Globe, Lopez, Manila Electric, Shang: 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 increased 0.6 percent to 4,392.91.
Lopez Holdings Corp. (LPZ) : The Manila-based company said it agreed to buy back almost $14 million and 785.3 million pesos ($18.6 million) of debt from creditors. The company, which offered to buy the notes until Sept. 1, will pay for both purchases on or around Sept. 6, it said. Lopez’s “unstructured obligations” will stand at $7.5 million, from $560 million in 2002, it said. The stock declined 0.2 percent to 4.98 pesos.
Manila Electric Co. (MER) : The largest Philippine power retailer said it may cut its budget for capital spending from July this year until June 2015 to 37.2 billion pesos, from the planned 45 billion pesos, because of a lower “annual revenue requirement” approved by the energy regulator. The stock increased 1.2 percent to 265 pesos.
Globe Telecom Inc. (GLO) : Globe Telecom said the nation’s justice department should oppose Philippine Long Distance Telephone Co. (TEL)’s planned purchase of rival Digital Telecommunications Philippines Inc. (DGTL PM) because it would create a monopoly, BusinessMirror reported, citing Yoly Crisanto, head of Globe Telecom’s corporate communications. Globe President Ernest Cu couldn’t be reached in his office for comment.
Globe was unchanged at 900 pesos. Philippine Long Distance declined 0.1 percent to 2,418 pesos. Digital Telecom climbed 0.7 percent to 1.49 pesos.
Shang Properties Inc. (SHNG) : The property arm of the Kuok Group in the Philippines will spend at least 12 billion pesos on a retail expansion and residential project in the nation’s Ortigas Center business district, a stock-exchange filing showed. The stock was unchanged at 1.92 pesos.
Sta. Lucia Land Inc. (SLI PM): The Philippine Stock Exchange said the 180-day lock-up on 10 billion of the property company’s shares ends today, making the shares available for trading. The stock was unchanged at 80 centavos.
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