Bloomberg News

Philippine Stocks: Alaska Milk, Digital Telecom, Union Bank

March 12, 2012

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

The Philippine Stock Exchange Index (PCOMP) fell 0.1 percent to 4,975.17, the first loss in three days.

Alaska Milk Corp. (AMC) , producer of the most popular milk brand in the Philippines, jumped 17 percent to 23.30 pesos, the highest close since the stock began trading in January 1995. Royal FrieslandCampina NV agreed to buy Alaska Milk shares held by the Uytengsu family, raising its stake to 68.9 percent from about 8.1 percent, a stock-exchange filing showed. FrieslandCampina will make a tender offer for the remaining outstanding shares at 24 pesos each, it said.

Digital Telecommunications Philippines Inc. (DGTL) fell 6.7 percent to 1.12 pesos, the lowest close since May 6, 2009. The shares will be suspended from trading starting March 21 and will no longer be eligible for trading by March 26, the stock exchange said in a statement.

Union Bank of the Philippines (UBP PM) fell 3.3 percent to 95.75 pesos, its lowest close since Feb. 22. The stock exchange said it approved a block sale of four million Union Bank shares. Two million shares will be transacted today at 90 pesos each, while another two million will change hands at 91.25 pesos each, a stock-exchange statement showed.

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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