Whee! Two Titans Combine! We may finally have very good LRTs in the future. Capitalism for the good of mankind. Greed for profits working 😀
MPI and AC have formed an “exclusive” alliance to bid the light railway transit projects in greater Metro Manila, beginning with the government’s PPP projects. This alliance is seen to form a greater financial muscle for both parties for the pursuit of the hotly contested railway projects such as MRT-3 upgrade, the rehabilitation of LRT-1 extension from Baclaran to Cavite. MPI and AC signed the memorandum of agreement on Tuesday where each will own a 50% stake in the railway projects and related real estate development undertakings.
2.) SM Prime nets P2.43 Bil in 1Q (Inquirer)
SMPH grew its 1Q2012 profits by 15% to P2.43 Bil with consolidated revenues growing by 16% to Php7.03 Bil. Same store rental growth of 8% and rising momentum in China operations provided growth in income. By the end of this year, SM Prime will have 46 malls in the Philippines and five in China with an estimated combined gross floor area of 6.3 Mil sqm.
Philex Petroleum expects the latest seismic surveys of its offshore Recto bank to add to an already significant potential natural gas reserves. Forum will be presenting the results of 2D and 3D data acquired in the survey to its board this week. Forum has a 70% stake in service contract 72, the contract with the Philippine government that covers oil and gas exploration at Recto Bank.
Previous 3D seismic data from sands at Recto Bank indicated a mean volume of 3.4 trillion cubic feet of gas in place, which is already larger than reserves at Malampaya natural gas field–at 2.7 trillion cubic feet–which currently fuels three power plants with a combined capacity of 2,700 megawatts.
According to Forum’s website, extending the structure on the tested sands to a possible closure of 290 square kilometers indicates an upside potential of 10 trillion cubic feet, while the untested sand could contain another 10 trillion cubic feet. “The block also contains 8 additional leads which require further work that has the potential to add a further 20 trillion cubic feet (of natural gas) in aggregate,” according to the website.