PSE Market Summary:
The Philippine Stocks Market is up for the fourth straight day, reaching another all time high at 5,534.18. Total trades were slightly up to 27,794 with 92 stocks advances, 75 declines and 41 remaining unchanged.
BPI to Acquire PNB
The Bank of the Philippine Islands (PSE:BPI) is reportedly in advanced talks to acquire a majority stake in Lucio Tan's Philippine National Bank (PSE:PNB). Internal valuations initially priced PNB at P100 per share but a deal may be inked at P96 per share. PNB stocks last closed at P84.10 per share, giving a 14% premium to current prices. BPI and PNB both issued voluntary trading suspension for the day.
MBC Declares Cash Dividend
Manila Broadcasting Company (PSE:MBC) declared cash dividend as follow:
cash = P.18 per share
ex-date = Dec. 5, 2012
record date = Dec 10, 2012
payment date = Dec. 21, 2012