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Unibank News

10 Mar 2022

Cerberus to Buy Philippine Shipyard at Ex US Navy Base

Photo: schlawginski (CC BY-SA 3.0)

U.S. private equity firm Cerberus will acquire for $300 million a debt-laden shipyard in the Philippines at a former U.S. navy base close to the South China Sea, the facility's trustee and two sources with knowledge of the deal said on Tuesday.The fate of the strategically located Subic Bay shipyard has been a national security concern for defense chiefs, with fears it could be taken over by state-run firms from China, with which the Philippines has a long history of mistrust.In 2019…

07 Jul 2019

Hanjin Heavy, EEI Team Up

South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. (HHIC) has partnered with Yuchengco group-led construction firm EEI Corp in Philippines.In a stock exchange announcement, EEI said that it formed a partnership with HHIC for upcoming construction projects. No other details were provided by both companies regarding the deal.The two companies have previously teamed up for local projects such as the Berth 6 Manila International Container Project.According to a report in Inquirer, the strategic alliance is seen to make use of HHIC’s special intellectual property in underground infrastructure, railway and airport construction projects.

17 Feb 2019

Philippine Lenders Saves South Korea's Hanjin

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month. HHIC-Phil, a debt-stricken shipyard in Subic, has applied for a rehabilitation program.Nikkei quoted HHIC saying that Rizal Commercial Banking Corporation…

08 Jul 2013

Torm Appoints New CFO

Photo courtesy of TORM

Mads Peter Zacho (44) has been appointed new Chief Financial Officer (CFO) of TORM A/S. With an educational background as M.Sc. from the University of Copenhagen, Mads Peter Zacho began his professional career in banking working with Goldman Sachs Intl. and Unibank before joining the International Finance Corporation in Washington D.C. Mads Peter Zacho was with Nordea in Copenhagen before being recruited to A.P. Moller Maersk, where he was appointed Deputy Head of Group Finance. He joined Svitzer in 2010 where he is CFO today. “We are very pleased with the appointment of Mads.