BENPRES Holdings Corp. and Lopez Inc. have acquired $43 million worth of debt held by Asia Infrastructure Fund, where they are coobligators, in line with a continued program to restructure financing agreements and retire loans.

In a disclosure to the stock exchange Monday, listed Benpres said it bought debt for $32.3 million, or 25-percent off face value. Benpres paid $25.8 million and Lopez Inc. shouldered $6.4 million.

The debt is equivalent to 10 percent of total outstanding principal of $400 million, Benpres said.

Benpres has interest in broadcasting, manufacturing power, real estate and infrastructure and concerns.

The company likewise bought the P9.5 million worth of debt from five holders of long-term commercial papers (LTCP) for P5.8 million or at 60 percent of the principal amount of debt.

Benpres earlier reported a lower net income for the third quarter to P898 million from P1.08 billion in the same period a year ago due to higher expenses booked, which amounted to P3.97 billion.

Consolidated revenues, on the other hand, rose to P5.31 billion from P2.87 billion a year earlier.

Its nine-month net profit likewise plunged 10 percent to P2.67 billion from P2.98 billion in the same period last year. This was primarily due to a 30-percent fall in equity in net earnings of investees to P2.210 billion from P3.175 billion. Consolidated sales amounted to P14.512 billion from P12.687 billion in the same comparative period.

Subsidiary ABS-CBN posted a nine-month net income of P1.104 billion from P551 million. Consolidated revenues were up 14 percent to P14.512 billion.

On the other hand, First Philippine Holdings Corp. reported P3.7 billion in net income attributable to equity holders of the parent in the first three quarters of 2007, down by 30 percent from P5.3 billion in the same period last year. This was primarily due to dilution of equity interest in First Gen.

SKY Cable reported improved operations for the first three quarters of the year, with an increase in subscriber base. The cable operator announced the launch of all-new channels to cater to its increasingly discriminating clientele: AXN Beyond (sci-fi, supernatural, paranormal), FoxCrime (crime, investigation, mystery), Kidsco (children), Velvet (women), and Maxxx (men). The Disney channel will also be made available on Sky Silver.

Bayan Telecommunications (Bayan) reported a 6-percent year-on-year growth in total-voice revenues for the first three quarters of 2007 at P2.41 billion, compared to P2.28 billion mainly due to the impressive take-up of its Bayan Wireless Landline service, which now stands at more than 100,000 subscribers.

LISTED information technology and outsourcing firm IPVG Corp. said it will wait until December 7 if US-based PeopleSupport Inc., a major player in the business process outsourcing industry, will accept its offer to buy them for $355 million in cash.

PLDT to be transformed into a ‘new firm’

PHILIPPINE Long Distance Telephone Co. (PLDT) is transforming itself into a new generation communications company. 

BENPRES Holdings Corp. and Lopez Inc. have acquired $43 million worth of debt held by Asia Infrastructure Fund, where they are coobligators, in line with a continued program to restructure financing agreements and retire loans.

SONY Ericsson expands its lineup of phone products—two from the Walkman line and another from its popular K-series product range.

PHILIPPINE stocks Monday rose on expectation the US Treasury and the Federal Reserve may take steps to curb credit losses, helping avert recession in the Southeast Asian nation’s biggest overseas market for labor and goods.