Belle Corp., Manila Jockey Club: Philippine Stocks Preview

Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.

The Philippine Stock Exchange Index rose 0.7 percent to 4,234.96.

Belle Corp. (BEL) : The property developer completed the purchase of 100 percent of Premium Leisure and Amusement Inc., which owns a casino license in Manila, after the tax agency ruled that the acquisition qualifies as a so-called “tax deferred transaction,” a stock exchange filing showed. The stock fell 0.2 percent to 5.97 pesos.

Manila Jockey Club Inc. (MJC) : The racetrack operator aims to raise 287 million pesos ($6.62 million) through the sale of shares in a rights offer, a stock exchange filing showed. The stock increased 3.9 percent to 2.40 pesos when it last traded on April 8.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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