For Immediate Release

Chicago, IL December 30, 2019 Zacks Equity Research Shares of Spotify SPOT as the Bull of the Day, Apogee Enterprises APOG asthe Bear of the Day. In addition, Zacks Equity Research provides analysis on Costco COST, Tesla TSLA and Microsoft MSFT.

Here is a synopsis of all five stocks:

Bull of the Day:

Shares of Spotify have surged 35% in the last three months and it crushed Q3 Wall Street estimates, posting surprise positive earnings. Spotify has also continued to expand its paid subscriber base in a crowded streaming music market and focused on new ways to grow.

Spotifys Playlist

Spotify helped jump start the paid streaming music space back in 2008 that has helped reinvigorate a music industry that long feared illegal downloads would take over. In fact, streaming represents roughly 80% of recorded music sales, according to industry reports, and Spotify is the worlds largest streaming music company.

Spotify beat Q3 2019 top and bottom line estimates at the end of October and reported adjusted earnings of +$0.41 per share, which destroyed our Zacks estimate that called for a loss of -$0.40 per share.

The streaming music powerhouse also posted its 8th consecutive quarter of positive free cash flow. And SPOT saw its total monthly active users jump 30% to 248 million, which outpaced the high end of its own guidance.

More importantly, the companys vital Premium Subscriberswho pay monthly fees for ad-free musicsurged 31% to 113 million. The growth was driven by the continued success of its $14.99 a month Family Plan and the $4.99/month Student Plans. This user expansion has helped curb some of Wall Streets worries that Spotifys much larger tech titan peers would make things far harder on the much smaller firm.

Tech Giant Competition

Apple Music has grown in popularity, but luckily for Spotify the iPhone giant hasnt tired to undercut its pricing models with both their individual premium plans coming in at $9.99 per month. Meanwhile, Amazons premium streaming music service hasnt gained as much steam as Jeff Bezos might have hoped.

Overall, Spotify has been able to grow in the crowded and lucrative streaming music space compared to its rivals. Last quarter, Spotify said, relative to Apple, the publicly available data shows that we are adding roughly twice as many subscribers per month as they are. Additionally, we believe that our monthly engagement is roughly 2x as high and our churn is at half the rate. Spotify boasted similar claims about its superiority to Amazon.

Investors should also note that Spotify has invested heavily in its podcast business over the last year and it is now the second-largest player in the growing market behind only Apple. SPOT plans to increase its podcast unit to help bring in more advertising dollars as the division only accounts for 10% of its ad revenue. It is worth noting that 90% of the companys total revenue currently comes from its non-ad supported Premium business.

But the Stockholm-headquartered firms paid-users still hear ads through podcasts that have ads as part of their own separate business model. We continue to see exponential growth in podcast hours streamed (up approximately 39% Q/Q) and early indications that podcast engagement is driving a virtuous cycle of increased overall engagement and significantly increased conversion of free to paid users, Spotify wrote in prepared Q3 remarks.

Other Fundamentals

Spotify went public in April of 2018 and found early success. Then SPOT stock fell from August 2018 until near the end of the year. Shares of SPOT are now up 34% in 2019, 35% in the last 12 weeks, and 6% in the past month, all of which outpace the S&P 500s average climbs.

Clearly, Spotify is still a growth stock, with its valuation still pretty out of whack as it spends to expand. But Wall Street seems okay with its focus on expansion in a crowded and growing space. Meanwhile, SPOT holds a B grade for Growth in our Style Scores system and it is part of an industry that rests in the top 30% of our more than 250 Zacks industries.

Outlook & Earnings Trends

Spotifys Q4 fiscal 2019 revenue is projected to jump 22.6% to $2.09 billion, based on our current Zacks estimates (Spotify reports its sales in euros). Looking further ahead, SPOTs full-year fiscal 2019 revenue is projected to surge roughly 28% to reach $7.56 billion, with 2020 projected to come in nearly 25% higher at $9.43 billion.

Story continues

For reference, Spotifys full-year fiscal 2018 revenue climbed 28.5%, which shows that the firms top-line growth is expected to churn along at a solid pace.

At the bottom end of the income statement, the firms adjusted quarterly earnings are projected to tumble from +$0.41 per share to -$0.48. Plus, Spotifys full-year earnings are expected to sink from -$0.60 to -$0.90 a share as it spends on expansion. Then, peeking ahead, SPOTs fiscal 2020 adjusted EPS figure is projected to improve significantly to a -$0.50 loss.

We can also see just how much more positive Spotifys adjusted earnings outlook appears. The firms full-year fiscal 2019 estimate is up 50% in the last 60 days and 73% over this same stretch for 2020.

Bottom Line

Spotifys strong upward earnings revision trends help the firm earn a Zacks Rank #1 (Strong Buy) at the moment. SPOT does face tough competition, but growth-focused tech investors might want to take a bite out of Spotify because of its ability to thrive in an industry that looks poised to expand for years to come.

Bear of the Day:

Apogee Enterprisesis a Zacks Rank #5 (Strong Sell) and it is the Bear of the Day today. Let's take a look at why this stock has fallen to the lowest Zacks Rank and became the Bear.

Description

Apogee Enterprises is a leader in technologies for the design and development of value-added glass products, services, and systems. The company operates under four segments, with three of the segments serving the commercial construction market:

The Architectural Glass segment (25% of total revenues in fiscal 2019) fabricates glass used in customized window and wall systems forming the outside skin of commercial and institutional buildings. The segment consists of Viracon, a fabricator of coated, high-performance architectural glass for global markets. Its markets include the U.S. government, offices, education, health care and hotels.

Recent Earnings

The most recent quarter was a big miss of the Zacks Consensus Estimate. The company reported $0.57 in EPS when the estimate was calling for $0.76. That 19 cent difference translates to a negative earnings surprise of 25%.

The company also lowered guidance when they reported and that is the reason that estimates took a tumble.

Estimates Fall

When earnings estimates fall, the Zacks Rank tends to fall as well. The movement in earnings estimates is the single biggest factor that influences the Rank, so when a company lowers guidance you can rest assured that the Rnak will slide.

APOG saw estimates for the current quarter slide from 98 cents to 84 cents. The full year 2019 number fell from $3.04 to $2.84.

The Zacks Consensus Estimate for 2020 slid from $3.57 to $3.35 as well.

Valuation

At 11x forward estimates the stock looks pretty attractive after taking a steep drop. This stock has been a good one for a long time, so this reduction in guidance is something that needs to be explored in a deeper fashion. Sure the estimates fell and that pushed the Rank down, but there could be a bigger problem or it could be a buying opportunity. I am going to keep this stock on my radar screen and see how next quarter comes in.

