| PHILIPPINE stocks rose for the fourth day, the longest winning streak in almost a month. San Miguel Corp. climbed on speculation a plan to sell shares in its packaging and beer units will boost the value of the company.
“A separate listing for its domestic beer unit, which is a mature and high-margin business, will enhance the value of San Miguel,” said Leo Venezuela, analyst at Manila-based ATR-Kim Eng Securities. “A share sale for the packaging business could do the same.”
Philippine Long Distance Telephone Co. (PLDT) advanced after chairman Manuel Pangilinan said controlling shareholder First Pacific Co. is in talks to buy a phone company in the region.
The Philippine Stock Exchange index added 12.03, or 0.4 percent, to close at 3345.98, after climbing 1.9 percent in the previous three days. That’s the longest run of gains since the period ended April 10.
San Miguel’s Class A shares, which are reserved for Filipinos, rose P1, or 1.6 percent, to P65.50, a three-week high. Its Class B shares, which have no ownership restrictions, added P1, or 1.3 percent, to P76, extending a 2- percent gain Monday.
The nation’s largest food and drinks company said Monday, after trading ended that it will hold initial share sales for its packaging ventures and local beer unit to raise funds for expansion and pay debt. San Miguel said it will also sell 1.5 billion of preferred shares.
Telecom takeovers?
PLDT, the nation’s largest company by market value, gained P5, or 0.2 percent, to P2,555. Pangilinan said Hong Kong-listed First Pacific, which manages PLDT, is looking to spend $800 million to $1 billion acquiring an Asian telecom company and a deal may be completed in the next “few weeks.”
Pangilinan also said that PLDT will separately acquire provincial phone companies to expand its network of fixed lines.
Ayala Land Inc., the nation’s largest builder, rose 25 centavos, or 1.4 percent, to P18.50, extending a two-day, 4.3-percent climb. The company said it will pay three centavos a share in dividends in July. Ayala Corp., which owns the builder, added P5, or 0.8 percent, to P600.
Shares worth P3.48 billion were traded, 17-percent less than the six-month daily average and the lowest this month. Losers beat gainers 59 to 52, with 56 stocks unchanged.
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