THURSDAY, March 28, 2024
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AEC Feed

IMF to work with govt in securing meetings

International Monetary Fund (IMF) spokesman Gerry Rice has extended his condolences to the victims of the recent terrorist attacks in East Java’s capital of Surabaya, saying that the organisation was ready to work closely with Indonesia to ensure the safety of the participants of the 2018 IMF-World Bank Annual Meetings in Bali in October.
Rice said he was confident that the meeting would take place successfully as the Indonesian government had made “extraordinary efforts” to assure the security of the island during the meeting.
“We look forward to having a successful meeting, and, you know, the Indonesian authorities, I can tell you, are making extraordinary efforts to make sure that is the case, and we're working closely with them on that,” he added.
“The cooperation is excellent and we're confident that we will have a successful annual meeting in October. “
Previously, Finance Minister Sri Mulyani Indrawati said that the bombings would not affect the government’s preparations for the meeting.
She said the government, Indonesian Military (TNI) and the National Police were closely working together to ensure the resort island’s security during the meeting, which is expected to be attended by about 15,000 participants. – The Jakarta Post 

Holcim sets 2.4 bn pesos to hike cement output
The Philippines' leading cement-maker Holcim Philippines Inc has earmarked 2.4 billion pesos for capital outlays this year, mostly to boost production capacity and ride on the local construction boom.
Holcim will prioritise operational improvements, tighter cost management and new building solutions to better benefit from and support strengthening construction activity in the country, newly appointed president and chief executive officer John Stull said during the company’s stockholders meeting yesterday.
During his address to shareholders, Stull said the company would boost its equipment maintenance programs while continuing to streamline logistics systems and processes for more reliable customer service.
“Last year, we started projects to raise cement production capacity nationwide to 12 million metric tons by 2019. While these projects have just started, we are already considering more investments to raise clinker capacity given the positive projections for the construction industry,” he said.
– Philippine Daily Inquirer 

ESR-Reit, VIT to merge to form S$3 bn group 
Managers of ESR-Reit and Viva Industrial Trust (VIT) yesterday announced a proposed merger to create Singapore's fourth largest industrial Reit with a combined $3 billion in assets.
The deal, which will be the first in the history of Singapore Reits if successful, will be completed by way of a trust scheme of arrangement.
ESR-Reit will acquire all of VIT's stapled securities, and in return issue new ESR-Reit units to the stapled security holders, providing VIT with an implied equity value of about $936.7 million.
Based on the issue price of $0.54 per new ESR-Reit unit, VIT stapled securityholders can expect to receive $9.60 in cash, and 160 new ESR-Reit units for every 100 stapled securities held.
ESR Funds Management will be the manager of the enlarged trust, which will benefit from a larger market cap of $1.7 billion, said the managers. 
Subject to regulatory approvals, certain key management executives and board members of Viva Industrial Trust Management will also be joining the ESR-Reit Manager. – The Straits Times
 

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