Additional content:

3 Large-Cap Stocks to Improve Your Portfolio in 2020

The stock market continued its historic run Thursday as the NASDAQ Composite reached 9,000 for the first time. The S&P 500 also rose over 0.5% to a new all-time high, while the DJIA grew over 100 points. Consumer spending continued to anchor the economy as MasterCard (MA) reported a strong holiday season that was propelled by the digital marketplace.

As the consumer continues to display good overall health, some stocks look poised to reap the benefits in 2020. Lets take a look at a few large cap stocks that will carry positive momentum into the new year.

Costcois a company with a business model that can weather most twist and turns. The retailer has steadily maintained customer renewal rates around 90%, which is a testament to the continued success the firm has seen with its valued memberships. The treasure hunt nature of its giant warehouses keeps shoppers coming back to its stores to find the latest deals on almost any item imaginable.

Costco is coming off a first quarter where it saw its average transaction ticket rise 1.4% and its e-commerce sales jump over 5%. In addition to the recent success, Costco also pays out a dividend with a yield of 0.88%. The firm has also steadily raised its dividend for the better part of the past decade and has even paid out a special dividend recently.

Costco paid out a dividend of $7 per share in 2017, $5 per share in 2015, and $5 per share in 2012. Some investors believe that this special dividend may be paid out soon, which might make this an opportune time to pick up shares of the warehouse giant.

Our fiscal 2020 estimates call for a top-line increase of 6.5% to $162.7 billion and a bottom-line rally of 4.7% to $8.58 per share. Costco has seen its earnings revised higher, helping the stock earn a Zacks Rank #2 (Buy).

Teslais a stock that has put together a strong rally recently that can propel it into the new year. TSLA shares have risen over 62% since the company reported its third quarter results, where it reported $143 million in net income. The surprisingly profitable quarter for the company was followed by an announcement that stated it was on track to deliver at least 360,000 vehicles during 2019.

The electric vehicle manufacturer has also stoked investor optimism with its Gigafactory in China. Tesla is already making 1,000 Model 3s a week, according to a report from The Driven, which would put in on track to produce the 3,000 a week that Elon Musk expects once the factory is fully operational.

The companys Gigafactory in China will be a key catalyst for years to come as Tesla attempts to expand its innovative products into the international market. In addition to its international endeavors, vehicle deliveries have soared, with trailing-12-month vehicle deliveries up an impressive 88%. Our 2020 consensus estimates call for earnings to soar over 1,200% to $5.73 per share and for net revenue to grow over 23% to $29.9 billion. Tesla has seen its earnings estimates revised higher giving the stock a Zacks Rank #2 (Buy).

Microsoftis a blue-chip stock that has put together a spectacular year with its shares up over 56%. The tech juggernaut is coming off a quarter where it saw its bottom-line improve 21% and its top-line gain 14%. MSFT has made its cloud operations a focal point as the public cloud service market is projected to grow at an annual growth rate of 12.6% to $331.2B in 2022.

Microsoft saw its intelligent cloud segment grow over 26% in Q1 to $10.8 billion and also secured a $10 billion cloud contract from the Pentagon in late October. The company had to beat out rival cloud services firm Amazon to earn the lucrative government contract. As the cloud computing market continues to mature, Microsoft will likely see substantial growth in its cloud computing business.

In addition to Microsofts cloud operations, it pays out a dividend with a yield of 1.3%. The company has lifted its dividend payouts for the better part of the last 10 years and will likely continue this trend going forward, given its healthy balance sheet.

Our fiscal 2019 estimates project a bottom-line hike of 12.6% to $5.35 per share and for its top-line to climb over 11% to $140.1 billion. The firms cloud segment is forecasted to rise over 20% to $47 billion. MSFT looks poised to cash in on the secular shift towards the cloud and currently sports a Zacks Rank #2 (Buy).

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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportTesla, Inc. (TSLA) : Free Stock Analysis ReportMicrosoft Corporation (MSFT) : Free Stock Analysis ReportApogee Enterprises, Inc. (APOG) : Free Stock Analysis ReportCostco Wholesale Corporation (COST) : Free Stock Analysis ReportSpotify Technology SA (SPOT) : Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research

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Spotify, Apogee Enterprises, Costco, Tesla and Microsoft highlighted as Zacks Bull and Bear of the Day - Yahoo Finance

Zacks Investment Research upgraded shares of Select Interior Concepts (NYSE:SIC) from a sell rating to a hold rating in a report published on Tuesday, Zacks.com reports.

According to Zacks, Select Interior Concepts, Inc. provides interior surface products for residential and commercial builders. The Company offers natural and engineered stone slabs, cabinetry, bathroom countertops, wall tiles, shower enclosures, towel bars and rings, paper holders, medicine cabinets and mirrors. Its primary operating subsidiaries and segments consists of Residential Design Services and Architectural Surfaces Group. Select Interior Concepts, Inc. is based in CA, United States.

Separately, B. Riley reissued a buy rating and set a $17.00 price target on shares of Select Interior Concepts in a research report on Friday, December 13th.

Select Interior Concepts (NYSE:SIC) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.02). The company had revenue of $159.40 million during the quarter, compared to analysts expectations of $165.80 million.

In other news, insider Adam D. Wyden sold 2,579,000 shares of the companys stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $8.75, for a total transaction of $22,566,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co NY bought a new stake in shares of Select Interior Concepts during the 3rd quarter worth about $137,000. Man Group plc bought a new stake in shares of Select Interior Concepts during the 3rd quarter worth about $397,000. Squarepoint Ops LLC boosted its stake in shares of Select Interior Concepts by 91.0% during the 3rd quarter. Squarepoint Ops LLC now owns 146,127 shares of the companys stock worth $1,895,000 after acquiring an additional 69,622 shares in the last quarter. Engine Capital Management LP bought a new stake in shares of Select Interior Concepts during the 3rd quarter worth about $757,000. Finally, State Street Corp boosted its stake in shares of Select Interior Concepts by 15.1% during the 3rd quarter. State Street Corp now owns 305,781 shares of the companys stock worth $3,966,000 after acquiring an additional 40,006 shares in the last quarter.

About Select Interior Concepts

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Select Interior Concepts (NYSE:SIC) Upgraded to Hold at Zacks Investment Research - Slater Sentinel

From a trendy Ace Hotel in Toronto to splashy projects in Las Vegas and London, 2020 looks like a big year for new hotels around the world. Heres a look at some of the new properties coming to the destinations Canadians love to visit.

