PSE Market Summary:
The Philippine Stocks Market advanced by .76% or 40.16 to close at 5,3448.68. All sectors were up, led by holding firms and property.
MWC Signs Loan Agreement With Landbank
Manila Water Company, Inc. (PSE:MWC) agreed to sign a 25-year term loan with the Land Bank of the Philippines. The loan amounting to $ 137.5 million shall be used to partially finance the north and south Pasig sewerage system project of MWC.
ALI Acquires Interests with Raffles Project
Ayala Land Hotels & Resorts Corporation (AHRC), a wholly owned subsidiary of Ayala Land, Inc. (PSE:ALI) acquired the interests of Kingdom Hotel investments (KHI) in the Fairmont Hotel and Raffles residences project in Makati. KHI agreed to sell interest and outstanding shares it holds in exchange for $ 24.11 million paid by AHRC.
TDY Acquires Fortune Tobacco Corporation
Tanduay Holdings, Inc. (PSE:TDY) acquired 82.32% interest of Fortune Tobacco Corporation via subscription of shares. TDY subscribed to 1.3 billion common shares fully paid in cash.
DENR Releases Adverse Findings to PX
The Environmental Management Bureau of the DENR has released an adverse opinion relating to the tailing ponds leak. Based on the findings, PX violated the environmental clearance certificate policy whih states that: "pond effluent discharges shall conform with the standards set under the Clean Water Act of the Philippines.