BIZ BUZZ: Higher price for MPIC

Patient investors of tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp. could soon get an update on their much-anticipated tender offer.

Word on the street is the consortium of buyers might release the new offer price as early as next week.

Readers will recall that the buyers, comprised of Metro Pacific’s major stockholders and a Japanese group that includes Mitsui, were earlier called out by a collection of stockbrokers, fund managers and minority stockholders over their lowball P4.63 per share offer price.

With the help of the Philippine Stock Exchange, the buyer consortium decided to change its third-party appraiser, which will determine the final price range.

We’re told indications so far point to a higher offer price but that is a foregone conclusion given the backlash. The question now is how much higher and whether it will appease longtime Metro Pacific holders who are currently underwater on their investment.

—Miguel R. Camus

E. Samar warns erring miners

Eastern Samar Gov. Ben Evardone has come to the end of his rope and the provincial government that he leads has demanded that erring mining companies operating in Homonhon island of Guiuan town pay a combined hefty fine of P133 million.

This represents the outstanding levy on minerals extracted from the island—which was where Ferdinand Magellan and his party landed in 1521—based on the joint assessment by the provincial government’s treasury, assessor and legal offices.

Each mining firm’s tax liabilities covering different periods range from a low of P2.58 million to a high of P96.578 million.

The provincial government warned these companies that if they fail to immediately settle these amounts related to their chromite mining operations, it will be forced to seize their properties to cover their supposed debts.

So will they pay up or contest the assessment? Abangan!

—Tina Arceo-Dumlao

No exceptions

Top officials of Cebu Pacific experienced what their customers have been complaining about these past few days: Extended flight delays.

On Wednesday, CEO Michael Szucs and chief strategy officer Alex Reyes were supposed to board a Cathay Pacific flight to Beijing, China, around 8 a.m. but their flight was rescheduled to 1:30 p.m. The officials are attending a delivery ceremony this week for its new A320neo order from Airbus China.

Szucs told reporters that the red lightning alert issued on Tuesday evening grounded several flights, which resulted in delays. This spilled over to the following day, affecting their flights.

Szucs said this poses another challenge to the aviation sector, given climate change.

“The world is getting warmer. This is a disruption that we have now to account for,” the airline CEO said.

—Tyrone Jasper C. Piad