In Florida, Amrit Ocean Resort & Spa is set to open on seven acres of oceanfront on Palm Beach Countys Singer Island. Its supposed to be a wellness resort based on Eastern well-being philosophies and western technology. Look for tranquility pools, Patanjali yoga classes and sleep specialist services, not to mention a bath concierge and suites that feature circadian rhythm lighting.

The Greystone Miami Beach is slated to relaunch in February. Steps from the white sand beach, the historic 1930s hotel embraces Miamis energy with Art Deco glamour across 91 guestrooms, a stunning rooftop pool, and a whiskey and dark spirits lounge.

The Hotel Effie Sandestin in Sandestin, Florida will launch in June, if all goes to plan. Located on 2,400 acres of Floridas panhandle (also known as The Emerald Coast), the hotel integrates coastal charm with Southern hospitality across 250 guestrooms and 19 suites with views of Choctawhatchee Bay and championship golf courses.

Four Seasons Resorts & Residences is supposed to open early in the year in Calistoga, California. Napa Valleys first Four Seasons will open with each of the 85 guestrooms offering mountain views. In addition to an on-site vineyard and tasting space, the property will offer a spa with steam pods in which hammocks will be suspended above geothermal pools for guests to absorb the heated vapour.

Owners of the Circa Resort and Casino in Las Vegas say theyre on track for an opening late in the year. Its being billed as the first ground-up gaming resort in historic Downtown Las Vegas in 40 years. Located on the iconic Fremont Street Experience, its a 777-room behemoth that will be the tallest building north of The Strip.

A drawing of the Circa Vegas Hotel and Casino.Circa Las Vegas

Canadas first Ace Hotel, a trendy, millennial-friendly brand with properties in New York City, Palm Springs and other hot spots, is supposed to open in Toronto in the fall. Located north of King Street and a couple blocks west of Spadina Avenue, its a new building designed by the architectural firm of Shim-Sutcliffe.

Also in Toronto, the former Marriott on Bloor Street east of Yonge, is being turned into the citys first W Hotel, another bold brand geared to a younger demographic. The hotel is set to feature its own DJ booth recording studio and should open in early summer.

The popular and fashionable Park Hyatt at Bloor and Avenue Road is slated to re-open this summer following two years of renovations. It will have 220 guestrooms and suites, a new ballroom, meeting and event space and restaurant, as well as a fully refurbished spa and roof lounge.

The awaited completion of the Drake Hotel expansion on Queen Street West is also set for 2020. The expansion will unveil a new lobby specifically for hotel guests, an additional 32 rooms and a new suite.

On top of that, the former Thompson Hotel on the west side of downtown Toronto is being redesigned and is set to open in summer as 1 Hotel Toronto. Its a brand that purposefully re-uses existing structural and reclaimed materials gathered from the local community, including timber, driftwood and local limestone.

In Hawaii, the Sheraton Maui Resort & Spa is finishing the second phase of its transformation with a multimillion-dollar renovation of its lobby. Slated for completion in November, the renovated space will welcome guests with a new lobby bar and caf, lounge, and reception area in an open-air setting designed to bring the outdoors in with an expansive lanai and viewing deck, offering panoramic views of Kaanapali Beach.

On Hawaii Big Island, the all-new Mauna Lani, Auberge Resorts Collection is set to debut in January following a resort-wide re-imagination and renovation. Described as a luxury lifestyle resort, the property will open with contemporary guest rooms and suites, five private bungalow residences, five restaurants and lounges, three distinct pools, and a signature spa and wellness haven.

The new Mauna Lani resort on Hawaii Big Island.Mauna Lani

Karisma Hotels & Resorts, in partnership with Margaritaville Holdings, is taking reservations for Margaritaville Island Reserve by Karisma Riviera Cancn, the brands first all-inclusive resort experience. Its scheduled to open in March 2020. Margaritaville hotels also are scheduled to open this year in New York City and San Diego, as well as Negril, Jamaica and Cap Cana in the Dominican Republic.

Construction is well underway on the Ritz-Carlton, Paradise Valley (Scottsdale), which will span across 20 acres and will have 215 guest rooms. Its slated for a summer opening.

Lovers of luxury properties will want to check out the new Ritz-Carlton in Mexico City, the JW Marriott Orlando Bonnet Creek, the JW Marriott Anaheim Resort in California and the JW Marriott Tampa Water Street, which is part of downtown Tampas amazing urban renaissance.

The brainchild of Japanese chef Nobu Matsuhisa and actor Robert De Niro, Nobu will open a 115-room hotel in Chicagos West Loop early this year, with a distinct Japanese aesthetic.

Early in the year, NUPO, the much-awaited new restaurant by Darren MacLean, will open in Calgary in the Alt Hotel Calgary East Village. Darren currently owns Shokunin, among Canadas 100 best restaurants three years running and one of my personal faves. MacLean was on Netflixs The Final Table and in 2020 hell be one of the judges on Food Networks Wall of Chefs.

The Fairmont Century Plaza, located in Century City in Los Angeles, will open in 2020 following a top-to-bottom renovation. This mid-century marvel has hosted generations of Hollywood celebrities, foreign dignitaries and every United States President since its opening in 1966. Surrounded by restaurants and retail boutiques, the hotel features two acres of gardens, connecting to neighbourhood plazas and fountains.

The Fairmont El San Juan in Puerto Rico will officially join the Fairmont Hotels & Resorts portfolio as of January. El San Juan is located on the award-winning Isla Verde Beach, minutes away from Old San Juan, the downtown San Juan area and Luis Muoz Marin International Airport.

21C Hotels, part of the Accor Group, operates boutique hotels with an art theme. Theyll open hotels in Chicago early next year, as well as Des Moines, Iowa and St. Louis.

The first Six Senses Hotel in the U.S. is supposed to open in New York City later this year. Located adjacent to the fabulous High Line Park in Chelsea, its already garnering plenty of attention for its bold design.

Six Senses New York City hotel.Six Senses

Kimpton, a terrific brand that combines a hip, youthful approach with top-notch surroundings, will open several hotels in the Americas next year, including the Caribbean island of Grenada. The Kimpton Kawana Bay is slated to open in the middle of the year. A hillside retreat tucked away between tropical rain forest cliffs and Grand Anse Beach, the luxury resort will offer picturesque views and easy access to the Caribbean Sea and surrounding mountains.

