Aboitiz Equity to issue P2.5 bn six-year notes

May 17, 2010

Aboitiz Equity Ventures, Inc. (AEV) signed Friday (May 14) a Notes Facility Agreement for the issuance of six-year peso-denominated corporate fixed rate notes amounting to P2.5 billion (bn).

AboitizPower 1Q core income hits P7 bn

May 7, 2010

Aboitiz Power Corporation (AboitizPower) ended the first quarter of 2010 with a total net income of P7.4 billion (bn), up by 1851% versus the same period last year. This translates to an earnings per share of P1.01 for the period in review. The stronger peso resulted to a P404 million (mn) non-recurring gain (versus a P109 mn non-recurring loss in 2009) due to the revaluation of dollar-denominated loans and placements on a consolidated basis. This brings AboitizPower’s core net income for the quarter to P7.0 bn, 1334% higher year-on-year (YoY).

Aboitiz Equity 1Q income surge by 341% to P6.2 bn

May 7, 2010

Aboitiz Equity Ventures’ (AEV) consolidated net income for the first quarter surged 341% to P6.2 billion (bn) year-on-year (YoY), translating to an earnings per share of P1.13 for the period in review. Of the total earnings contributions from the business segments, power accounted for 90% while the banking and food groups contributed roughly the same at 6% each. The transport group turned in a negative contribution.

AboitizPower and Davao water district ink agreement for hydro project

March 26, 2010

AboitizPower, through wholly owned subsidiary Hedcor, Inc., on Thursday (March 25, 2010) signed a Compromise Agreement (CA) with the Davao City Water District (DCWD), thereby paving the way for the eventual construction of a 10 to 15 MW hydroelectric power plant along the Tamugan River.

Aboitiz Equity to increase ownership in City Savings Bank

March 10, 2010

Aboitiz Equity Ventures, Inc. (AEV) plans to increase, directly and through a subsidiary, its ownership in Cebu-based thrift bank City Savings Bank (CSB) to 100% from the current 34%.  The AEV Board approved the proposal for the planned purchase at its regular meeting on Wednesday (March 10). The additional acquisition is conditional upon regulatory approval for the transaction.