Market Summary:
The Philippine Stocks Exchange increased by 51.21 or .99% to close at 5,201.32. Only Mining & Oil was lower by 1.91% on all sectors. Advancers were led by Property (2.44%) and Services (1.36%).
AEV Purchases UBP Shares Anew
Aboitiz Equity Ventures, Inc. (PSE:AEV) bought 164,350 additional shares of Union Bank of the Philippines (PSE:UBP) at P 102 per share. AEV also bought UBP shares on Aug. 8 and Aug. 22 with 2,300,000 and 250,000 shares respectively.
Trans-Asia Releases First Half Results
Trans-Asia Oil & Energy Development Corp. (PSE:TA) reported consolidated revenues of P529.59 million for the 2nd quarter of 2012 from P 289.25 million same period last year. The compnay recently signed a long-term contract with Lafarge Republic, Inc. to supply part of its electricity requirements.
Phoenix Acquires Chelsea Shipping
Phoenix Petroleum (PSE:PNX) will issue P 180 million warrants in exchange of P 50 million convertible notes and 100% shares of stock of Chelsea Shipping Corporation. Chelsea is among the top petroleum tanker owners in the country.