In Dallas, Kimpton is set to open in the Deep Ellum district of Dallas, solidifying its role in revitalizing one of the most historically significant neighbourhoods in the region. Other Kimpton openings in 2020 include Roatan, a stunning island thats part of Honduras, as well as Mexico City, Omaha and Asheville, North Carolina.

Hotel Indigo, like Kimpton, is a part of the InterContinental Hotels Group and is supposed to open properties next year in the financial district of New York (a very hot area for new hotels), Miami (the Brickell area) and Spokane, Washington.

Htel Mile-End is a 33 room, boutique property in one of Montreals hippest areas. With its four floors of stylish rooms, restaurant, rooftop terrace, basement cinema screening room and main floor gallery space, the Htel Mile-End promises to be a fitting addition to the Mile End, recognized as one of the coolest neighbourhoods in the world.

Also heading to Montreal is the 193-room Humaniti in the International District. The Hotel Bonaventure, beloved for its rooftop pool and terrace, is completing a hotel-wide overhaul of its rooms.

A new JW Marriott is slated to open on the river in Savannah, Georgia; one of the most popular cities in the U.S. for visitors. It will have 419 rooms and is part of a major renovation of the Plant Riverside District.

JW Marriott SavannahMarriott Hotels

Four Seasons Hotels and Resorts will open a luxury hotel and private residences in downtown New Orleans late in the year. The property will be in the heart of the city, next to the convention centre, the French Quarter and the Warehouse District, with clear views of both the city and the Mississippi River.

The Pendry West Hollywood is set to launch in California this summer. Located on the famous Sunset Strip, its said to be an eye-catching design thats meant to invoke California glamour. Look for a signature Wolfgang Puck restaurant, a rooftop bar with chic cabanas, curated public art, a bowling alley and, of course, a screening room. Part of the Preferred Hotels and Resorts group.

Montage Healdsburg is being called a transformative hideaway nestled in the hills of Sonoma County, offering travelers a convenient and luxurious base to explore the destinations celebrated wineries and farm-to-table restaurants. Its part of the Preferred Hotels and Resorts group. Look for an opening in October, 2020.

Just a few steps from Trevi Fountain, Iberostar Grand Fontana di Trevi extends 19thcentury Art Deco design elements across 67 guestrooms, two signature restaurants, and a spectacular rooftop terrace with skyline views.

Located off the western central coast of Italy, bordering the Tyrrhenian Sea, The Sense Experience Resort is an eco-retreat made up of 12,000 acres of natural park and pine forest with a private beach in Tuscanys Maremma region.

Sense Experience Resort, Tuscany.Preferred Hotels and Resorts

In Switzerland, Philippe Starck has restored the 100-year-old historic Eden au Lac hotel, the only luxury property on Lake Zurich, which will have 40 rooms and suites (the majority with lake views).

The Guardsman is slated to open in April on Londons exclusive Buckingham Gate with 53 unique guestrooms and six exclusive residences. The Guardsman offers the atmosphere, discretion, and personal service associated with a private members club.

Located in Leicester Square, The Londoner is being billed as the worlds first super boutique hotel, whatever that means. Look for six subterranean levels and 350 guestrooms in a property thats means to showcase the energy of Londons West End through unique design, innovative social spaces, and distinctive restaurants.

The newest hotel from Pestana Hotels & Resorts will lie on the shores of the Douro River in Porto, Portugal.

Kimpton Vividora Hotel in Barcelona will mark the brands debut in Spain. The hotel will be located in the citys Gothic Quarter. Kimpton also will be opening new hotels in Paris, and Manchester.

For the Indigo brand, look for new hotels in Brussels, Bath, and Verona, Italy.

The Chedi Mumbai is scheduled to open in March. Located in the heart of Indias commercial capital, The Chedi Mumbai is a serene and stylish oasis with rooms that offer views of Powai Lake or the city skyline.

The Connect Busan in South Korea launches in May, 2020 with private balconies and sweeping views of Busan Harbour or Yongdusan Park.

Luxury hotel seekers will want to try the St. Regis Cairo, The Tokyo EDITION, The Reykjavik EDITION, The Tasman in Hobart, Tasmania (part of the Marriott Luxury Collection) and the JW Marriott Muscat in Oman.

If youre more into the W Hotel vibe, look for new properties this year in Bali and Melbourne.

In Tokyo (and just in time for the Summer Olympics), the Kimpton Shinjuku will be close to the iconic Shibuya crossing and will have a rooftop bar open only to VIPs.

Opening in spring 2020 upon a hill in Jimbaran Bay, Raffles Bali will offer unparalleled ocean views for just 32 private villas.

InterContinental Hotels this year will open properties in Yokohama, Japan and also the Koh Yao Yai Resort in Thailand.

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Cool hotel openings around the world for 2020 - Calgary Herald

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A partial architectural rendering of Castlepoint Numas 3C from New Yorks SHoP Architects. The connecting skybridge is a semi-industrial echo of the nearby Cherry St. bascule bridge, spanning a shipping channel on the citys Inner Harbour.

Castlepoint Numa

If theres one thing that Alfredo Romano is proud of when it comes to his 3C Waterfront development, it might be the way it debunks an old real estate adage the one that says you cant have dissimilar income and demographic brackets co-existing on the same piece of high-priced real estate.

I dont want to create exclusive neighbourhoods, says Mr. Romano, president of Toronto-based Castlepoint Numa. Its not what were about and its not what the city should be about. Toronto is so tightly woven that unless you integrate housing types across the city you end up creating ghettos. Urbanistically, its better to have mixed neighbourhoods.

3C Waterfront will be exactly that on a grand scale. A 2.5-million-square-foot community of commercial, residential and public buildings on a 13.5-acre strip of prime real estate abutting the Keating Channel, the 1,000-metre long waterway in Toronto that connects the Don River to inner Toronto Harbour on Lake Ontario. Thats an area roughly the size of Nathan Phillips Square, and 1.5 times the square footage of the Britains second tallest building, One Canada Square located at Londons Canary Wharf.

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The defining structures at 3C Waterfront will be a 50,000-square-foot arts complex with multimedia programming and three towers, each a maximum height of 50 storeys. In a bid to attain Gold Certification under the globally recognized Leadership in Energy and Environmental Design (LEED) standards, exteriors of the buildings will be made from precast, energy efficient materials instead of traditional glazing. These precast exteriors will retain heat in winter and stay cooler in summer, making the building complex more efficient throughout the year.

Also slated for the development are mid-rise, residential finger buildings, including some 225 affordable homes (10 per cent of the total) for lower income families and professionals.

