The peso rate closed lower at P54.815 to the US dollar yesterday at the Philippine Dealing System of the Bankers Association of the Philippines from P54.76 last Friday. The weighted average rate appreciated to P54.816 from P54.902. Total volume amounted to $416.5 million.
UPS expands intra-Asia hub
United Parcel Services has expanded its intra-Asia air hub in Clark Economic Zone with the infusion of an additional $1.4-million investment. The expansion will triple UPS sorting capacity from the current 2,500 packages to 7,500 packages per hour. The expansion program will also ensure greater reliability and faster transit times for customers. UPS international president David Abney informed the President that the intra-Asia hub is now servicing 90 flights per week, a 50 percent increase over that of April 1, 2002 when the international cargo handler first opened its service here. The flights cover cargo deliveries to Cologne, Hong Kong, Mumbai, Dubai, Clark, Cebu, Kansai, Narita, Penang, Kuala Lumpur, Shanghai, Singapore, and Taipei. UPS’ original $7-million intra-Asia facility is built on modules which can be expanded three to four times its current size for additional handling capacity. UPS reported that its 2004 fourth quarter export volume grew by nearly 30 percent, compared to the same quarter in 2003.
ALI sells Astoria shares
Ayala Land Inc. said it sold some of its preferred redeemable shares in Astoria Investment Ventures Inc. to Goldman Sachs (Asia) Finance for $65 million. In a letter to the stock exchange, ALI said it closed the securitization arrangement with Goldman Sachs on Friday. Jaime Ysmael, senior vice-president and chief finance officer of Ayala Land, said the company remains a stockholder of Astoria, the company organized by ALI to hold an effective 15.79 percent beneficial interest in the Light Railway Transit-3 Project. But he did not say to what extent Ayala Land’s stake in Astoria has been reduced after the share sale. He, however, said ALI has retained its equity interest in North Triangle Depot Commercial Corp. (NTDCC), the owner of the P5-billion shopping center to be constructed in the depot of the LRT-3 Project in Quezon City. Ayala Land increased its stake in NTDCC to 49 percent as of end-2004 after acquiring the Fil-Estate Group’s 30.89 percent interest for P600.1 million.
Budget airline to fly to NAIA
Singapore budget airline Jetstar Asia announced that it would begin services to Manila, Philippines on April 27, with the introduction of daily flights between Manila’s commercial passenger hub, Ninoy Aquino International Airport (NAIA) and Singapore’s Changi Airport. To celebrate the Manila launch, a special introductory price for one-way airfares, from Manila to Singapore is offered at US$59. After which, everyday low fares will start from US$79. "We are delighted to be able to fly from Ninoy Aquino International airport and further strengthen the links between the Philippines and Singapore," said Jetstar Asia CEO Ken Ryan. "With Jetstar Asia’s great ticket prices and the convenience of flying from the primary international airport, we’re very confident that our Manila-Singapore service will be hugely popular with Filipinos looking to visit Singapore." Jetstar Asia’s flight from Singapore to Manila will be 3K561 leaving at 7:50 am and arriving at 11:20 am, and the return flight from Manila will be Jetstar Asia flight 3K562 at 12:20 p.m. arriving Singapore at 3:45 p.m.. The arrival of Jetstar Asia will serve to enhance this strong tourism traffic & further cement the already excellent bilateral relationship between both our republics & our peoples." Jetstar Asia is a partnership between Qantas (49 percent); Tony Chew (22 percent); FF Wong (10 percent) and Temasek Holdings (Private) Limited (19 percent). The airline currently flies to multiple destinations within five hours of Singapore including Taiwan, Hong Kong, Thailand and Philippines.
UBS buys more MWC shares
UBS Securities Philippines Inc. said it purchased an additional 16.08 million shares of Manila Water Co Inc. on the open market last week at an average price of P6.31 per share on behalf of UBS AG, to help stabilize the share price. UBS Securities submits a price stabilization report to the Securities and Exchange Commission every week for Manila Water, which listed its shares on the local bourse on March 18 following its initial public offering at P6.50 per share. UBS Securities earlier said it purchased on behalf of UBS AG 6.69 million shares of Manila Water on the open market during the previous week at an average price of P6.47 per share. UBS Investment Bank was Manila Water’s international underwriter for its IPO.
