PSE Market Summary:
The Philippine Stocks Exchange was down by 10.51 or .20% to close at P 5,190.81. Sub indices were mixed with Mining & Oil leading the decline by 1.22% while Holdings Firms lead the advancers by .42%.
BEL and Melco Partnership Talks Progressing Smoothly
Belle Corporation (PSE:BEL) and Macau-based Melco Crown Entertainment Ltd. confirmed they are progressing smoothly on their planned partnership to build a $ 1 billion casino complex in Manila Bay even if the self-imposed deadline they initially set had already lapsed. BEL holds one of four licenses from Pagcor to build casinos in the 120-hectare complex.
GREEN Sells 20M Shares to German Company
Greenenergy Holdings Incorporated (PSE:GREEN) agreed to proceed with Cleantech Projektgesellschaft mbH's investment of 20,776,856,000 primary shares worth P 415,537,300. as well as issuance of stock warrants at P .02 strike price. Official signing of documents will be on Sept. 21 to allow for their designated banks to finalize the terms and conditions.
SMC Issues Notice of Redemption of Series 1 Shares
San Miguel Corporation (PSE:SMC) issued notice of redemption of its series 1 preferred shares at P 75 per share. Payment for the proceeds from redemption and accumulated unpaid cash dvidends will be paid on Oct. 5, 2012.