Bloomberg News

Philippine Stocks: BDO, Filinvest, PAL, SM Investments

April 03, 2012

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

The Philippine Stock Exchange Index (PCOMP) fell 1.1 percent to 5,056.48.

BDO Unibank Inc. (BDO) , the nation’s biggest bank by assets, fell 7 percent to 60.95 pesos, the sharpest loss since Sept. 23. The bank plans to raise as much as $1 billion from a one-for-three rights offer. The shares may be sold at a discount of between 20 percent and 25 percent, the company said in a statement. SM Investments Corp. (SM) , BDO’s largest shareholder, declined 5.9 percent to 640 pesos, the most since Oct. 3.

Filinvest Land Inc. (FLI) , a homebuilder, increased 1.6 percent to 1.30 pesos, the steepest gain since March 22. The developer said it will sell 11 billion pesos ($258 million) of bonds to help fund this year’s capital expenditure of 15 billion pesos.

PAL Holdings Inc. (PAL) , owner of Philippine Airlines Inc., increased 1.5 percent to 8.30 pesos, the highest close since October 2007 on speculation it’s close to selling a stake in the carrier.

San Miguel Corp. (SMC) said in a statement to the stock exchange today that it’s in talks with controlling stockholders for possible investments in Philippine Airlines and budget carrier Air Philippines. San Miguel fell 0.2 percent to 113.50 pesos.

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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