Bloomberg News

Philippine Stocks: Aboitiz, NiHAO, Security Bank, Rizal, Roxas

September 28, 2011

Sept. 28 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the noon close in Manila.

The Philippine Stock Exchange Index jumped 4.2 percent to 3,876.12, the sharpest gain since August 2009. A typhoon shut financial markets yesterday, when the MSCI Emerging-Markets Index advanced 4.9 percent. The Philippine index has declined 9.7 percent this quarter, set for its worst three-month period since the fourth quarter of 2008.

Aboitiz Power Corp. (AP PM) increased 2.2 percent to 27.60 pesos, the steepest gain since Aug. 10. The company signed a so- called memorandum of understanding with Marubeni Corp. to jointly build and operate a 400-megawatt power plant within the existing 700-megawatt Pagbilao station in Quezon province, a stock-exchange filing showed today.

Benguet Corp. Class A shares (BC PM), which are reserved for Filipinos, added 13 percent to 22.50 pesos, the largest jump since May 26. The company said its directors approved an “equity restructuring plan” as part of a move that will help the company pay dividends.

NiHAO Mineral Resources International Inc. (NI PM) climbed 7.5 percent to 3.46 pesos, the biggest advance since Sept. 21. The company said it signed an agreement with Glencore International and AGP Industrial Corp. to form a company that may develop mining projects in the Philippines, Indonesia and other Asian countries.

Oriental Peninsula Resources Group Inc. (ORE PM) climbed 8.6 percent to 3.28 pesos, the sharpest gain since Sept. 8. The company may invest $300 million in hydropower, coal and nickel projects, according to a Sept. 26 filing. The company targets a doubling in sales by next year and its nickel unit plans six shipments a month, it said.

Rizal Commercial Banking Corp. (RCB PM) increased 6.5 percent to 31.35 pesos, the largest jump since Sept. 2. The Manila-based bank’s directors approved a program to sell as much as $1 billion worth of notes with a maturity of at least five years to fund expansion, an exchange filing said on Sept. 26.

Roxas Holdings Inc. (ROX PM), a sugar producer, gained 9.2 percent to 2.60 pesos. The stock jumped as much as 21 percent earlier after the company said its bioethanol venture will have an “income stream in the coming months” and that it has started talks with oil companies for supply contracts.

Security Bank Corp. (SECB PM) advanced 2.5 percent to 79 pesos, the first increase in four days. The bank plans to sell up to 10 billion pesos ($230 million) of five- to seven-year long-term negotiable certificates of deposit, a stock-exchange filing showed today. The bank will pay a regular cash dividend of 50 centavos a share and a special cash dividend of 50 centavos, it said.

--Editor: Shiyin Chen

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus