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Cebu Air, Jollibee Foods, San Miguel: Philippine Stocks Preview

Nov. 22 (Bloomberg) -- 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 declined 0.1 percent to 4,299.47.

Cebu Air Inc. (CEB PM): The Southeast Asian nation’s largest budget carrier bought back 80,000 shares yesterday at 70 pesos each, a stock-exchange filing showed. The stock fell 2 percent to 70 pesos, its biggest percentage decline since Oct. 3.

Jollibee Foods Corp. (JFC PM): A unit of the country’s largest restaurant operator agreed to sell coffee and gelato business Caffe Ti-Amo to CafeFrance Corp. for about 20 million pesos in a transaction that will be completed on Nov. 30, Jollibee said in a disclosure to the stock exchange today. The stock gained 0.1 percent to 88.65 pesos.

San Miguel Corp. (SMC PM): The plan by the Philippines’ largest company by sales to purchase 65 percent of Esso Malaysia Bhd has been approved by the Malaysian government with conditions, according to a stock exchange disclosure by Esso. San Miguel gained 0.7 percent to 126.70 pesos.

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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