Ayala Corp., International Container: 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 jumped 4.2 percent to 3,876.12.
Ayala Corp. (AC) : The owner of the largest Philippine developer said it will redeem 6 billion pesos ($138 million) of bonds on Nov. 22, ahead of schedule. The bonds will be paid for in cash at 100 percent of the issue price plus all accrued and unpaid interest based on a coupon rate of 6.825 percent and an early redemption penalty of 0.5 percent, a stock exchange filing showed. The stock climbed 0.9 percent to 280 pesos.
Benguet Corp. (BC) : The metals producer may start paying dividends in 2012 after the implementation of so-called equity restructuring, a stock exchange filing showed. The company expects an “outstanding year” in 2011 with higher prices of gold and nickel, it said. Benguet’s Class A shares, which are reserved for Filipinos, increased 13 percent to 22.55 pesos. Its Class B shares (BCB PM), which have no ownership restrictions, sank 8.8 percent to 22.80 pesos on Sept. 26.
International Container Terminal Services Inc. (ICT) : ICTSI Warehousing Inc., a unit of the largest Philippine port operator, bought 500,000 of its shares in the open market, a stock exchange filing showed. The stock gained 0.4 percent to 45.90 pesos.
To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net
To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net
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