine Geothermal Production Co.renewable energySM Investments Corp.stock exchange
ADVERTISEMENT
Jenniffer B. Austria

Jenniffer B. Austria

Related Posts

Asian markets drop as Fed minutes cause fresh rate hike woe

byAFP
August 18, 2022, 11:00 am
0
130
Asian markets drop as Fed minutes cause fresh rate hike woe

Markets dropped in Asia on Thursday following a sell-off in New York spurred by minutes from the Federal Reserve indicating...

Read more

Bangko Sentral prepares another interest rate hike

byJulito G. Rada
August 17, 2022, 8:25 pm
0
201
Bangko Sentral prepares another interest rate hike

The Bangko Sentral ng Pilipinas is set to increase the benchmark interest rate today to tame inflation, its top official...

Read more

PPA recorded 9% increase in 1st-half income amid recovery

byDarwin G. Amojelar
August 17, 2022, 8:20 pm
0
147
PPA announces reduction of processing fees for transport providers

The Philippine Ports Authority said Wednesday net income rose 9 percent in the first half as it sustained its rebound...

Read more

SSI Group’s profit soared by 383% to P491m in 6 months

byJenniffer B. Austria
August 17, 2022, 8:15 pm
0
170
SSG Group, Metro Retail incur losses

SSI Group Inc., the country’s largest specialty retailer controlled by the Tantoco family, said Wednesday net income soared 383 percent...

Read more

SPNEC eyes 2,500 hectares of land in C. Luzon to host 3,500-MW farms

byAlena Mae S. Flores
August 17, 2022, 8:10 pm
0
200
SPNEC price up slightly in market debut

Solar Philippines Nueva Ecija Corp. said Wednesday it will use proceeds from several capital-raising activities to secure 2,500 hectares of...

Read more

Smart emerges as fastest mobile network — Ookla

byDarwin G. Amojelar
August 17, 2022, 8:05 pm
0
170
Smart teams up with Shopee for a simple and easy way  to pay your Postpaid Bill via ShopeePay

Smart Communications Inc. emerged as the country’s fastest and best mobile network in the first half according to Ookla, the...

Read more

Stories you may like

  • People …are talking about Liza Soberano

    Supermodel son is Philippine bet in Manhunt International

    12334 shares
    Share 4934 Tweet 3084
  • How love kept Zoey Taberna alive

    10143 shares
    Share 4057 Tweet 2536
  • Another oil price rollback likely as world economy further stalls

    1467 shares
    Share 587 Tweet 367
  • Judgments and their execution

    1298 shares
    Share 519 Tweet 325
  • SMART/MVP-PH Team joins ‘22 Asian Taekwondo Championship

    1111 shares
    Share 444 Tweet 278

Print Edition

View More

Recent Posts

  • US says China to pursue ‘growing coercion’ of Taiwan
  • Four killed, 27 missing in northwest China floods
  • Asian markets drop as Fed minutes cause fresh rate hike woe
  • Tokyo Olympics exec arrested over bribery allegations
  • Hundreds evacuated as ‘frightening’ floods hit N.Zealand
  • Cheney defeat marks Trump’s win over traditional conservatism
  • Anger as US court says teen not ‘mature’ enough for abortion
  • ‘Captain America’ Reed files $750m law suit over ‘malicious attacks’

Advertisement

Latest News

Cheney defeat marks Trump’s win over traditional conservatism

byAFP
August 18, 2022, 9:00 am
0
150
Cheney defeat marks Trump’s win over traditional conservatism

Republican scion Liz Cheney's primary defeat to a hardline Trumpist rival underlines the dramatic shift the party has undergone under...

Read more

Anger as US court says teen not ‘mature’ enough for abortion

byAFP
August 18, 2022, 8:00 am
0
144
Anger as US court says teen not ‘mature’ enough for abortion

An appeals court in Florida has upheld a ruling that a 16-year-old girl is not "sufficiently mature" enough to get...

Read more

‘Captain America’ Reed files $750m law suit over ‘malicious attacks’

byAFP
August 18, 2022, 7:00 am
0
146
‘Captain America’ Reed files $750m law suit over ‘malicious attacks’

US golfer Patrick Reed, who departed the US PGA Tour for the Saudi-backed LIV Golf Series, has filed a $750...

Read more

TikTok girds for US election misinformation threat

byAFP
August 18, 2022, 6:00 am
0
137
TikTok girds for US election misinformation threat

TikTok on Wednesday rolled out its battle plan against the deluge of misinformation expected to accompany the upcoming US midterm...

Read more

Sneakers for Makati : AB4.0

byManila Standard
August 18, 2022, 1:40 am
0
1.1k
Sneakers for Makati : AB4.0

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App