Wednesday, November 3, 2010

SMDC Lists Additional 1.87 Billion Shares

SM Development Corporation (SMDC) listed an additional 1.83 billion of its common shares at the Philippine Stock Exchange on Nov 3, 2010 . The shares were from the highly successful P11.7 billion stock rights offering held October 18-22, 2010. Each SMDC shareholder holding at least three common shares as of October 6, 2010 was offered and entitled to subscribe to one new share at an offer price of PHP 6.38 per share. The additional listed common shares have a par value of PHP 1.0 per share and BDO Capital and Investment Corporation acted as the sole underwriter of the offer.

SMDC’s stock rights offer was fully subscribed. Initially, the company will receive 50% of the total proceeds from the offer equivalent to PHP 5.8 billion and the other 50% on or before end of May 2011. Prior to this second rights offering, SMDC has a total of 5.5 billion common shares issued and outstanding. After the completion of the offer, the company’s common outstanding shares will top 7.3 billion.

“We are highly encouraged by the strong market reception and support of the Company’s latest stock rights offering, after the first rights offering. This second stock rights offering comes on the heels of the very successful first rights offering totalling PHP 5.0 billion held early this year, and the PHP 10.0 billion note issuance in June -- a clear manifestation of trust and confidence investors and other stakeholders have on the positive prospects of the company,” said SMDC vice chairman and chief executive officer Henry Sy, Jr.

The net proceeds will be used by SMDC for land acquisition, project development, and construction activities.
 The additional resources raised through this new initiative will ensure the continuity of SMDC’s excellent product offerings in the housing and financial markets. Likewise, this capital raising activity will further strengthen the financial backbone of the Company and provide it with the needed muscle to tap bigger and promising markets in the region such as China.

For further information, please contact:
Mr. Jose T. Gabionza
Vice President
SM Development Corporation
Tel. No. 857-0100

SMDC disclosure to PSE
Nov 3, 2010

PHILWEB Posts Record Growth

PhilWeb Corporation, posted net income of P477 million for the first three quarters of 2010, 28% higher than the P373 million it posted for the same period in 2009. Revenues totaled P755 million, up 30% year on year, compared to P580 million in the first nine months of 2009.

PhilWeb Corporation is the Philippines’ first and largest listed online technology firm and leader in online gaming.

"We are particularly pleased with our third quarter results, as it shows that our core businesses remain robust," PhilWeb president Dennis Valdes said.

Valdes said the Philweb remitted a total of P921 million to PAGCOR through the 3rd quarter of 2010, representing the 60% PAGCOR share in the e-Games Internet Cafe and Internet Sports Betting Station businesses. He noted that the PAGCOR share for these businesses come with no capital expenditures or  operating expenses on their part,  thus the total remittance flows directly to the PAGCOR bottom line.

Remittances through October 31st have reached Ph1.1 billion. "We expect to remit over P1.3 billion to PAGCOR for 2010," stressed Valdes.

"We are also pleased with our businesses' performance at the start of the fourth quarter this year, which show continued growth. Thus, we remain confident that 2010 will be a record year for PhilWeb, both in terms of revenues and net income," said Valdes.

Philweb disclosure to PSE
October 29, 2010

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