(Jan 6): National Grid Corp of the Philippines is planning an initial public offering that could raise as much as US$1 billion, according to people with knowledge of the matter.
The high-voltage electricity network operator, commonly known as NGCP, has invited several banks to submit proposals for the share sale in Manila, said the people, who asked not to be identified as the information is private.
Deliberations are at an early stage and details of the offering such as size and listing structure could still change, the people said.
NGCP has always been preparing for the IPO with compliance to its franchise, Mutya Alabanza, its head of external affairs, said in response to Bloomberg News query. “We were previously advised that market conditions may not be ideal at the moment, but we continue to take steps to prepare for an eventual IPO,” she said.
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(Bloomberg) In a challenging year for Chinese companies pursuing acquisitions abroad, Latin America emerged as a region where they were able to make some corporate marriages work.Overseas acquisitions by Chinese firms are heading for their fourth consecutive yearly decline, with a $31.1 billion tally that’s the lowest since 2007, according to data compiled by Bloomberg. Transactions targeting Latin America totaled $7.7 billion, more than Europe and North America combined.Chinese suitors have met heightened scrutiny in Europe and the U.S. this year as the pandemic left their strategic industries vulnerable for hostile takeovers, adding to national security concerns. Buyers from Asia’s largest economy then turned their focus on Latin America, where years of political and social uncertainty have prompted some other foreign firms to leave.“That’s opened a once-in-a-lifetime window of opportunity for long-term strategic investors from China,” said Alfred
AP
An outbreak of electricity shortages has taken China s government by surprise, exposing cracks in the country s energy policies and economic recovery plans.
The first signs of trouble in the energy sector emerged in November as electricity consumption jumped 9.4 percent, spurred by rising industrial production and the start of the winter heating season, as power generation rose only 6.8 percent.
In early December, power demands in southern China s Hunan province led State Grid officials to warn that shortfalls would last until spring, according to state media.
Since then, unusually cold weather has combined with low coal supplies and recovery strains to produce a range of energy shortages in southeastern Jiangxi and eastern Zhejiang provinces as well as Inner Mongolia.