A aerial view of the Keating and Quayside precincts, abutting the Keating Channel on Torontos eastern waterfront.

Castlepoint Numa

Typically, developers build separate entrances, lobbies and even structures to accommodate whats known in the industry as inclusionary zoning, but 3C Waterfront is making a point of avoiding this poor door syndrome.

Trying to make affordability and creating a sense of community ought to be the top priority in any development, says Mitch Kosny, a long-time professor and associate director of Ryerson Universitys School of Urban and Regional Planning. Having a sociodemographic mix is normal and appropriate. Its the definition of a healthy community and its pretty much what most Canadians grew up with. Homogeneity is not what we should be building.

At the heart of 3C Waterfront will be a pedestrian zone featuring a Barcelona-style plaza, which will serve as a kind of urban mixing bowl. Alternately fed by boulevards and compact laneways what the Dutch called woonerfs or living streets because they prioritize human movement over other forms of traffic it will be flanked by Shibuya-style shops and Les Halles-reminiscent caf terraces. Also planned is a red brick tunnel linking 3C with the historic Distillery District to the immediate north, creating a supersized pedestrian zone that will connect to the lakeshore promenade.

A huge amount of brainpower was sourced locally and internationally to realize 3C, says Mr. Romano, who also developed Torontos 58-storey L Tower condos on the Esplanade and the new Museum of Contemporary Art (MOCA) in the Lower Junction. Its European in intent with high design values, which is why the first firm we hired for the master plan was Foster + Partners.

London-based Foster + Partners is a kind of Georges Braque or Giorgio de Chirico of the design world, whose cubist-influenced designs include the Kuwait International Airport and The One skyscraper at Yonge and Bloor Canadas tallest building at 85-storeys. In total, six leading architectural firms collaborated on 3C, including Torontos KPMB Architects, Montreals Claude Cormier + Associates and New Yorks SHoP Architects.

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A pedestrian area will be at the heart of 3C Waterfront.

Castlepoint Numa

But for all its progressive thinking and innovative design, 3C Waterfront which is being developed by Castlepoint Numa in partnership with Cityzen Development Group and Continental Ventures has been somewhat lost in the shadows of its attention-hogging new neighbour, Google affiliate Sidewalk Labs. Sidewalks controversial proposal for an experimental smart hub on a 12-acre parcel at Quayside slightly smaller than 3C Waterfront with an assessed value of $590-million has almost entirely dominated the conversation and media coverage surrounding the future of the eastern waterfront.

What will be transformative for the area is incremental, high quality development from a variety of players, Mr. Romano says. Sidewalk Labs could become a part of that constellation.

In fact, 3C and Quayside have much in common, with some industry watchers describing 3C as Quayside minus the surveillance and data collection. For example, both are working on a large canvas not only in terms of scale, but also coherence and vision. As the biggest private sector development on Torontos private waterfront land, terms like community building, livability and affordability were front and centre in 3C planning conversations, right from the start.

Both projects have major roles to play in the extension of Queens Quay East as the public spine of the eastern waterfront, says Bruce Kuwabara, founding partner at Torontos KPMB Architects who helped articulate 3Cs master plan. They should complement one another by creating centres of gathering that serve both precincts.

A rendering of how the area will look once Castlepoint Numas 3C Waterfront, lower right, and Sidewalk Labs Quayside, behind, are completed.

Castlepoint Numa

Waterfront Toronto, a powerful not-for-profit mandated by three levels of government (including the City of Toronto) to deliver a revitalized waterfront, is spearheading a push for housing affordability. It stipulates that at minimum, 20 per cent of residential units built on the waterfront must be made available to market at a 20 per cent discount, as defined by the Canada Mortgage and Housing Corporation (CMHC). For example, data shows that a one-bedroom apartment in Toronto today rents for an average of $1,270 a month whereas, according to Waterfront Torontos definition of affordable rent, the same unit would be available for $1,016 a month.

According to this formula, Sidewalk Labs proposes to make 20 per cent of all residential units affordable, with at least a quarter of those going to people with pronounced affordability needs. Another 20 per cent of residential units will be set aside for middle-income households. The missing middle is an area of need that has been repeatedly highlighted by government and leading thinkers on housing, but is often left out of development plans, says Keerthana Rang, associate director of communications at Sidewalk Labs.

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Im a big advocate for affordable housing so I like that 3C is putting together all the ingredients for a complete community, says Meg Davis, chief development officer at Waterfront Toronto, noting that 3C and Quayside together are expected to deliver about 725 affordable homes.

By some estimates, if even 10 per cent of the kind of city-wide inclusionary zoning mandated by Waterfront Toronto had been enacted 25 years ago, an additional stock of 50,000 affordable homes would now be available in Toronto a figure that could have significantly diminished the ongoing sting of this citys worst ever housing crisis.

But with Toronto developers cancelling numerous condo projects in recent years (Castlepoint Numas Museum FLTS among them), creating affordability has become even more difficult.

The industry used to count on certain cost increases and timelines that are no longer reliable, Mr. Romano says. I will never again launch a project unless Im sure the regulatory framework is completely solved.

That does not, however, change Mr. Romanos commitment to what he calls values-based development. Not everything comes down to a simple numerical value and the bottom line, says Mr. Romano, noting that Castlepoint Numa plans to build about 500 affordable homes in the next 10 years, all independently of government assistance. A majority will be erected on the eastern waterfront, where Castlepoint also owns a five-acre property on nearby Cherry Street.

So much of Torontos future as a livable megacity hinges on successful, thoughtful expansion. But how will the area look in 10 years? Well have neighbourhoods that are diverse, walkable, compact and affordable, says KPMB Architects Mr. Kuwabara. There will be increased bicycle usage and a demand for social services including daycare and schools.

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Adds Mr. Romano: When I first started building here 25 years ago there was almost nothing east of Yonge St. except derelict buildings. Seeing everything come together like this is enormously satisfying.

See the rest here:
Affordable housing is possible, even in Torontos downtown core - The Globe and Mail

After multiple reviews, revisions and hours-long discussions, the Bolton property rezoning request is moving forward.

The Mentor Planning Commission on Dec. 9 approved a preliminary proposal to rezone about 186 acres northeast of routes 615 and 84 from C-1, Conservation District and R-4, Single-Family Residential to Planned Mixed Use Development.

The commissions positive recommendation now goes to City Council, which will review it and conduct a public hearing. Council can accept, reject or modify the proposal, which would also require voter approval.

