November 22, 2022 | 9:56
I-hand over [I 0.7 unch] [link] launches its mobile money transfer application, called “ICASH”. Promotional material states that ICASH will allow users to pay bills, make bank transfers, load e-wallets, and make ICASH-to-ICASH fund transfers.
MB quick plug: I’m not the target market for this stuff, but if I was a shareholder, I’d be concerned about finding this app. The name “ICASH” (I-Remit can’t figure out if they want to style it as “ICASH” or “iCash”) has terrible visibility on Google because it’s such a common name. Many fairly large organizations already use this name.
There’s a payday loan company in Canada, a banking software company, a state payment mechanism for Illinois, and the “Internal Committee Against Sexual Harassment” to name a few. -a few from the front page. There is even an app in the app store called iCash which appears to be an Arabic payment app. Again, nothing against the functionality of the ICASH/iCash app, but the branding of this product is likely to confuse people trying to install it. This can be embarrassing and hamper care.
Discovery World Corp [DWC 1.4 unch] [link] pushed P30 million to its wholly owned subsidiary, Cay Islands Corporation (CIC), by subscribing for 30 million shares at P1/share. CIC owns a property in El Nido (“Shoppes at Vanilla Beach”), and will use the money for working capital to operate that business and for “other hotel and hostel development projects.”
MB quick plug: It’s not a lot of money, and it’s kind of a low-stakes transaction, but I think it shows how companies transfer money to their subsidiaries. Parent company and subsidiaries don’t just share a big slush bank account; to inject money (equity) from the parent company, the parent company must buy shares of the subsidiary.
Public companies (usually) do a good job of tracking these deals, but the movement of funds is often a big deal when a large private company is trying to hire an investor or is planning to go public through an IPO. stock Exchange. It’s tempting for owners to treat all businesses as extensions of their own bank accounts, and it can be difficult for company administrators to “keep up”.
Megaworld [MEG 2.2 1.8%] [link] plans a 20 billion peso “integrated lifestyle community” in the Sta. Cruz district in the city of Manila. The project is called the Winford Resort and will combine a residential tower with commercial buildings and a casino complex. The design will be inspired by the pre-war architecture of “Old Manila”. MEG plans to complete the project in 2028 and generate around 3 billion pesos in revenue.
MB quick plug: Business plans aside, I’m interested to see a developer lean into the pre-war look and feel of Old Manila. So many tourists come to Manila to visit the city, yet the city (and developers) have done very little to stimulate this desire by encouraging and rewarding this interest. I’m not saying MEG Casino Resort is the answer, as it’s also a bit rude and obviously not what every traveler asks for, but it’s at least a step in a different direction.