Bloomberg News

Philippine Stocks: Boulevard, Century, Globe, Telecom, IP E-Game

February 15, 2012

Feb. 15 (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 0.1 percent to 4,772.47.

Boulevard Holdings Inc. (BHI PM), a property developer, decreased 3.5 percent to 22 centavos, the sharpest loss since Jan. 13. The company said it will list additional shares with the exchange after selling 100 million pesos ($2.34 million) worth of stock to JP Guilds Inc. The sale is the first tranche of an agreement allowing JP Guilds to buy a stake in Boulevard worth as much as 300 million pesos, it said.

Century Properties Group Inc. (CPG PM), a builder of residential towers, fell 3.1 percent to 2.16 pesos, the sharpest loss since Feb. 7. The company plans to sell as many as 2 billion shares to raise as much 4.7 billion pesos ($110 million). The Manila-based company is offering the stock at 1.75 pesos to 2.35 pesos each, according to a term sheet obtained by Bloomberg News. Chairman Jose Antonio couldn’t be reached at his office for comment.

Globe Telecom Inc. (GLO PM), the nation’s second-largest cellular phone services provider, gained 2.4 percent to 1,198 pesos, set for the highest close since Jan. 20. The company will sign a $700 million agreement with Huawei Technologies Co. and Alcatel-Lucent to upgrade its network, Philippine President Benigno Aquino’s communications office said in a statement yesterday. At least $570 million of the total amount will be spent this year and in 2013, Aquino’s communication office said.

IP E-Game Ventures Inc. (EG PM), a Manila-based online games publisher, jumped 7.7 percent to 21 centavos, the sharpest gain since Sept. 26. The company will sell 1.33 billion primary and secondary shares at 28 centavos each, a stock-exchange filing showed. The company expects to raise 372 million pesos, it said.

--Editor: Ravil Shirodkar

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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