Belle, ICTSI, PNB, SM Prime, Vulcan: Philippine Equity Preview
The Philippine Stock Exchange Index (PCOMP) rose 0.1 percent to 5,163.09.
Belle Corp. (BEL PM): The company will open its casino and hotel complex in Manila in 2013, Vice Chairman Willy Ocier said yesterday. The company will build a high-end shopping mall within the complex, he said. The stock gained 0.4 percent to 5.06 pesos.
International Container Terminal Services Inc. (ICT) : The largest Philippine port operator will spend between $120 million and $150 million this year on capital expenditure and acquisitions, including a port in Pakistan, a stock-exchange filing showed. The shares rose 0.4 percent to 67.90 pesos.
Philippine National Bank (PNB) : The Presidential Commission on Good Government has asked the Securities & Exchange Commission and Bangko Sentral ng Pilipinas to stop the merger of Philippine National and Allied Banking Corp., according to an exchange filing. The stock decreased 1 percent to 73.95 pesos.
SM Prime Holdings Inc. (SMPH) : The nation’s biggest shopping mall operator will hold its annual stockholders’ meeting later today and may release first-quarter earnings. The stock rose 0.6 percent to 16.70 pesos.
Vulcan Industrial & Mining Corp. (VUL) : Modern Overseas Investment Ltd., a wholly-owned unit of China Trend, signed an agreement to buy 450 million pesos ($10.5 million) of shares in the company through a private placement, an exchange filing showed. Cerberus Corp. also signed an agreement to acquire 450 million shares of Vulcan, it said. The stock rose 2 percent to 1.02 pesos.
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