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Boulevard Rises as JP Guilds Raises Investment: Manila Mover

Nov. 8 (Bloomberg) -- Boulevard Holdings Inc. rose the most this month as JP Guilds Inc. raised its investment in the Philippine hotel and resorts developer to 200 million pesos ($4.87 million).

Shares of Boulevard advanced 8.6 percent to 16.4 centavos as of the noon break in Manila, poised for the sharpest gain since Oct. 29. The stock advanced as much as 9.9 percent earlier. The benchmark Philippine Stock Exchange Index fell 0.3 percent.

JP Guilds bought 466.85 million Boulevard shares at 21.42 centavos each, the second tranche of its investment in the builder, according to a stock-exchange filing today. JP Guilds paid 100 million pesos in February for a similar number of shares at the same price, and has until May 31 to invest another 100 million pesos on the same terms, Boulevard said.

Boulevard said today it will use the money to boost its stake in resort operator Friday’s Holdings Inc. and Friday’s Puerto Galera Inc.

To contact the reporter on this story: Ian 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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