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SBS Philippines Corp
STI acquires Makati prime property for iAcademy expansion
Posted on August 03, 2016
Janine Marie D. Soliman
“If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.”
SBS profit surges to P974.8 M in 9 months
By Iris Gonzales (The Philippine Star) | Updated November 14, 2016 - 12:00am

MANILA, Philippines – Filipino-owned chemical distributor SBS Philippines Corp.’s net income surged to P974.8 million in nine months to September from P110.9 million a year ago, as the company had a one-off gain from the disposal of its investments assets in the amount of P858.8 million.

“Together with the increase in core business recurring income of P160.9 million, this delivered a hike in net income for the period of P974.8 million,” SBS said in a disclosure to the Philippine Stock Exchange (PSE) yesterday.

In terms of sales, the company posted double digit sales growth of 11.6 percent to P776.1 million from P695.2 million a year ago.

Higher sales were driven by food and feed ingredients.

“Food ingredients continue to account for the bulk of our sales at 37 percent, followed by industrial chemicals at 30 percent, feeds and feed ingredients at 23 percent, and raw materials for pharmaceuticals and cosmetics contributing at 10 percent,” SBS said.

On the other hand, SBS noted weaker demand and depressed average prices for industrial chemicals as a result of a slowdown in local mining activities during the third quarter of 2016.

To offset the slowdown in demand for mining chemicals, SBS will introduce new products.

“While demand for mining chemicals are not expected to improve in the fourth quarter of 2016, the company is introducing new products for water and waste water treatment as part of its value-growth strategy to capitalize on the growing trend in societal demand for increasing levels of product safety and environmental protection,” SBS said.

The move is part of efforts to rebalance product portfolio to accelerate the sales strategy for deepened market focus.

SBS is a major chemical trader-distributor in the Philippines supplying more than 1,800 customers with over 3,000 chemical products sourced from more than 500 suppliers.

It offers a comprehensive selection of chemical products to service its wide set of clients in various industries such as food ingredients, industrial, feeds and veterinary care, pharmaceutical, personal care and cosmetics.

It has a network of 15 warehouse facilities located at five different sites in the greater Manila area and the province of Bulacan, providing for a combined floor space of about 46,000 square meters and a storage capacity exceeding 18,000 MT.

#53 for property investments? hhmmnn

SBS secures P2.5-billion loan from Security Bank

CHEMICAL trader SBS Philippines Corp. on Monday said it secured a P2.5-billion term loan from Security Bank Corp., to be used to bankroll purchases of property-related investments.

“The loan from Security Bank will ensure we have the resources available to take advantage of opportunities to acquire properties and property-related targets that become available. Currently, the group has already identified certain property investments, which it hopes to close within the first half of 2017,” said Victorina Ladringan, the company’s chief investments officer.

The company said it believes the business prospects of property investments have a potential and sees such investment strategy to contribute materially to the company’s earnings on a sustainable and long-term basis.

For 2016, SBS reported consolidated revenues of P1.98 billion and a consolidated net income of P1.02 billion.

The company’s board also approved a new share-buyback program with a volume of up to another P200 million. The new buyback program replaces the previous mandate, which has already been fully expended, it said. The share repurchases will be undertaken in the open market through the trading facilities of the Philippine Stock Exchange and will run from April 18 until the amount earmarked for the program has been fully utilized.

“The program will be funded by internally generated funds from the company’s unrestricted retained earnings and is not expected to affect the company’s existing or prospective projects and dividend policy,” it said.

The repurchased shares will be held as treasury shares.

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...gumalaw ba 'to?

SBS board approves stock-rights offer

THE board of directors of chemical firm SBS Philippines Corp. has approved the company’s stock-rights offering (SRO), composed of 350 million shares.

“Anesy Holdings Corp., the company’s major shareholder, has indicated its support for the rights issue and will subscribe to any remaining stock-rights shares that will be unsubscribed after the mandatory second round of the stock-rights offer,” the company said.

With its last trading price of P6.05 per share, the company may raise as much as P2.11 billion.

