PSE Market Summary:
The Philippine Stocks Market ended its four-day rally to close at 5,435.94, lower by 2.44 or .04%. Total trades reached 29,840 with 70 advances, 90 declines and 42 stocks remaining unchanged.
RLC In Talks with Japanese Tycoon for a Project
Robinsons Land Corp. (PSE:RLC) the property arm of billionaire John Gokongwei, confirmed that it is currently in talks with Japanese Tycoon Kazuo Okada for a joint development project that may consist of casino, hotel and retail properties. RLC hopes to infuse a significant investment although no definite agreements have been made.
MWC Acquires PT Pam
Manila Water Company, Inc. (PSE:MWC) has acquired 51% of PT Pam Lyonnaise Jaya through a share purchase agreement with Suez Environment, current owner of the shares. PT Pam operates water concessions in Jakarta since 1997 under a contract agreement with the government. The acquisition is still subject for government and regulatory approvals in Indonesia.
EDC to Study Potential Chile Project
Energy Development Corp. (PSE:EDC) will fund as many as six South American projects being developed by Alterra Power Corp. Under the agreement between EDC and Alterra, EDC will have the exclusive right to conduct exploration and has the sole option to advance the projects to a joint venture stage should they find it viable.
TEL Issues 150M Voting Shares
Philippine Long Distance Telephone Company (PSE:TEL) issued 150 million voting preferred shares to BTF Holdings, Inc. BTF is a wholly owned company created for the account of the Beneficial Trust Fund pursuant to TEL's benefit plan.
BMM Declares Cash Dividend
Bogo-Medellin Milling Co. (PSE:BMM) declared cash dividend with details as follows:
cash = P2.50 per share
ex-date = Oct. 29, 2012
record date = Nov. 5, 2012
payment date = Nov. 26, 2012