PSE Market Summary:
The Philippine Stocks Market was up by 17.84 or .31% to close the year. PSEi is slightly down by 11.21 from 5,823.94 last week.
ICT Pulls Out of Syria
International Container Terminal Services, Inc. (PSE:ICT) through its wholly-owned subsidiary in Syria filed a notice of termination with Tartous Port General Company (TPGC). The issuance of notice was prompted by TPGCs refusal to negotiate in good faith for relief from the clear imbalance of the parties' economic relationship, constituting a breach of contract agreement. TPGC represents .6% and .4% of ICT's consolidated volume and revenues.
Marubeni Buys 20% Stake in Maynilad
Japanese trading giant Marubeni Corp. is buying a 20% stake in Maynilad Water Services, Inc. DMCI Holdings (PSE:DMC) will reportedly sell 16% of its shares while Metro Pacific Investments (PSE:MPI) will contribute to the remaining 4%.