It said the rights issue will be undertaken within a period of 12 months from approval of the shareholders, but it will also have to seek first the approval of the Securities and Exchange Commission and the Philippine Stock Exchange.

The size and terms of the SRO will be determined and finalized by the board of directors, including the entitlement ratio, offer price, record date and specific uses of the proceeds of the rights issue, it said.

“The rights issue is intended to provide additional core capital to support the growth and strategic initiatives of the company, which will include, among others, its business-diversification plans to engage in property-related investments and businesses. Management is currently evaluating the allocation and specific uses of the proceeds of rights issue, which will be determined and finalized by the board of directors after approval by the shareholders,” it said.

The company said its income reached P1 billion last year, from P159 million in 2015 after it disposed of certain long-term investments in an associate and in property-related assets, which were held for capital growth and completed with a significant one-off gain from the disposal of such investments assets in the amount of P858.7 million. “Our very strong balance sheet and excess cash gives us the ability to create more value. We will continue to take action to make SBS bigger and better,” said Necisto Sytengco, the company’s chairman and founder.

Gross revenues reached P1.97 billion, almost double from the previous year’s P1.04 billion. The revenues came from its core chemical business, investments in an associate and investment properties.

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...I bet there's going to be a stock play here at SBS Tongue

SBS associate acquires Mandaluyong property

A UNIT of SBS Philippines Corp. acquired a five-hectare parcel of land along JP Rizal Street in Mandaluyong City.

In a disclosure to the stock exchange on Tuesday, SBS said its associate company Cleon Phils. Holdings, Corp. struck a deal for the purchase of the lot, which traverses Barangays Vergara and Namayan in Mandaluyong.

SBS noted Cleon’s acquisition, set to close this month, is intended for investment purposes.

“The investment is in furtherance of the diversification and investment strategy of the SBS Group to invest in small ownership stake in companies investing in real properties to have a more diversified interest in different property holdings at a lower capital requirement and risk exposure to the company,” SBS said in the disclosure.

SBS’ stake in Cleon Phils. is at 37.5%.

Other than Cleon Phils., the company also holds minority stakes in Lakerfield Philippine Holdings Corp. (37.5%), Ayschester Holdings Corp. (25%), and I Bonding Holdings Corp. (17%).

With these investments, SBS established a wholly owned subsidiary called SBS Holdings and Enterprises Corp. as a holding firm for its property-related acquisitions.

Incorporated in 2001 originally as Sytengco Philippines Corp., SBS’ core business is in trading and warehouse distribution of chemical products. The company markets chemical products via direct selling as well as by wholesale basis. It has a total of five warehouse facilities, with two located in Quezon City, and one each in Mandaluyong City, Malabon City, and Marilao, Bulacan.

SBS’ attributable profit for the first half of 2017 dropped to P34.97 million, 94% lower than what it generated in the same period a year ago.

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#56 investment

SBS plans to invest in Hong Kong property interests

SBS Holdings and Enterprises Corporation (SHEC) , a wholly owned subsidiary of SBS Philippines Corporation, is acquiring a 4.25% equity interests in Joune Holding Limited (“JHL”), a Hong Kong company majority owned by the Sytengco Family (controlling shareholders of the Company) for P77.0 million.

JHL has entered into a purchase agreement to acquire Maxco International Development Limited (“Maxco”), HK property holding company, that owns directly and indirectly through its wholly owned subsidiaries, contiguous parcels of land located in Tuen Mun, New Territories, Hong Kong, having a combined lot area of approximately 4,641.7 square meters.

The investment of SHEC and the acquisition of the HK property holdings by JHL are set to close within the month. The investment is in furtherance of the diversification and investment strategy of the SBS Group to invest in small ownership stake in companies investing in real properties to have a more diversified interests in different property holdings at a lower capital requirement and risk exposure to the Company.

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Chemicals trader takes minority ownership in smaller developers

CHEMICALS trader SBS Philippines Corp., through its unit SBS Holdings and Enterprises Corp., said its diversification strategy on property development only involves small-ownership stake in firms investing in real estate.