If it passes, they come back for the final site development process, Law Director Joseph Szeman said. The key is that the final plan has to be in substantial agreement with the preliminary.

Project representative Chris Hermann, principal of Columbus-based MKSK Studios, came to the meeting armed with good news.

He announced that a deal had been reached between the Bolton family and the Western Reserve Land Conservancy to preserve about 69 acres of ancient forest on the property, at 8021 Center St.

Conservancy President Rich Cochran was on hand to explain the significance of protecting such a site.

Ive been president of this organization for 23 years and, to my knowledge, theres only one (other) forest like this in Northeast Ohio, Cochran said. It happens to be in Wayne County; its called Johnson Woods. And I dont think theres another one like it, so were extremely excited to be working to preserve this property.

I can tell you that if this becomes a preserve, tree-lovers from all over the state, and perhaps from beyond the state, will come to visit just to see these trees. Thats how unique and rare and special they are.

About half the preservation area is in Kirtland Hills.

The development proposal also calls for about 55 acres of residential use on the northern end and roughly 32 acres by Interstate 90 as commercial. Forty-two acres in between is designated a town center.

Under the proposed zoning, a maximum of eight units per acre could be built, or nearly 1,500. However, the applicant is requesting permission for up to 650 total units.

The site also could support an upper midscale class, limited-service hotel of 80 to 100 keys by 2020, according to a market study presented previously.

Four residential types are proposed: single-family with medium lots, 50 feet wide with vehicle access and garages in the rear, and porches in the front; single-family with 30-foot-wide lots; townhouses and estates.

Ken Kalynchuk of Project Management Consultants LLC has indicated that the development could generate more than $600,000 per year through income and real estate taxes, and 500-plus jobs.

Build out is projected for 2030.

We think this is going to be a fantastic development both for the people that live and work here as well as all of the residents of Mentor, Hermann said. Were excited to move forward with this. We hope you are too.

While the applicant seeks to retain and repurpose the Bolton mansion, commission member Geoffrey Varga sought a condition guaranteeing that it wouldnt be demolished or allowed to deteriorate.

Project representatives expressed concern about being straitjacketed by any conditions.

The applicant has every intention of making the home a primary feature of the development, but we dont think its reasonable to provide an absolute requirement that they must maintain the residence in perpetuity if they cant find a financially viable means of maintaining it, said the applicants attorney, Thomas Coyne.

He proposed a condition that, if the applicant cannot find an economically viable use to preserve the Bolton house, the owner would agree to provide notice to the city and a 60-day discussion period to allow the city to work with the owner to find a means to preserve the home.

Commission member Joseph Sidoti and others were agreeable to the proposition.

At least that gives the city, the commission, the administration the chance to re-engage with you on some discussions on how to resolve that, Sidoti said.

The project was approved with 17 conditions, including:

The buildings proposed along the Norton Parkway corridor (east of Route 615) within Subarea B shall be ground-floor retail with the allowance for small office. Residential shall only be permitted above retail/office space within this area.

The residential unit count approved for Subarea A is up to 300 units and up to 350 units in Subarea B.

The Bolton family home should be preserved and re-used as a bed and breakfast, a boutique hotel or any of the allowed uses: housing/residential care facilities (single-family, mid-rise multifamily, assisted living, nursing homes) ; retail/services (barber shops/hair and nail salons, dry cleaners, restaurants, financial institutions, hotel); offices, and research and development facilities.

Public access shall be provided to the entire proposed conservation area (69 acres) and a conservation easement put in place over the 34 acres of the conservation zone within Kirtland Hills to guarantee it will not get developed.

Any proposed architectural design of residential and commercial buildings, and site design, shall meet or exceed the Design Criteria set forth in the Planned Development Overlay District regulations during final plan submittal.

A traffic impact study is required as part of the final plan submittal.

A tree preservation plan for trees outside the conservation area.

Any issues that may arise concerning the shortage of the required parking, due to the parking-sharing concept, shall be resolved with the introduction of structured parking.

Commission Chairman William Snow voted no.

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Bolton rezoning proposal clears first hurdle, preservation deal reached with Western Reserve Land Conservancy - News-Herald.com

MELBOURNE, Australia, Dec. 9, 2019 /PRNewswire/ --InfraRisk Pty Ltd. (InfraRisk), a leading supplier of credit management solutions in Australia, today announced it has expanded cooperation in auto financing with Toyota Financial Services to Germany and Austria to facilitate its credit process when lending to dealerships and large fleet customers.

Toyota Financial Services is a wholly owned subsidiary of the world's largest carmaker Toyota Motor Corp, specializing in offering a comprehensive financial services lineup that caters to customers' diverse needs while strengthening the core auto sales finance operation.

Nicholas Davies, founder and CEO of InfraRisk, said, "These two new European deployments complement existing ones in Europe and Australia demonstrating our platform's ability to operate across multiple geographies catering to a range of country specific factors including policies and languages, with modularity being the key architectural design."

InfraRisk has been in partnership with the car loan provider since 2016, offering them a fully featured credit management platform - Credit Value Maximiser, or CVX, to Toyota's broad base of customers.

The modularized tool is built around key origination functionalities, from profile to pricing, with each module connecting via defined APIs. By harnessing the power of big data analytics, cloud computing and artificial intelligence, InfraRisk's auto financing solution will enable a more efficient and effective, as well as regulatory compliant credit process.

Meanwhile, InfraRisk announced today a new partnership with Taurus Motor Finance, a start-up car loans provider based in Australia with a digital, automated and real-time credit assessment and approval process. The lender is implementing InfraRisk's cloud-based and intelligent CVX platform to facilitate its commercial lending business as it looks to scale up operations.

"InfraRisk's deep experience in the auto finance sector along with the system readiness to manage the capture of industry specific data fields has grown us into a leading provider of auto finance SaaS solutions," said Victor Li, head of Pintec International Business. "We will continue to invest in the ongoing research and development with committed efforts and build the platform into a smarter and more advanced tool catering to particular ecosystems."

InfraRisk is a wholly owned subsidiary of Pintec Technology Holdings Limited ("Pintec",Nasdaq: PT), a leading fintech solutions provider that specializes in intelligent retail finance covering point-of-sale installment loans, personal loans, SME loans, corporate and commercial segments, wealth management and insurance services.

About InfraRisk

InfraRisk is a leading provider of credit management solutions in Australia. Incorporated in November 2008 and headquartered in Melbourne, InfraRisk has over 10 years of experience in providing services for financial institutions in Australia, New Zealand, Europe and the Middle East. InfraRisk has been providing long-term services, primarily commercial and retail origination systems, to multiple banks and financial institutions including the big four banks in Australia and Toyota Finance.

