PSE Market Summary:
The Philippine Stocks Market is slightly up by 6.47 to close the four-day week at 5,405.16. Total trades were down to 25,456 with 78 advances, 88 declines and 47 stocks unchanged. PSEi is down 27.2 points or .50% for the week.
DMC Acquires 17% of Toledo
DMCI Mining Corporation, a wholly-owned subsidiary of DMCI Holdings, Inc. (PSE:DMC) has acquired 8,480,250 shares, equivalents to 17% shareholdings of Daintree Resources Limited in Toledo Mining Corporation Plc at GBP.40 per share. DMC has other transactions involving Toledo Mining.
BEL Reach Agreement with Melco
Belle Corporation (PSE:BEL) implemented a trading halt from 9:00 AM to 10:00 AM today following the announcement that it has reached an agreement with Melco Crown Entertainment Limited (MCE) to jointly develop an integrated resort complex in BEL's property along Diosdado Macapagal Avenue, Paranaque. MCE is a listed company in the Hong Kong Stocks Exchange which operates gaming facilities in Macau markets. Both companies are expected to make equal investments to the project.
ANI to stop supplying Fresh Harvests to SM
Agrinurture, Inc. (PSE:ANI) formally gave notice that it will stop supplying SM Supermarkets and SM Hypermarkets fresh fruits and vegetables and will pull-out all its inventories by Oct. 31, 2012. ANI expects to free up approximately P60 million of working capital tied up in credit lines from the supermarket chains and will focus instead on distribution channels that generate better returns.
CAT Denies Negotiations with First Pacific
Central Azucarera de Tarlac (PSE:CAT) denies in a recent disclosure that it is currently in talks to sell their company to First Pacific Group, a Hong Kong based company led by Manny V. Pangilinan. CAT is owned by the Cojuangco family that produces raw and refined sugar, alcohol, liquid carbon dioxide and yeast.