Bloomberg News

Philippine Stocks: Cebu Air, Jollibee Foods, Megaworld Corp.

December 01, 2011

Dec. 1 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of 10:20 a.m. in Manila.

The Philippine Stock Exchange Index increased 1.8 percent to 4,285.68, bound for the steepest gain since Oct. 7.

Cebu Air Inc. (CEB PM), the largest Philippine budget carrier, increased 1.1 percent to 70.80 pesos, the first gain this week. The company bought back 25,000 shares at 70 pesos each, a stock-exchange filing showed.

Jollibee Foods Corp. (JFC PM), the nation’s largest fast- food company, increased 2.2 percent to 89.95 pesos, bound for its sharpest advance this week. The company completed the sale of its “Caffe Ti-Amo” assets to CafeFrance Corp., a stock- exchange filing showed.

Megaworld Corp. (MEG PM) advanced 2.2 percent to 1.84 pesos, the biggest advance since Nov. 15. The company signed a so-called memorandum of agreement to develop up to 550 hectares in the Clark Freeport Zone and Clark Special Economic Zone, an exchange filing showed. The project will cost at least 7 billion pesos ($161.5 million) to develop, it said.

--Editor: Matthew Oakley

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


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