PSE Round-Up: December 17, 2012

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.

PSE Round-Up: December 10, 2012

PSE Market Summary:

The Philippine Stocks Market slid down by 36.66 or .63% to close at 5,757.54. Total trades were down to 23,985 with 67 stocks advances, 96 declines and 49 unchanged.

MWIDE Sells Corporate Notes to Raise Funds for PPP

Citicore-Megawide Consortium, partly owned by listed company Megawide Construction Corp.  (PSE:MWIDE) sold 10-year corporate notes to fund a classroom project under the public-private partnership government program. MWIDE hold a 10% stake in the consortium.

CEB Sustains Market Share

Cebu Pacific Air (PSE:CEB) gins 48% market share in domestic cargo for the first nine months of 2012 according to the data released by CIvil Aeronautics Board. CEB carried 70.4 million kgs in cargo, besting the combined loads (62 million) of Philippine Airlines and Airphil Express.

PSE Round-Up: October 4, 2012

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.