PSE Market Summary:
The Philippine Stocks Market slid down by 83.26 to 5,623.85. This is the fourth straight trade that PSE closed lower. Total trades recorded were 27,561 with 50 stocks advances, 116 declines and 50 stocks unchanged.
LTG Complies with Public Float Requirement
Tangent Holdings Corporation disposed 508,544,100 shares out of its 8,554,862.293 shares in LT Group (PSE:LTG) to effectively increase the public float of the company. LTG has now increased its float from 4.7% to 10.4%.
MWIDE Acquires Property Company
Megawide Construction Corporation (PSE:MWIDE) acquired 100% of the total issued and outstanding capital stock of Altria East Land, Inc. for P53 million. Altria owns properties in Tagaytay, Rizal currently being leased as a pre-cast concrete manufacturing complex.
PSE Denies Extension Request of PAL, SMP
Philippine Airlines and San Miguel Properties Acknowledged Receipt of Denial letters from PSE of their request for extension to comply for the public float requirement. Under PSE rules, all companies must maintain a public float level of at least 10% and is given until the end of year before being delisted.