BIZ BUZZ: RVO’s IPO plan for Balesin
Before business tycoon Roberto V. Ongpin a.k.a RVO passed away, we heard that he was working on the stock market debut of Balesin Island and had already approached certain banks for potential underwriting. It was to be his legacy, said sources privy to the initial public offering plan (IPO).
Since the pandemic erupted in 2020, RVO had spent most of his time on this island-resort, which must have been his crown jewel. He did quarantine in style.
But it was his goal to bring Balesin to public hands.
“We started before Christmas but I guess it’s now shelved,” said one source.
To recall, his property development arm Alphaland Corp. itself had been involuntarily delisted by the Philippine Stock Exchange in 2014 amid disclosure issues. This was around the time that RVO was in a squabble with British Fund Ashmore, which was settled with a compromise to divide Alphaland’s assets.
RVO’s nephew, Eric Recto, since then became Ashmore’s new partner and managed the assets carved out of Alphaland.
But Recto is now back with a task to manage RVO’s estate as head of Alphaland.
Biz Buzz asked Recto whether Balesin’s initial public offering would still be a go and he said, “Everything is going to go through a review, which may take some time before I can give any clearer indication of where these projects are headed.”
Lawyer identity revealed
Many of our readers guessed yesterday’s blind item correctly, but a number of them were kept wondering about the identity of the high profile lawyer who will be jumping ship from a Mandaluyong City-based law firm to one based in Makati City.
So we’re revealing it up front this time: We’re talking about former Energy Undersecretary Jay Layug who will be moving from his position as senior partner at Puno Law to join Divina Law, which is growing its energy sector-focused law practice, we’re told.
During his birthday bash at the Shangri-La at the Fort in Taguig City on Monday evening, the firm’s founder, Nilo Divina, announced to his assembled guests of billionaires, businessmen and buddies that Layug, Puno Law senior partner Richie Ramos-Pilares, and a host of other lawyers from the law firm will be making the big move.
We’re told they announced the move to their friends at Puno Law yesterday, and there were quite a few who said “Sama kami!” (“Take us with you!”).
As Energy Undersecretary, Layug was instrumental in crafting many of the laws and regulations currently being used in the local energy industry, so his expertise is highly valued by clients.
Because of this special skillset, also said to be a key “rainmaker” at Puno Law, word on the street is that many of his clients will be joining him in his move.
—Daxim L. Lucas
Mitsubishi Motors @60
Mitsubishi Motors Philippines, the oldest Japanese car company in the country, is celebrating a major milestone this week: its 60th year of doing business in the country.
The manufacturer and distributor of the iconic Lancer, Pajero, Strada, Adventure, Mirage and Montero may be turning into a senior citizen, but it is nowhere near being old.
On the contrary, Mitsubishi Motors Philippines is committed to continue churning out something new to excite the country’s growing and evolving automotive industry.
A highlight of the major celebration is the arrival of Takao Kato, president and CEO of Mitsubishi Motors Corp., who has taken time out of his busy schedule to visit the Philippine unit’s Santa Rosa plant in Laguna on Feb. 24, and get to know the company’s employees and partners.
A fitting way to celebrate the achievements of Mitsubishi Motors Philippines, which is shining bright indeed on its diamond year.
—Tina Arceo-Dumlao INQ
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