Corporate

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.

Homeqube Pte Ltd., a Singapore-registered construction firm, on Tuesday announced an ambitious plan to build 1,000 housing units in the Philippines this year, targeting total investment of around P1 billion.

Cebu Air Inc., operator of the Gokongwei Group’s budget carrier Cebu Pacific, is raising its stake in 1Aviation Groundhandling Services Corp. by converting the majority of the loans it extended to certain shareholders of the airline service affiliate.