Media inquiries, please contact:PintecGao JunPhone: +86 (10) 8564-3600E-Mail: jun.gao@pintec.com

SOURCE InfraRisk

Excerpt from:
InfraRisk Expands Auto Financing Cooperation with Toyota Finance, Taurus Motor Finance - PRNewswire

The Global Architectural Glass Market Report Provides A Detailed Analysis of The Current Dynamics of The Market with An Extensive Focus on Secondary Research. It Also Studies the Current Situation of The Market Estimate, Share, Demand, Development Patterns, And Forecast in The Coming Years. The Report Likewise Offers A Total Architectural Glass Analysis of Things to Come Patterns and Improvements. It Likewise Examines at The Job of The Main Market Players Engaged with The Business Including Their Architectural Glass Corporate Review, Financial Summary and SWOT Analysis.

This Architectural Glass Market Report That Is Imagines That the Length of This Market Will Develop during The Time System While the Compound Annual Growth Rate (CAGR) Development. The Architectural Glass Business Report Point Would Be the Economic Situations and Relating Orders and Takes the Market Players in Driving Fields Over the World.

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Architectural Glass: Market 2019 Will Generate New Growth Opportunities in The Upcoming Year to Expand its Size in Overseas Market by AGC,...

More than 100 people gathered at Ruth's Chris Steak House Monday to hear the announcement of the Best of Central Valley Business winners. Photo by Ram Reyes

published on December 5, 2019 - 2:42 PMWritten by Gabriel Dillard

Ruths Chris Steak House in Fresno was hopping Monday night as more than 100 of the leading local business owners and representatives gathered to hear the winners of the 2019 Best of Central Valley Business awards.

In its sixth year, the competition invites online readers of The Business Journal to vote for their favorite people, businesses and organizations in the Central Valley in 35 different categories.

From a humble start of 22,000 votes in the first year of competition, this year the program garnered nearly 160,000 votes from Sept. 1 to Oct. 31.

The top three vote-getting finalists from each category were invited to the event.

Be sure to thumb through this Fridays issue of The Business Journal to read about the winners.

Best Politician on Business Issues:

Winner: Rep. Devin Nunes

1st Finalist: Assemblymember Jim Patterson

2nd Finalist: Rep. Jim Costa

Best Business Supporting Local Charities

Winner: Granville Homes

1st Finalist: De Young Properties

2nd Finalist: Tale Mountain Casino

Best Nonprofit

Winner: Marjaree Mason Center

1st Finalist: Hinds Hospice

2nd Finalist: Poverello House

Best Commercial Real Estate Company

Winner: Colliers International

1st Finalist: Fortune Associates

2nd Finalist: Stumpf and Co.

Best Residential Real Estate Company

Winner: London Properties

1st Finalist: Guarantee Real Estate

2nd Finalist: Realty Concepts

Best Real Estate Property Management Co.

Winner: Granville Homes, Inc.

1st Finalist: Manco Abbott

2nd Finalist: Regency Property Management

Best Architectural Firm

Winner: Darden Architects

1st Finalist: TETER

2nd Finalist: The Taylor Group

Best Engineering Firm:

Winner: Blair, Church, & Flynn

1st Finalist: Precision Civil Engineering, Inc.

2nd Finalist: Provost & Pritchard Consulting Group

Best Homebuilder

Winner: Granville Homes

1st Finalist: DeYoung Properties

2nd Finalist: Wathen Castanos

Best Business Bank

Winner: Central Valley Community Bank

1st Finalist: Wells Fargo

2nd Finalist: Chase Bank

Best Employment Service

Winner: PrideStaff

1st Finalist: Denham Resources

2nd Finalist: Hire Up Staffing

Best Property/Casualty Insurance Co.

Winner: DiBuduo & DeFendis

1st Finalist: Der Manouel Insurance Group

2nd Finalist: Alliant Insurance Services, Inc.

Best Credit Union

Winner: Educational Employees Credit Union

1st Finalist: Noble Credit Union

2nd Finalist: Golden 1 Credit Union

Best Auto Dealership

Winner: Selma Auto Mall

1st Finalist: Hedricks Chevrolet

2nd Finalist: Haron Jaguar Land Rover Volvo

Best Accounting Firm

Winner: The Garabedian Group

1st Finalist: Moss Addams LLP

2nd Finalist: Moore Grider & Company

Best Law Firm

Winner: McCormick Barstow LLP

1st Finalist: Dowling, Aaron, Inc.

2nd Finalist: Baker Manock & Jensen

Best Advertising Agency

Winner: JP Marketing

1st Finalist: Jeffrey Scott Agency

2nd Finalist: Catalyst Marketing

Best Bar To Entertain Clients

Winner: Elbow Room

1st Finalist: Pismos Coastal Grill

2nd Finalist: Annex Kitchen

Best Hospital

Winner: Clovis Community Medical Center

1st Finalist: Valley Childrens Hospital

See the rest here:
Best of Central Valley Business winners unveiled - The Business Journal

(First of five parts)

Section 116 of the Revised Corporation Code (RCC) defines a One Person Corporation as a corporation with a Single Stockholder, who must either be a: (i) natural person; (ii) trust; or (iii) estate, and which shall be governed by a special set of provisions under its Chapter III, Title XIII. However, as will be demonstrated in the discussions below, it would be easier to view the Single Stockholder in a One Person Corporation (OPC) setting as simply a natural person.

By way of comparison, if the close corporation reflects the commercial medium of an incorporated partnership introduced into the Philippine setting by the old Corporation Code, then the OPC should be viewed as a new corporate medium of incorporated sole proprietorship introduced under the RCC to promote the ease of doing business (EODB). The provisions of Chapter III, Title XIII seek to extend the commercially advantageous features of separate juridical personality and limited liability to entrepreneurs and proprietors of micro-, small-, or medium-enterprises (MSMEs), and to promote the EODB.

The OPC is primarily a for-profit corporate vehicle and generally cannot be employed by a natural person as a means to practice a profession, unless expressly allowed by a special law. Although theoretically there can be a nonstock corporation with a single member, such an institution would not fall within the ambit of Chapter III, Title XIII of the RCC.

