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Philippine Stocks: IPVG, First Philippine, PAL, Petron Corp.

Jan. 24 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index fell 0.7 percent to 4,714.35, the first decline in five days. Markets were shut yesterday for a holiday.

First Philippine Holdings Corp. (FPH PM) climbed 1.9 percent to 63.20 pesos, the most since Jan. 10. The company agreed to sell a unit’s 2.66 percent stake in Manila Electric Co. to Beacon Electric Asset Holdings Inc. for 8.85 billion pesos ($205 million). Manila Electric (MER PM) fell 1.84 percent to 267 pesos, its lowest close since Jan. 13.

IPVG Corp. (IP PM), a Philippine media content producer, fell 1.5 percent to 1.36 pesos before trading was suspended by the bourse from 11:15 a.m.

The company’s board approved the sale of 38 million shares to GEM Global Yield Limited and Gem Investment Advisors Inc. at 1.23 pesos a share for 19 million shares and at 1.24 pesos a share for the rest. The board also approved the issuance of as many as 2.8 billion shares, IPVG said in a statement to the Philippine Stock Exchange today.

PAL Holdings Inc. (PAL PM), the owner of the Philippines’ biggest airline, gained 2.9 percent to 8.08 pesos, the highest level since Jan. 9. Philippine billionaire Lucio Tan said he may sell a stake in Philippine Airlines Inc. at the “right price.” The possible sale of Tan’s stake in the carrier is a “welcome” development that may bolster investment and improve services, President Benigno Aquino’s spokesman, Edwin Lacierda, told reporters yesterday.

Petron Corp. (PCOR PM), the nation’s biggest oil refiner, dropped 1.5 percent to 11.62 pesos, halting a two-day climb. The Philippine Stock Exchange approved the block sale of 695.3 million Petron shares at 11 pesos each, a stock exchange filing showed. The sale will be done today, it said.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Richard Frost at rfrost4@bloomberg.net

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