Manila Electric, San Miguel Corp.: 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 fell 1.2 percent to 4,244.64.
Filinvest Development Corp. (FDC) : EastWest Bank, a unit of the company, said first-quarter profit decreased 6.8 percent from a year earlier to 443 million pesos ($10 million), a stock exchange filing showed. The stock declined 0.4 percent to 5.02 pesos.
Manila Electric Co. (MER) : The largest Philippine power retailer will borrow 9 billion pesos to partly fund the construction of a 300-megawatt, coal-fired power plant, Chief Financial Officer Betty Siy-Yap said. Manila Electric is in talks with some local and foreign banks for the loan, she said. The stock dropped 4 percent to 240.20 pesos.
San Miguel Corp. (SMC) : The largest Philippine food and drinks company and Kirin Holdings Co., its partner in San Miguel Brewery Inc. (SMB) , may offer shares in their venture within the year to meet the Philippine bourse’s listing requirement, San Miguel President Ramon Ang said. Ang also said San Miguel Brewery plans to build four new bottling plants valued at about $25 million each. San Miguel added 0.6 percent to 110.80 pesos. San Miguel Brewery was unchanged at 31 pesos.
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