Conglomerates: MPI subsidiary acquires majority of Easytrip. Metro Pacific Tollways Development Corp. (MPTDC), a subsidiary of Metro Pacific Investments (MPI–BUY) said it acquired equity interest equivalent to 50% and one share of the outstanding capital stock of EasyTrip Services Corp (ESC) amounting to PHP103m. The acquisition was through subscription to new shares of ESC and purchase of shares from Egis Easytrip Services SA (EGIS). ESC operates the toll collection system of North Luzon Expressway. The acquisition will allow MPTDC and EGIS to manage and expand the business of ESC.
Mining/ Utilities: SCC loses local tax case. Semirara Mining Corp (SCC – Under review) disclosed an adverse ruling from the Regional Trial Court (RTC) of Makati branch 137 stating their appeal has been denied and it is liable for business tax for the portion of its coal sales consummated at Calaca, Batangas in the amount of PHP67m. However, the RTC judge is directing the municipal assessor to make a re-assessment to conform with the proper sales allocation in accordance with the rules and regulation of the Local Government Code. The assessment should only be based on the portion of the coal sales which were consummated in Calaca, Batangas. SCC will file a motion for reconsideration before the RTC. This is likely to delay a final decision on the case.
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