Market Summary:
The Philiipine Stocks Exchange closed at 5,175.62 higher by 32.27 points or .63% from friday's close. Most sub-indices closed in the green, led by Property (2.45%) and Holding firms (1.02%). ETON led the advancers surging by 28.90% to close at 4.55 per share.
FGEN and MER in Talks for Possible Partnership
Meralco PowerGen Corp. and First Gen Corp. confirmed initial talks for a possible partnership to build a Batangas gas project. The natural gas-fired power in San Gabriel is estimated to generate up to 500 megawatt.
ALI Issues Bonds, Declares Dividends
Property developer Ayala Land Corporation approved in its board meeting today the issuance of up to P3 billion bonds with 3-year maturity. The proceeds could be used to fund its FTI acquisition. The company also declared cash dividend with below details:
Cash = P .10385223 per common share
ex-date = Sept. 12, 2012
record date = Sept. 17, 2012
payment date = Oct. 8, 2012
ANI to Allocate Resources for Expansion
Agribusiness firm Agrinurture Inc. confirmed reports to allocate around P1 billion to help augment rice output in the Philippines. Meanwhile, its Big Chill fruit shake business look to expand overseas eyeing Hong Kong as a prime location to open several stores.
PNOC and DOE agree for Sub-Phase Extension
The Department of Energy has approved the 12-month extension request of PNOC Exploration Corporation to complete its Sub-Phase 2 (SP2) project. This will give the company more time to secure a rig and prepare the drilling of the Apribada project.
Series 2 SMC Prefererred Shares Selling Period Extended
San Miguel Corporation announced that it will extend the selling of its Series 2 preferred shares until Sept. 4. HSBC is the sole issue manger for the offering.
GLO Allocates $ 400 million Capex
Communications company Globe Telecom, Inc. confirmed it will set aside $ 400 million for capital expenditure (capex) in 2013. The budget will help finance its bankroll telco operations and and completion of its network modernization program.
LRI to Expand Cement Production Capacity
Cement and constrution company Lafarge Republic, Inc. target to supply around 1,000 kilo tons
of cement per year by adding production capacity. . This will to help boost strong demand and lessen the backlog as construction projects continue to grow.
PGOLD Target 71% Increase in Net Profit
Retailer Puregold Price Club, Inc. remain optimistic as it expects 71% year-on-year increase in net profit. The calculations were based on revised guideline on forecast and strong reception from customers.