MWC to redeem P4B in bonds
Ayala-led Manila Water Co. Inc. said it was redeeming a total of P4 billion in fixed rate bonds ahead of maturity.
In a disclosure posted on the Philippine Stock Exchange website, Manila Water said the bonds, dated Oct. 9, 2008, were falling due in 2013.
The water services company said it would buy back the bonds from bondholders of record as of Oct. 19, 2011. The company will redeem the bonds in cash at 102 percent of the principal amount plus accrued interest.
“As the optional redemption date falls on a non-business day, payment to each bondholder will be made available on the next business day, Oct. 24, 2011,” Manila Water said.
The bonds will be delisted from the Philippine Dealing and Exchange Corp. (PDEx) on the record date. Riza T. Olchondra
Rules on business name registration
The Department of Trade and Industry will be imposing stiffer rules on business name registrants, to ensure that they will actually push through with their businesses and not just register names on a whim.
The DTI has made revisions on the implementing rules and regulations for Republic Act 3883, or the Business Name Law.
Under the revised guidelines, a registered business name will be cancelled if the registrant fails to operate a business within six months from the registration date.
As proof of operation, the business owner should be able to present to the DTI Field Office the original business or mayor’s permit issued by the local government where the business is located.
Non-issuance of these documents “is conclusive presumption of non-operation of business,’’ which will then result in an automatic cancellation of the business name registration.
For a business name to be qualified for registration, it should describe the nature of the business and should be composed of letters or characters that were part of the English or Filipino language. Abigail L. Ho