Ayala, Digital, E-Game, GMA, PLDT: 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 decreased 0.4 percent to 4,224.76.
Ayala Land Inc. (ALI) : The nation’s largest developer invested an additional 3.5 billion pesos ($81 million) in its unit Amaia Land Corp. to fund expansion in the next five years, a stock-exchange filing showed. Separately, Ayala Land may revise its offer to develop the government’s Food Terminal Inc. complex, the Philippine Star reported, citing Solomon Hermosura, lawyer at the developer. The stock declined 0.5 percent to 15.86 pesos.
GMA Network Inc. (GMA7) (GMA7 PM): The nation’s second-biggest broadcaster said it agreed to buy 130 million pesos of shares in the “mandatory” public offering of IP E-Game Ventures Inc. (EG PM), a provider and publisher of online games, a stock-exchange filing showed. GMA rose 0.3 percent to 6.52 pesos. E-Game advanced 1.2 percent to 26.50 pesos.
East Asia Power Resources Corp. (PWR) : Century Properties Inc. has made an offer to develop the government’s Food Terminal Inc. complex under a joint-venture arrangement, BusinessMirror reported, citing Resty Ingal, the developer’s head of investments. East Asia, a company acquired by Century Properties to list its real-estate ventures, jumped 16 percent to 2.49 pesos.
Philippines Long Distance Telephone Co. (TEL PM): The nation’s largest phone company got government approval for its purchase of smaller rival Digital Telecommunications Philippines Inc. (DGTL PM) with conditions, including selling mobile-phone spectrum to ensure competition, the country’s telecoms regulator said. PLDT gained 1 percent to 2,330 pesos. Digital Telecom increased 0.7 percent to 1.54 pesos. JG Summit Holdings Inc. (JGS) , owner of Digital Telecom, climbed 1.8 percent to 25.70 pesos.
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