First Phil Holdings mulls bid for provincial airports PPP project

First Philippine Holdings Corp (FPH) is interested in the provincial airports that the government is auctioning off as a bundle under its Public-Private Partnership (PPP) Program.

"We will look at it," FPH president Elpidio L. Ibañez told reporters today.

The government is bidding out the operation and maintenance of the following international airports as one PPP project: Laguindingan, Panglao, Puerto Princesa, Bacolod, Davao and Iloilo.

Ibañez said the company is studying other projects that the Aquino administration will bid out.

“We'll still look at the projects. It also depends on the timing. Kasi just to study a project takes a lot of time and effort," he said.

FPH earlier partnered with Malaysia Airports Holdings Berhad for the P17.5-billion Mactan-Cebu International Airport Project, but lost to the GMR-Megawide Consortium.

In the first three months of the year, Lopez-owned FPH posted a net income of P2.2 billion, lower by P1.1 billion from last year's P3.8 billion. Consolidated revenue amounted to ₱23.2 billion, 5 percent lower than the previous year’s ₱22.2 billion.

- Interaksyon

First Holdings raising P7B war chest for acquisitions

First Philippine Holdings Corp (FPH) is tapping the financial markets to beef up its war chest for investments and acquisitions.

In a disclosure to the Philippine Stock Exchange, the Lopez-led firm said its board of directors cleared the issuance of up to P7 billion in preferred shares or fixed-rate corporate notes or a combination of both. The fund-raising would be done in one or more tranches.

Sought for comment, the holding firm said it has started the sale of P1.5 billion worth of preferred shares with the option to upsize it up to P3 billion. The offer period ends tomorrow.

FPH is selling up to six million preferred shares at P500 per share. The shares, with a par value of P100 each, are cumulative, non-voting, non-participating and non-convertible.

Net proceeds of the issuance will bankroll investments and acquisitions at the parent level or through its subsidiaries.

BDO Capital & Investment Corp was tapped to act as the sole arranger.

FPH's earnings dropped 42 percent to P1.03 billion in the first quarter from P1.79 billion a year ago on higher finance costs, expenses and foreign exchange losses.

FPH has interests in power generation, manufacturing, and real estate development, among others. It has a 3.95 percent interest in Manila Electric Co (Meralco).

InterAksyon.com is the online news portal of TV5, which like Meralco is chaired by Manuel V. Pangilinan.

- Interaksyon