PSE Market Summary:
The Philippine Stocks Market declined by .70% to close at 5,308.52. Intraday trades started positive but were soon dragged down by the afternoon trades. All subindices closed lower.
ABS Converts Common to Preferred Shares
Media broadcaster ABS-CBN Corporation (PSE:ABS) approved the reclassification of its 200 million common shares with P1 par value to be converted to 1 trillion cumulative, voting, non-participating, redeemable and non-convertible preferred shares with P .20 per share.
SMC Defers IPO of Power Unit
San Miguel Corp. has deferred its plan for initial public offering for SMC Global Power Holdings to next yer, citing poor market conditions as the reason. The IPO could raise up to P36.6 billion for the group.
MRC Sells 40% of Mining Investments
MRC Allied, Inc. (PSE:MRC) agreed to sell 40% of its holdings in MRC Surigao Mines, Inc. to Mining & Mineral Investments company. MRC closed at .1540, down 1.91% from yesterday's trade.