Manuel Pangilinan News
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Philippine ventures of billionaire Anthoni Salim’s First Pacific Co. plan telecommunications, power and water investments in Myanmar, Vietnam and Thailand to tap rising demand, Chief Executive Officer Manuel Pangilinan said.
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Philippine Long Distance Telephone Co. climbed to a five-year high after profit at the nation’s most valuable company jumped sixfold.
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Philippine Long Distance Telephone Co., the nation’s biggest company by market value, rose to the highest in about five years after agreeing to sell a controlling stake in its outsourcing unit to CVC Capital Partners Ltd.
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First Pacific Co., the Asian food, utilities and resources company controlled by billionaire Anthoni Salim, may bid for Manila’s international airport as the Philippines seeks to lure investment.
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Manila Electric Co., the Philippines’ largest power retailer, plans to spend $150 million to build a power plant with a capacity of as much as 150 megawatts, President Manuel Pangilinan told reporters today.
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Shares of the following companies may have unusual moves in Philippine trading. Stock symbols are in parentheses, and prices are as of the previous close, unless stated otherwise.
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SM Investments Corp. leapfrogged Philippine Long Distance Telephone Co. to become the nation’s most valuable stock, as Southeast Asia’s fastest economic growth prompted a shift in consumer spending to property and leisure.
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Philex Mining Corp., the Philippines’ biggest miner, said it may spin off its hydrocarbon assets, including 70 percent of a gas field that may be as large as the Malampaya gas project, the nation’s biggest.
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Globe Telecom Inc. may collaborate with Lopez Holdings Corp.’s broadcasting unit ABS-CBN Corp. as the Philippines’ second-largest mobile-phone company seeks to add media content to boost wireless usage by its subscribers.
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GMA Network Inc., the Philippine media company that’s jumped almost 50 percent in Manila trading this year amid takeover speculation, will consider purchase offers, its chairman said.
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