8 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
Philippine supermarket operator AllDay Mart files for IPO
AllDay Mart is planning to sell up to 7.5 billion shares , including the over-allotment option , at a maximum price of 0.80 pesos ($ 0.0159 ) per share , filings with the Securities and Exchange Commission showed .
AllDay Mart could be the sixth company to launch a Philippine IPO this year despite the nation battling one of the worst Covid-19 outbreaks in Asia .
“ We intend to use the net proceeds from the offer primarily for debt repayment and capital expenditures and initial working capital for store network expansion ,” AllDay Mart said in its filing .
Filing prices in the Philippines are typically set well above the final selling price , and the number of shares for sale can also be reduced .
AllDay , which has opened 33 stores since its incorporation in December 2016 , is owned by the family of Manuel Villar , the Philippinesí richest man . The offer period was tentatively set for Oct . 15 to 25 , followed by its listing on Nov . 3 .
Photo from : www . insideretail . asia
Philippine supermarket operator , AllDay Marts , has filed for an up to 6 billion pesos ( US $ 119 million ) initial public offering ( IPO ), the corporate regulator said on Wednesday , adding to a robust pipeline of share sales on the countryís bourse .
The Philippines is enjoying strong interest from companies to debut on the stock exchange despite uncertainties posed by new coronavirus variants that have also clouded the growth outlook for the demand-driven economy .
AllDay Mart joins a slew of IPOs that could result in the Philippines taking the rare top spot in terms of fundraising in Southeast Asia this year .
Three companies have listed this year , including two property firms and a $ 1 billion IPO by Monde Nissin Corp , the Philippines ’ largest to date .
Source : Inside Retail Asia
IMF Supports Digital Tax to boost revenue collection
Expanding value-added tax ( VAT ) regimes to include imported digital services on digital transactions could help boost the Philippinesí revenue collections , according to the International Monetary Fund ( IMF ).
In a report titled “ Digitalization and Taxation in Asia ,” the IMF said that charging VAT on remotely delivered digital services and some goods to customers could directly increase the overall VAT revenue of the Philippines , Bangladesh , India , Indonesia and Vietnam by up to 0.11 percent of gross domestic product ( GDP ).
The IMFís Asia-Pacific and Fiscal Affairs Departments stated in the 74-page report that the projection was based on 100 percent of digital media content transactions , 10 percent of all e-commerce transactions , five percent of digital advertising and 15 percent of e-services , mobility and travel services .
“ This initial revenue gain can become larger through indirect effects ,” it said .
The IMF said governments could realize potential additional benefits by including digital services and electronic commerce in the VAT net by using the large amount of information held by digital platforms to enhance compliance with VAT , other taxes , and other taxpayers using the platforms as tax collection agents .
Source : Philippine Star
Photo from : www . reuters . com
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