Solar Philippines NEC [SPNEC 1.69 2.42%] [link] to build the world's largest solar farm with Enrique Razon’s Prime Infra, with Meralco [MER 363.00 0.55%] taking 850 megawatts of the project's 2,500 - 3,500 MW capacity. No details on the terms of the partnership between SNPEC and Prime Infra, but Prime Infra said that the majority of the facility should be ready to sell power to MER by 2026, with the remainder coming online in the following year.
AC Logistics [ACL] [link] acquisition of majority stake in Air21 approved by the Philippine Competition Commission (PCC). The PCC determined that the acquisition will not lead to a “substantial lessening of competition within the logistics sector”. As part of its investigation, the PCC surveyed other logistics firms for their opinions, and found that ACL's use of multiple other logistics service providers indirectly proved competition in the industry on price and service quality.
Republic Glass Holdings [REG 3.22 4.55%] [link] pushes P23.4 million into growing its stake in Science Park of the Philippines, Inc. (SPPI), a leading developer of turn-key style light industrial parks that are positioned to cater to foreign manufacturers. The purchase will bump REG’s holdings of SPPI up to 12.88%, and give SPPI a P3.8 billion valuation.
Binance [link], one of the world’s most sophisticated and popular crypto exchanges, presented a plan to grow its presence in the Philippines. Binance’s CEO, CZ Zhao, said that he plans to buy or invest in a PH-based bank or finance institution as a component of his plan to expand Binance’s operations in the country.
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