Cemex Holdings Philippines, Inc. Obtains SEC Pre-Effective Approval for Its IPO

Wazzup Pilipinas!

On 17 June 2016, the Philippines Securities and Exchange Commission (“SEC”) issued the pre-effective approval for the proposed Initial Public Offering (“IPO”) of CEMEX Holdings Philippines, Inc. (“CHP”). CHP is offering up to 2,032,980,830 common shares with a par value of Php1.00 per share with a stabilization option of up to 304,947,124 common shares (collectively, the “Offer Shares”) representing up to 45% of CHP’s capital stock. Also on 17 June 2016, the Philippine Stock Exchange (“PSE”) approved CHP’s initial listing application for the listing of its shares on the PSE as announced in the PSE’s website on June 20, 2016. The PSE’s approval is subject to CHP’s compliance with all post-approval requirements of the PSE.

Proceeds from the IPO would be used by CHP to pay debt owed to a subsidiary of CHP’s ultimate parent company and/or to pay any debt used to refinance the debt owed to the subsidiary of CHP’s ultimate parent company, which may include debt owed to BDO Unibank, Inc. and/or CHP’s principal shareholder. Citigroup Global Markets Limited, The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch and J.P. Morgan Securities PLC serve as the Joint Global Coordinators and Joint Bookrunners and BDO Capital & Investment Corporation serves as the Domestic Lead Underwriter for the transaction.

CHP is one of the leading cement producers in the Philippines, based on installed annual capacity. CHP produces and markets cement and cement products, such as ready-mix concrete and clinker, in the Philippines through direct sales using its extensive marine and land distribution network. Moreover, CHP’s cement manufacturing subsidiaries have been operating in the Philippines for over 17 years, and have well established brands, such as "APO," "Island," and "Rizal," each of which has a multi-decade history in the country.

Paris Takes Global Earth Hour Capital 2016 Title

Wazzup Pilipinas!

Paris is this year’s Global Earth Hour Capital. WWF’s Earth Hour City Challenge recognizes the “City of Light” as a role model for climate action and awards Paris for its ambitious vision and successful engagement with business, civil society and other cities on its journey toward sustainability.

Paris hosted last year’s historic global climate summit and has shown strong climate leadership, creating a model for other city governments to replicate. In addition to setting up an effective centralized Climate Agency, ensuring clean vehicles, extending public transportation and developing waste-to-fuel conversion, Paris has also incorporated a regular review process to ensure that the city is on track to meet its sustainability goals as well as the current and future needs of its citizens.

“As the world works to bring the Paris climate agreement into action, the ‘City of Light’ is leading by example,” said Marco Lambertini, Director General of WWF International. “Winning WWF’s Earth Hour City Challenge reflects Paris’ commitment to inspire global action to reduce emissions and build environmental sustainability through green urban development.”

Selected from a shortlist of 18 national finalists, Paris impressed the international jury with its innovative actions, long-term vision and willingness to collaborate and share knowledge capital with cities around the globe.

Akbayan Youth Likens Pacquiao to Orlando Shooter

Wazzup Pilipinas!
This was the strong statement of Akbayan Youth against Senator-elect Manny Pacquiao on Friday as it recalled the shooting that happened in a gay club in Orlando in the United States last June 12. The shooting claimed 49 lives, many of which were members of the lesbian, gay, bisexual and transgender [LGBT] community.

The statement was released in commemoration of June as LGBT Pride Month.

According to the youth group, the celebrated boxer is guilty of committing hate speech against the LGBT that could potentially incite violence among his many supporters.

Early this year, Pacquiao came under fire when he called gays as “worse than animals” in an interview during the campaign for his bid to the Senate. Pacquiao also posted on his Instagram account a quote from Letivicus that prescribes that gays “should be put to death”. The said post has long been deleted after receiving flak from the online community.

Yesha Tolentino, Akbayan Youth’s spokesperson for LGBT concerns, claimed that Pacquiao’s “homophobic public pronouncements are loading the guns that will kill gays and lesbians”. She also said that sooner or later, Pacquiao’s hate speech will inspire others to take a violent stance against people who identify as LGBT.