Philippine Stocks: IPVG, First Philippine, PAL, Petron Corp.
The Philippine Stock Exchange Index (PCOMP) 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) 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 (MER) 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) , 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) , 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) , 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.
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