The company added the strategy to go into small ownership rather than having a majority control over the projects is meant to have more diversified interests in different property holdings at a lower capital requirement and risk exposure.

For instance, the company said its newly incorporated associate called Joine Holdings Corp. is set to conclude the purchase of a prime commercial property located along Edsa in Barangay Wack Wack, Mandaluyong and having an area of approximately 2,371 square meters (sq m).

The acquisition is a sizeable property in close proximity to the POEA Building and the Robinsons Galleria in Edsa-Mandaluyong, making it a very desirable business and commercial location, the company said.

SBS owns a 22-percent equity stake in Joine Holdings.

The company also completed the acquisition of a 54,598.17-sq-m prime property along J. P. Rizal Street in Mandaluyong by Cleon Phils. Holdings Corp., where SBS owns a 37.25-percent equity stake.

“This investment strategy will allow the SBS Group to grow and capture opportunities presented in the robust real property sector,” SBS said. “The property market growth in the Philippines has led to a sustainable and long-term value proposition due to the optimism of the prospects of Philippine economy, availability of credit and lower financing terms and the growing requirements of the property development industry.”

To date, SBS unit’s property-related investments include a 22-percent equity interest in Apschester Holdings Corp., which is the owner of a 1,765.5-sq-m commercial lot along Ortigas Avenue in Greenhills, Mandaluyong City. It also owns a 17-percent stake in Asida Holding Corp. which owns a 1,647-sq-m commercial property along Edsa in Mandaluyong City; a 17-percent equity interest in Aresa Holdings Corp., which owns a 30,0000-sq-m commercial lot in Malabon; a 17-percent equity interest in Mansfield Holdings Corp., which is the owner of a 5,000-sq-m commercial-residential lot located along North Edsa in Quezon City; and a 17.65-percent shareholding interest in Goldchester Holdings Corp., which is the owner of a commercial-industrial complex with a total area of 31,423.5 sq m located along the north side of Edsa in Quezon City.

SBS also has investment portfolio for those firms that own properties outside of Metro Manila. These include a 25-percent shareholdings in ICare Holdings Corp., which owns a 56,470-sq-m industrial property in Marilao, Bulacan; a 17-percent equity interest in Morechester Phils. Inc., which owns a 63,562.5-sq-m lot along Emilio Aguinaldo Highway in Dasmarinas, Cavite City; and a 17.5-percent stake in Scott Holdings Corp., which owns an 18,697-sq-m residential lot in Bacolod City, Negros Occidental.

“Except for Goldchester, each of the equity investment in these property-holding associate companies was made through subscription to newly issued shares at amounts less than 10 percent of SBS’s total shareholders’ equity,” the company said.

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...approved na

SBS Philippines receives PSE approval for stock rights offer

SBS Philippines Corp. has secured approval from the Philippine Stock Exchange to proceed with its stock rights offering.

In a disclosure to the stock exchange on Thursday, the listed firm said it received notice that the PSE’s board of directors approved the offering of up to 302 million common shares last Oct. 25.

SBS Philippines noted the final offer price will be computed based on the stock’s volume-weighted average for the 15-day trading period preceding the pricing date, set on Nov. 10.

The shares will be offered to the company’s existing shareholders starting on Nov. 27, and will end on Dec. 5.

The company plans to use the proceeds of the offer to support the capital requirements of its newly-formed subsidiary, SBS Holdings and Enterprises Corp. (SHEC), pegged at P1.2 billion. SBS created SHEC to pursue investments in businesses holding property-related assets.

SHEC has so far been used to acquire a stake in firms with properties in Mandaluyong City, Quezon City, Cavite, and Bacolod City.

Proceeds will further be used for general working requirements of the company, estimated to be at P292 million.

Incorporated in 2001, SBS has core interests in the trading and warehouse distribution of chemical products for food, industrial, agribusiness, feeds and veterinary care, pharmaceuticals, and personal care and cosmetics industries.

SBS’ net income attributable to the parent slipped to P34.97 million in the first half of 2017, 94% lower year on year. Revenues meanwhile dropped 7% to P528 million for the period.

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