Bloomberg News

Philippine Stocks: Aboitiz Equity, Aboitiz Power, MRC, Union

February 24, 2012

Feb. 24 (Bloomberg) -- Shares of the following companies had unusual moves in Philippine trading. Stock symbols are in parentheses and prices are as of the close of trading in Manila.

The Philippine Stock Exchange Index fell less than 0.1 percent to 4,893. The measure trimmed this week’s advance to 0.3 percent, its fourth straight week of gains.

Aboitiz Equity Ventures Inc. (AEV PM), which has investments in power and banks, increased 5.4 percent to 54.80 pesos, the highest close since its trading debut in November 1994. The company won’t sell its stake in Union Bank of the Philippines (UBP PM), Dow Jones reported, citing Susan Valdez, Aboitiz Equity’s chief reputation officer. Union Bank, 43 percent-owned by Aboitiz Equity, climbed 17 percent to 135 pesos, after rallying 25 percent yesterday. Aboitiz Equity President Erramon Aboitiz couldn’t be reached for comment in his office.

Aboitiz Power Corp. (AP PM), an owner of power plants, increased 11 percent to 33.75 pesos, the sharpest gain since November 2008. Manila Electric Co. Chief Operating Officer Oscar Reyes said the electricity retailer is in “fairly advanced” talks with Aboitiz Power for a supply contract.

MRC Allied Inc. (MRC PM), which completed the purchase of a mine in Surigao, sank 9.8 percent to 23 centavos, the lowest close since Oct. 12, 2009. The board approved the sale of shares in a one-for-one rights offer at 20 centavos each.

--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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