Bloomberg News

Philippine Stocks: IPVG, PAL Holdings, SM Investments Corp.

January 06, 2012

Jan. 6 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close in Manila.

The Philippine Stock Exchange Index fell 0.8 percent to 4,483.36, snapping a five-day gain. The benchmark gauge trimmed this week’s increase to 2.6 percent, the most since the week ended Oct. 28.

IPVG Corp. (IP PM) advanced for a fifth day, adding 0.7 percent to 1.39 pesos, after getting approval to boost its capital. The stock surged as much as 6.5 percent earlier today. The company’s board approved the sale of as many as 400 million shares at 1 peso each to a trust account managed by BDO Private Bank Inc., a stock exchange filing showed.

PAL Holdings Inc. (PAL PM), owner of Philippine Airlines Inc., rose 8 percent to 7.68 pesos, the highest close since Jan. 17. San Miguel Corp. said it’s still in discussions with the “controlling shareholder” of Philippine Airlines for an investment. PAL Holdings, in a separate statement, said it has no knowledge of the discussions.

SM Investments Corp. (SM PM), the holding company of Philippine billionaire Henry Sy, declined 2 percent to 559 pesos, the sharpest loss since Nov. 10. SM Land Inc., a unit of the company, submitted a revised offer to develop a 33.1 hectare (82 acre) military site in Bonifacio that the government is evaluating, BusinessWorld reported, citing Arnel Casanova, president at Bases Conversion Development Authority, the state agency in charge with the asset’s privatization. Casanova couldn’t be reached at his office for comment.

--Editor: Chan Tien Hin

To contact the reporter on this story: Ian 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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