PSE Market Summary:
The Philippine Stocks Market breached the 5,800 mark and closed to new high hitting 5,831.5 for the day. Total trades were up to 29,580 with 87 stocks advances, 83 declines and 47 stocks unchanged.
MIH to be Melco's Holding Company
Melco Crown Entertainment will backdoor-list its casino project through acquisition of Manchester International Holdings Unlimited Corporation (PSE:MIH). Once acquisition is completed, MIH will effectively become the holding company of MCE's hotel, casino, retail and entertainment project.
PSB Declares Cash Dividend
Philippine Savings Bank (PSE:PSB) declared regular cash dividend as follows:
cash = P.75 per share
ex-date = Dec. 20, 2012
record date = Dec. 27, 2012
payment date = Jan. 14, 2013
ABS to Offer Preferred Shares
ABS-CBN Corporation (PSE:ABS) approved the offering of 1 billion preferred shares with par of P.20 per share pro rata to its existing shareholders at an issue price of P.20 per share. The shares will have a fixed cummulative interest rate at 2% per annum on each anniversary date.