NATURAL PERSON AS THE SINGLE STOCKHOLDERAlthough Section 10 of the RCC (Number and Qualifications of Incorporators) expressly provides that a person, partnership, association or corporation, singly may organize a corporation for any lawful purpose or purposes, it nevertheless provides in its last paragraph that A corporation with a single stockholder is considered a One Person Corporation as described in Title XIII, Chapter III of this Code. However, not all corporations with a single stockholder would fall within the definition of an OPC that shall be governed under Chapter III of Title XIII, since Section 116 provides essentially that only a natural person may form an OPC.

a. OPC is Organized as a Stock Corporation. The language of Section 10 referring to a single stockholder, as well as the provisions under Chapter III of Title XIII clearly provides that an OPC can only be organized as a stock corporation with a single stockholder.

To illustrate, although Section 10 allows for a single incorporator, and the amendment reflected in Section 22 allows the Board of Trustees to be constituted of only one member even for nonstock corporation, nevertheless, when a single natural person incorporator organizes a nonstock corporation with a Board of only one member, such a nonstock corporation cannot be considered as governed by Chapter III of Title XIII of the RCC, but rather by Title XI that governs primarily nonstock corporations.

b. A Natural Person as the Single Stockholder Acting as Nominee. When an OPC is organized by a natural person, there is no provision in Chapter III of Title XIII to indicate that it would not qualify to be an OPC when the Single Stockholder is holding such shares as a nominee for another person or persons, or even when he/she holds the shares as nominee of a corporation or any other juridical entity.

This position is bolstered by the fact that Section 116 provides that a trust is qualified to be the single stockholder, even when the trustee clearly holds the trust properties for the benefit of several beneficiaries, or, for that matter, for the benefit of a juridical entity.

c. A Trust as the Single Stockholder. A trust arrangement is not a juridical entity, and having no capacity to contract as such, cannot legally assume the role of the Single Stockholder who holds title to the shares in the OPC.

What Section 116 must mean is that the trustee of the trust property, when he/she is a natural person (since a trustee can also be a juridical person) can qualify to incorporate the trust estate into an OPC, with the trustee as the Single Stockholder, even when expressly stating that he holds the shares in the OPC as trustee for the benefit of an identified beneficiary or beneficiaries.

Again, when the natural person incorporates an OPC in his name as the Single Stockholder, expressly stating that he holds the shares as trustee for an identified beneficiary, this should not disqualify the corporation from being an OPC governed by Chapter III of Title XIII, since the provision itself allows a trust to be incorporated as an OPC, regardless of the trustor/beneficiary of record. It is only when the trustee is a juridical person that it cannot incorporate the trust properties into an OPC with the trustee-corporation itself as the Single Stockholder.

d. An Estate as the Single Stockholder. Section 111(a) (on Articles of Incorporation) states that If the single stockholder is an estate, the name, nationality and residence of the administrator, executor, guardian, conservator, custodian, or other person exercising fiduciary duties together with the proof of such authority to act on behalf of the estate shall be contained in the OPCs articles of incorporation.

An estate cannot lawfully become a stockholder of any corporation, because it has no juridical capacity to act; only persons with capacity to contract may own properties (i.e., shares of stock) or become parties to contractual relationships (i.e., as subscriber to the shares of stock of a corporation). It may be true that the OPC may assume the name of the estate, say Estate of the Decedent Juan dela Cruz, OPC, but the Single Stockholder of record would be the fiduciary holding legal title to the estate properties.

What Sections 116 and 118(a) must mean when referring to an estate which may form an OPC is that whoever is the fiduciary holding title to the estate (whether as an administrator, executor, guardian, conservator, etc.) may validly incorporate the estate into an OPC, with a fiduciary natural person as the Single Stockholder of record. Again, such a fiduciary must be a natural person to constitute the corporation an OPC governed by Chapter III of Title XIII of the RCC.

As in the case of a trust, the single stockholder may validly indicate that he/she holds all of the shares in the OPC as fiduciary of an identified estate beneficiary. In the case of the conservator, he actually holds the title to properties that pertain to a corporate entity.

ENTERPRISE OR BUSINESSES THAT MAY BE PURSUED THROUGH AN OPCIf one were to evaluate the various provisions of the RCC, we can deduce the following rules on the types of enterprises or undertakings that may be pursued through the medium of the OPC, thus:

a. Practice of a Profession. Pursuant to the provisions of Section 10, a natural person can pursue the practice of his profession through an OPC (or an ordinary corporation) only when authorized by the special law that governs the practice of that particular profession.

An example of such a special law would be the Architecture Act of 2004 (R.A. 9266) that allows the registration with the SEC of architectural professional corporations.

b. Service Company. A natural person can pursue the rendering of his/her services, other than in the practice of a profession (i.e., a service that is not regulated by the Professional Regulations Commission), through an OPC which thereby retains him/her as an employee or a consultant.

c. Holding Company. Aside from the express power granted to a natural-person-trustee or natural-person-fiduciary to incorporate the trust properties or the estate into an OPC, there is no prohibition in Chapter III of Title XIII, for an OPC to be organized by a natural person Single Stockholder, not to operate a business, but merely to hold title to properties, real or personal; EXCEPT:

(i) When it comes to holding title to private lands, where the single stockholder must be a Filipino citizen; and

(ii) When holding shares in a corporation engaging in a nationalized business or industry, where, if the Single Stockholder is a foreigner, the amount of equity held in the corporation should not exceed 40% of the voting capital stock, nor more than 40% of the entire outstanding capital stock

d. All Other Lawful Business Enterprises May Be Pursued Through an OPC by the Single Stockholder; EXCEPT: As expressly provided in Section 116: (i) Banks and quasi-banks; (ii) Insurance, preneed and trust companies; (iii) Publicly-held and Publicly-listed companies; and (iv) Non-chartered GOCCs

e. Businesses Vested With Public Interests. Although not expressly stated in Chapter III of Title XIII (unlike in the case of close corporations), an OPC cannot be organized to undertake any business that has been classified by the SEC as being vested with public interests, because such classes of corporations are required to have at least 20% of the Board constituted of independent directors, which requirement an OPC, by its very nature, cannot legally comply with.

f. Mining and Oil Companies, Stock Exchanges, Public Utilities. If close corporations are expressly disqualified under Section 95 from engaging in these types of business, then policy considerations should also disqualify the OPC from engaging in such business activities.

(The article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the MAP)

Cesar L. Villanueva is Chair of the MAP Corporate Governance Committee, the Founding Partner of the Villanueva Gabionza & Dy Law Offices, and the former Chair of the Governance Commission for GOCCs (GCG).

cvillanueva@vgslaw.com

map@map.org.ph

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Commentaries on the One Person Corporation under the Revised Corporation Code - BusinessWorld Online