ANGELICA BALLESTEROS, TMT

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MRC Allied Inc., a listed property developer diversifying into energy, said on Monday that it was acquiring a 15-percent stake in Sulu Electric Power and Light Philippines, Inc. (Sepalco) for $5 million or P254.66 million. Sepalco operates a 50-megawatt plant located in a 70-hectare property in Palo, Leyte, which has…

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CASUAL dining Max’s Group, Inc. is expanding its footprint in Canada after entering into a partnership with Canada-based Alibin Group, Inc. to establish the first Max’s Restaurant in Winnipeg. “We welcome the opportunity to once again serve distinct flavors of home to our countrymen based in Canada. We will strive…

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ANDREW TAN-led conglomerate Alliance Global Group, Inc. (AGI) said on Tuesday it would buy back up to P5 billion worth of shares over the next two years as its shares are “grossly undervalued.” “We are undertaking this corporate action because we believe that our shares are grossly undervalued,” Alliance President…

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FASTFOOD giant Jollibee Foods Corp. (JFC) has issued a clarification on its supposed bid to acquire British sandwich chain Pret A Manger for about $1 billion. A Thomson Reuters report said Jollibee was in talks with an advisor to acquire Pret A Manger for about $1 billion, based on the…

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The stock market hit a new record high on Monday, stopping just short of the 8,300 resistance level on the back of what analysts said was continued investor optimism. The Philippine Stock Exchange index (PSEi) gained 1.39 percent or 113.29 points to close at 8,294.14. The broader All Shares likewise…

ROUNDTABLE

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The government shouldn’t insist on spearheading infrastructure development at the expense of unsolicited proposals, a businessman behind two long-delayed projects said. “Unsolicited proposal is provided by law. You cannot just say ‘we are not interested in that, we’ll do ODA (official development assistance) or we’ll do solicited’,” Penson & Co.…

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LISTED casual dining chain Max’s Group, Inc. announced on Monday it had partnered with an Abu Dhabi-based enterprise to construct seven Sizzlin’ Steak outlets in the United Arab Emirates (UAE) over the next five years. “We are witnessing the emergence of Sizzlin’ Steak as a global mainstream brand. At the…

SHARES OUTLOOK FOR THE WEEK:

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SHARE prices will likely trade higher this week given the looming end of ghost month and upbeat fiscal and corporate developments, an online brokerage firm said. “The Treasury bureau’s latest T-bill auction was 3.5 times oversubscribed,” 2TradeAsia said, noting that bids had hit P52 billion versus the P15-billion float. It…

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RAMON Ang-led conglomerate San Miguel Corp. (SMC) announced over the weekend that it was discontinuing its bottled water business under the PureWater brand as part of its initiative to reduce its environmental footprint. “The plastic bottled water business has given us good returns, but we are choosing to forego it…

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ABOITIZLand, Inc. is boosting its industrial estate business in Luzon as it continues to look for strategic areas in which to expand. “We are expanding LiMa [Technology Center]. And we’re now looking for another area to grow,” AboitizLand President and Chief Executive Officer Andoni Aboitiz told reporters following an event…

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