Sunday, January 29, 2023
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 Corporate

Govt steps in to rescue Hanjin, woos investors

Othel V. CamposbyOthel V. Campos
January 11, 2019, 9:50 pm
in Corporate
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The government through the Board of Investments has started looking for foreign investors to provide quick assistance to beleaguered Hanjin Heavy Industries and Construction Company Philippines after the Korean shipbuilder filed for corporate rehabilitation with the Olongapo Regional Trial Court.

An official of the BoI hinted Friday an investor-creditor of HBIS Group Co. Ltd., one of the world’s biggest steelmakers, expressed interest to take over the operations of Hanjin.

HBIS is the proponent of the $4.4-billion integrated steel project that will rise within the Phividec Industrial Authority compound in Mindanao.

A Department of Trade and Industry official also said the HBIS investor and another private company had expressed initial interest on financially-strapped Hanjin.

“We are actually on our toes to look for investors who can take over the company, the soonest possible time since this may also impact on the country’s vision to be a shipping hub in the near future,” the official who declined to be identified said.

ADVERTISEMENT

He said the BoI was willing to help Hanjin scout for investors who can provide immediate help to save the company from further losses. The agency recently met with Turkish and Chinese investors interested in putting in fresh capital into Hanjin.

He said an investor with about $500 million to $600 million can easily take over Hanjin’s operations with A provision for at least $12 million in the monthly operational budget.

He noted that Hanjin was concerned on the welfare of some 3,800 remaining employees if the company shut down operations.

Hanjin has a standing $412 million in obligation to at least five local creditors and about $900 million from supply creditors in South Korea.

Hanjin’s total investments in the Subic Bay Freeport Zone have reached $2.6 billion.

Hanjin, the biggest foreign investor in the Subic Freeport, filed on Tuesday a petition with the Regional Trial Court in Olongapo City to initiate voluntary rehabilitation.

The company has 68 pending contracts that may face cancellation if the planned rehabilitation is not approvedl.

Hanjin, which has focused in building high-value vessels, was established in 2006 as a subsidiary of Hanjin Heavy Industries & Construction Co. Ltd., a multi-national company that provides shipbuilding, construction and plant services in South Korea and other parts of the world.

The company was responsible for the construction of the world’s biggest cargo and container ships, bulk carriers, liquefied petroleum gas carriers, very large crude oil carriers and very large ore carriers.

Hanjin has delivered since 2008 123 vessels to valued clients across the globe, cementing its foothold in the highly competitive shipbuilding market.

Tags: Board of InvestmentsForeign investorsHanjin Heavy Industries and Construction Company PhilippinesHBIS Group Co. Ltd.
ADVERTISEMENT
Othel V. Campos

Othel V. Campos

Related Posts

Megawide bags 3 contracts from PHirst Park Homes

byJenniffer B. Austria
January 27, 2023, 9:15 pm
0
8
Megawide raises P4B after offering preferred shares

Infrastructure and engineering firm Megawide Construction Corp. said Friday it bagged three supply and build contracts with affordable residential developer...

Read more

PayMongo names Malolos as new CEO

byManila Standard
January 27, 2023, 8:30 pm
0
8
PayMongo names Malolos as new CEO

PayMongo announced the appointment of Jojo Malolos as president and chief executive effective Feb. 1, 2023. It said Isabel Ridad...

Read more

Monde Nissin acquiring 15% of Figaro Group

byJenniffer B. Austria
January 26, 2023, 7:20 pm
0
8
Monde Nissin books P2.9-b core net income

Monde Nissin Corp. said Thursday it is acquiring a 15-percent interest in restaurant chain operator Figaro Coffee Group Inc. for...

Read more

SM focuses expansion toward provincial areas

byJenniffer B. Austria
January 26, 2023, 6:50 pm
0
8
SMIC among best managed firms in PH

Conglomerate SM Investments Corp. is gearing its expansion plans toward the provincial areas where growth is faster, according to a...

Read more

SPNEC open to more strategic investors

byJenniffer B. Austria
January 26, 2023, 6:35 pm
0
8
Razon-Leviste joint venture seeking Meralco supply deal

SP New Energy Corp. said Thursday it is open to taking in more strategic investors to broaden investor base and...

Read more

Manila Water investing P37.3 billion in wastewater masterplan

byManila Standard
January 26, 2023, 6:30 pm
0
8
Manila Water consortium bags second Saudi water contract

Manila Water Company Inc. said Thursday it is investing in the P37.3-billion Three-River System Wastewater Masterplan to help rehabilitate and...

Read more

Print Edition

View More

Recent Posts

  • BTI Payments expands access to financial services
  • Army Navy supports Club200 Endurance Race
  • Sneakers for Makati : AB4.0
  • DOJ: We won’t yield to ICC
  • PBBM raises 7 priority bills in talk with Congress leaders
  • US Defense chief sets PH trip next week
  • Gov’t eyes link of BI officials to jailed Japanese mob boss
  • Angel wings

Advertisement

Latest News

US Defense chief sets PH trip next week

byManila Standard
January 29, 2023, 1:10 am
0
8

Washington has confirmed the visit of Defense Secretary Lloyd Austin III to South Korea and the Philippines next week aimed...

Read more

Gov’t eyes link of BI officials to jailed Japanese mob boss

byManila Standard
January 29, 2023, 1:00 am
0
8
Koreans top list of fugitive aliens captured by BI

The Department of Justice will investigate Immigration officials who may have been in cahoots with a Japanese national in running...

Read more

Angel wings

byManny Palmero
January 29, 2023, 12:53 am
0
8
Bad weather hampers search for Cessna plane

Visitors have fun having souvenir photos taken with huge angel wings at the backdrop at Tambaan Farm in Hilongos Leyte.

Read more

Low pay keeps guidance counselors from school

byManila Standard
January 29, 2023, 12:50 am
0
8
Sexual offense victims urged to sue 7 teachers

The Department of Education on Saturday admitted there is a scarcity of guidance counselors to attend to the psychosocial needs...

Read more

Biker’s haven

byDanny Pata
January 29, 2023, 12:48 am
0
8
Bad weather hampers search for Cessna plane

Bikers can take their routine round and at the same time enjoy the scenic view at the Lakeshore in Taguig...

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