PSE Market Summary:
The Philippine Stocks Market is down for three straight days closing at 5,424.79. All sectors were down except property which managed to go up by 5.14 points. Total trades reached 24,042 while decliners led advancers, 100 to 56, with 47 stocks remaining unchanged.
SM Completes 9.1M Shares Placement
SM Investments Corporation (PSE:SM) announced the completion of 9.1 million primary common shares to institutional investors by way of top up placement at P700 per share. The price was discounted by 6.04% based on the closing rate as of Aug 23 at P745 per share. The proceeds were used for payment of existing bank loan including its interest.
AC Plans to Issue Fixed Rate Bonds
Ayala Corporation (PSE:AC) proposed the issuance of P1 billion fixed rate bonds due in seven years. AC currently holds a PRS Aaa rating from credit rating agency PhilRatings, which means that their obligations have the highest quality with minimum risk for nonpayment.
TOL Explores Road Projects in Vietnam
Metro Pacific Tollays Corp. (PSE:TOL) has confirmed reports that they are currently seeking infrastructure projects in Vietnam. Discussions are already on progress but there is no final deals made as of this moment.