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SC declares provisions allowing MORE takeover of PECO assets valid

Mike Navallo, ABS-CBN News
Updated as of Sep 16 02:04 PM

In a closely-contested vote, the Supreme Court ruled Tuesday in favor of MORE Electric and Power Corp. against rival Panay Electric Company (PECO) in declaring the takeover provisions of its franchise valid, said SC spokesperson Brian Keith Hosaka. Read more »

Antitrust body 'clears' Razon's acquisition of a controlling stake in Manila Water

ABS-CBN News
Posted at Aug 25 03:18 PM

The Philippine Competition Commission said Tuesday it "cleared" the proposed acquisition of a controlling stake in Manila Water by billionaire Enrique Razon's Trident Water Holdings Inc citing it was "unlikely" to result in lessening of competition.   Read more »

ICTSI net income falls 12 percent as pandemic slows trade

ABS-CBN News
Posted at Aug 06 04:13 PM

The port operator said the decline was due to lower operating income, an increase in interest on concession rights payable and COVID-19 related expenses.  Read more »

ICTSI bags contract to operate port in Cameroon

ABS-CBN News
Posted at Jul 28 05:08 PM

The Philippines’ biggest port operator said Tuesday it signed a contract to develop, operate and maintain a port in the Central African nation of Cameroon.  Read more »

Billionaire Razon slashes capex, operations budget at ICTSI due to pandemic

ABS-CBN News
Posted at Jun 18 02:19 PM

Billionaire Enrique Razon told shareholders of his port business ICTSI on Thursday that he slashed new capital expenditures to "almost nothing," as the COVID-19 pandemic choked global trade. Read more »

Billionaire Razon says Philippines should allow some businesses to reopen

Cathy Yang and Joel Guinto, ABS-CBN News
Updated as of Apr 22 02:32 PM

Billionaire Enrique Razon said Wednesday businesses that can test their employees for COVID-19 and bring them to work should be allowed to reopen, as the government weighs the "tough choice" between saving lives and keeping the economy from dying. Read more »

Manny Villar remains Philippines' richest, with net worth at P282.9 billion: Forbes

ABS-CBN News
Posted at Apr 07 10:43 PM

Former Senate President Manny Villar remains the richest person in the Philippines with a net worth of $5.6 billion or P282.9 billion, Forbes said on Tuesday in its annual ranking of the world’s richest people. Read more »

Razon construction arm helps convert Manila stadium into COVID-19 facility

ABS-CBN News
Posted at Apr 06 11:41 AM

Enrique Razon's construction unit said Monday it was helping the Philippines' coronavirus task force transform a sports stadium in downtown Manila into an emergency COVID-19 health facility.   Read more »

Zobel says 'everything is calm' as Manila Water dialogues with gov't

ABS-CBN News
Posted at Mar 05 12:18 PM

Manila Water recently took in port magnate Enrique Razon as an investor. The head of International Container Terminal Services Inc bought a 25-percent stake for P10.7 billion and secured a 51-percent voting interest.  Read more »

Razon's MORE starts 'takeover' of Panay Electric facilities

ABS-CBN News
Updated as of Feb 28 04:05 PM

MORE Electric is "in the process of taking over" land, machinery and power plants of PECO, which failed to renew its 25-year franchise. It was the Razon firm that secured a license to supply power in the area. Read more »

Razon may get majority voting rights in Manila Water by April: Ayala Corp

ABS-CBN News
Posted at Feb 11 01:22 PM

The grant of 51-percent voting rights to Razon-led Trident Water will be effective after the agreement closes on April 17, the date of the annual stockholders meeting and upon approval from the Securities and Exchange Commission, Ayala Corp told the stock exchange.   Read more »

Billionaire Razon offers to buy more Manila Water shares

ABS-CBN News
Posted at Feb 07 10:58 AM

Razon's Prime Metroline Holdings set the tender offer at P13 per share, lower than Manila Water's closing price of nearly P15 the previous day. Read more »

Razon gets majority voting rights in Manila Water

ABS-CBN News
Updated as of Feb 06 05:35 PM

Ports magnate Enrique Razon is getting 51 percent voting rights in Manila Water, the water concessionaire's parent firm Ayala Corp said on Thursday.  Read more »

Manila Water 'not aware' of reported 'white knight' plan for Razon

ABS-CBN News
Updated as of Feb 04 11:02 AM

With Razon holding a 25-percent stake, Ayala Corp remains Manila Water's biggest shareholder with 38.6 percent, the water distributor told the stock exchange. Read more »

Billionaire Razon buys 25 percent of Ayala's Manila Water

ABS-CBN News
Updated as of Feb 03 10:12 AM

Ayala Corp said it would retain a 38.6-percent stake in Manila Water, which supplies water to the Philippine capital's east zone. Razon-led Prime Metroline Holdings will form a company, Trident Water, for the transaction. Read more »

Razon's Bloomberry forms cruise terminal unit

ABS-CBN News
Updated as of Jul 26 02:05 PM

Bloomberry Cruise Terminals Inc (BCTI) will be company's corporate vehicle to establish, manage and operate cruise terminals, complementary to its its tourism and leisure business, Enrique Razon's Bloombery Resorts told the stock exchange. Read more »

Panay power firm scores a win over Razon's MORE in Mandaluyong RTC

ABS-CBN News
Updated as of Jul 09 10:13 PM

Panay Electric Company (PECO) secured a win in its legal battle to prevent the expropriation of its assets by power firm MORE Electric and Power Corp., owned by ports magnate Enrique Razon. Read more »

GSIS seeks to sell 78 hectares of land in Port Area occupied by ICTSI

ABS-CBN News
Posted at Jun 04 10:59 PM

The Government Service Insurance System is looking to sell about 78 hectares of land in the port area right from under Enrique Razon's ICTSI and the Philippine Port Authority. Read more »

Razon firm aims to ease Manila Water shortfall via Wawa project in 2021

ABS-CBN News
Posted at Apr 15 07:35 PM

The infrastructure company of ports magnate Enrique Razon said on Monday it aims to boost Manila Water's supply as early as 2021 with an alternative water source in Brgy. Wawa, Rodriguez, Rizal. Read more »

Razon-backed power firm secures halt order vs PECO

ABS-CBN News
Posted at Mar 29 03:09 PM

Power firm MORE Electric and Power Corp. (MORE) has secured a 60-day temporary restraining order from the Court of Appeals against a TRO issued by a Mandaluyong court in favor of rival Panay Electric Company (PECO). Read more »