PSE Market Summary:
The Philippine Stocks Market is up third consecutive days to close at 5,443.74. All sectors were up led by Holding Firms (2.38%) and Industrial (.99%). There were 24,257 trades with 103 advancers, 63 decliners and 37 stocks remaining unchanged.
GMA7 and TEL End Discussions on Acquisition
GMA Network, Inc. (PSE:GMA7) and MediaQuest Holdings, Inc., an affiliate within PLDT Group (PSE:TEL), reported that both parties were unable to reach at a mutually acceptable terms on a possible acquisition. Both groups announced the termination of further discussions. Talks of possible acquisition have been reported a few weeks back.
BDO to Redeem Series 1 Notes
BDO Unibank, Inc. (PSE:BDO) announced that it will exercise its right to redeem all series 1 notes November 21, 2012, the designated optional redemption date. Redemption will be made in cash priced at face value plus accrued interest.
CEB Eyes Zest Air Acquisition
Cebu Air, Inc. (PSE:CEB) is one of three major parties eyeing possible acquisition of low cost carrier Zest Air, along with Philippine Airlines (PSE:PAL) and Hainan Air. CEB clarified that they have yet to assess for due dilligence check and any interest shown is non-binding at present.
ANS Declares Cash Dividend
A. Soriano Corporation (PSE:ANS) declared cash dividend as follows:
Cash P .25 per share
ex-date Oct 15, 2012
record date Oct. 18, 2012
payment date Nov. 12, 2012
MWIDE Enters on a JV With Citicore
Megawide Construction Corporation (PSE:MWIDE) established a joint venture with Citicore Holdings Investment named Citicore-Megawide Consortium, Inc (JVC). The JVC will be formed to undertake the construction, leasing and maintenance of school buildings under the Public-Private Partnership project of the government.
FGEN Subsidiary Refinances Debt Obligation
FGP Corp, a subsidiary of First Gen Corporation (PSE:FGEN), signed a $420 million 10-year term loan facility with seven major bank lenders. The proceeds will be used to repay existing debt obligation of FGP and a portion of FGEN's debts.