Corporate

Megawide Construction Corp. on Wednesday announced that it will exchange its more 33 percent share in Aboitiz GMR Megawide Cebu Airport Corporation (AGMCAC) for P7.76 billion in a deal with Aboitiz InfraCapital Inc. (AIC).

The ATR Asset Management Group (ATRAM) is making significant moves in the financial sector, confirming its acquisition of First Metro Asset Management Corp. (FAMI) from the Ty family and entering into discussion with Union Bank of the Philippines for its trust business.

Benguet Corporation has announced the approval of a significant private placement, valued at P440 million, from Red Earth Mineral Resources Corp.

STI Education Systems Holdings Inc., the largest private school network in the country, on Wednesday said net income for its financial year that ended on 30 June saw an 84 percent surge to P1.6 billion on the back of significant improvements in student enrollment and efficient cost management.

Semirara Mining and Power Corp., the energy company of the Consunji Group, on Wednesday posted an 8 percent year-on-year decline in third-quarter earnings to P3.1 billion as margins from its coal business took a hit from stabilizing market conditions and seasonal impacts from the rainy season.