Biz Buzz: SM going solar
Replicating a similar project in its shopping mall in Xiamen, SM Prime Holdings will harness energy from the sun to help power SM North Edsa. This is planned for installation and commissioning in the first half of 2015. The project is designed to generate about 1.4 megawatts at peak, SMPH chief finance officer Jeffrey Lim said.
The country’s largest shopping mall won’t be the first in the country to have a power plant on its roof, as the distinction has recently been earned by Biñan Central Mall, but SM Prime’s could be the largest for sometime. Solar Philippines—founded by 21-year-old entrepreneur Leandro Leviste—recently financed, built and will maintain the Biñan solar power plant and has also been contracted to undertake SM North Edsa’s project.
“The SM North Edsa solar roof deck project is in line with SM’s continuing effort of identifying cost-effective and environmental friendly measures that will further improve SM’s carbon footprint. It will also provide additional electricity especially during the summer months,” Lim said.
SM first tapped solar energy at the roofdeck of SM Xiamen (the first for a shopping mall in this city in Southern China), taking advantage of fiscal incentives offered there. Asked whether more solar plants will rise on more SM malls in the future, Lim said: “We will consider installing in other locations subject to successful implementation of our first project in the Philippines.–Doris C. Dumlao
Parting gift
Just as San Miguel president Ramon Ang relinquished control of Philippine Airlines to the Lucio Tan group, the erstwhile chief of the flag carrier received good news about a project he was working on.
We learned that, just last Wednesday, Ang was informed that UK aviation authorities have granted his request for a “prime time” landing slot at London’s Heathrow airport.
As soon as PAL wants to, it’s long-range Boeing 777 can depart Manila at 11 p.m. and arrive in London at 7 a.m. This schedule is deemed a prime slot for Heathrow, which is one of the busiest airports in the world.
Thus, a business traveler who leaves Manila in the evening, after working hours, can sleep for the duration of the 13-hour flight and arrive in the UK capital in the morning, heading straight to a business meeting.
For the return leg, PAL flyers using the same plane will depart London at 11 a.m. (after a four-hour turnaround period) and arrive in Manila at 9:30 a.m.
Previous to this, PAL’s five-times-a-week Manila-London flights departed Ninoy Aquino International Airport at 7:10 a.m. and arrived in London at 3:30 p.m. While the airline marketed this slot as one where the traveler would arrive in the UK “in time for high tea,” it was a little inconvenient for premium paying business travelers who would have to wait for the next day to get down to work.
In any case, the news about PAL’s new prime slots in Heathrow was a bittersweet victory for Ang, who has been working on this project since last year.
On paper, the SMC chief is still listed as the nominal president of PAL for a 45-day transition period after the buyback deal with the Lucio Tan group was struck last Sept. 8, but Ang has effectively stopped signing all official documents last Sept. 15.
And while former PAL president Jaime Bautista has returned as the airline’s general manager, word on the street is that Tan’s son-in-law Joseph Chua is set to be named as the airline’s new president. This should be interesting.–Daxim L. Lucas
Calax countdown
Speaking of San Miguel, at least one government agency has taken its moves against the conglomerate to new heights (or depths, as the case may be).
According to our source, the head of this particular agency (which shall remain unnamed for now) is particularly distraught at the prospect of the Cavite-Laguna Expressway being re-bid on the orders of Malacañang, or worse, being awarded to SMC on account of the conglomerate’s P20.1-billion bid.
We were told that, with the Palace soliciting the views of various government units before it decides on its course of action, this agency’s head—almost in a panic—asked a math whiz deputy to come up with a position paper that would show how the P8-billion plus lead of SMC’s bid would be negatived (and, in fact, end up as a losing proposition for the government) if the project’s award is delayed further.
(Of course, the math whiz deputy was able to deliver, especially since, in finance, numbers can often be manipulated to show whatever outcome is desired.)
Not content with simply having this piece of creative math to support their position, the agency head asked for another position paper. The second document, we were told, basically had to show that the P8 billion that the government would gain from accepting an SMC bid would be negated by the alleged “loss in investor interest” in the country should the project be re-bid.
How the math whiz deputy came up with numbers to justify a hypothetical position is something we could only guess at.–Daxim L. Lucas
Back on the radar
Players in Manila Bay’s Entertainment City have been making lots of news—from the opening date of Andrew Tan-Genting Group’s Bayshore City Resorts World to the stock price of Enrique Razon Jr.’s Bloomberry Resorts Corp., operator of Solaire Resort & Casino.
And now, Japanese billionaire Kazuo Okada’s Tiger Resort Leisure & Entertainment, which will operate the Manila Bay Resorts, joined the fray with a rare media meeting this week.
Naturally, local and international journalists jumped at the chance, partly because of the very little information available on the project and its high-profile boss.
After all, Okada, who earned a fortune from his successful pachinko gaming business in Japan apart from casinos and hotels globally, has also become a controversial figure in recent years because of a very public falling out with casino tycoon Steve Wynn.
While Okada didn’t attend the meeting, some of his trusted officials for Manila Bay Resorts—all experienced global gaming and hospitality professionals—were there to give updates on the project.
So far, it seems like all systems were a go with the $2-billion integrated casino, opening late next year, set to impress with never-before-seen attractions here like a massive water display said to eclipse the famous Bellagio fountain in Las Vegas.
However, a key issue here was also the falling out between Okada and the Antonio family’s Century Properties, which the Japanese billionaire sought to void but was stopped by a local court, recently. As expected, no one wanted to comment on where that situation was at.
It was interesting to note, however, that the venue with Tiger officials was at Buddha-Bar in Makati City.
As people may know, the establishment is owned by businessman and AMA Computer University founder Amable Aguiluz, who’s had more than his fair share of legal squabbles with next-door neighbor Century.
Or maybe that venue choice was just a mere coincidence.–Miguel R. Camus
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