PSE Market Summary:
The Philippine Stocks Market was down by 11.71 or .20% to close at 5,819.79. Total trades recorded were 31,926 with 99 stocks advances, 71 declines and 43 remaining unchanged.
APM Gets P 74.81B Infusion
Alcorn Gold Resources Corp (PSE:APM) approved the P74.81 billion equity infusion by businessman Lucio L. Co paving the way for the dormant oil and mining company to transform as a holding firm for Co's other businesses. The subscription will give APM ownership to various businesses as follows:
• 100% in commercial property developer and lessors Ellimac Prime Holdings, Inc.;
Go Fay & Co.; Incorporada; SVF Corp.; Nation Realty, Inc.; 118 Holdings, Inc.;
Patagonia Holdings Corp.; Fertuna Holdings Corp.;
• 100% in liquor distributors Premier Wine and Spirits, Inc.; Montosco, Inc.; and
Meritus Prime Distributions, Inc.; as well as
• 100% in oil storage tanks and facilities lessor Pure Petroleum Corp.