Stocks end higher on heavy trades

MANILA, Philippines - The stock market ended on a positive note yesterday, buoyed by optimism in regional markets as most Asian stocks ignored a US trade probe on Chinese steel exports.

The benchmark Philippine Stock Exchange index (PSEi) gained 14.71 points, or 0.19 percent, to finish at 7,578.16 while the broader All Shares index was up 10.89 points, or 0.24 percent, to close at 4,532.10.

Total value turnover reached a whopping P32.09 billion because of the GT Capital and Metrobank transaction.

GT Capital, the conglomerate of George Ty, purchased yesterday 306 million secondary shares of Metrobank from various Ty family companies  in accordance with a memorandum of agreement dated April 17, 2017 and a deed of absolute sale dated April 20, 2017.

The value of the transaction was approximately P24.72 billion.

The purchase of the Metrobank shares will reduce GT Capital’s concentration risk in Toyota Motors Philippines Corp., increase its parent company net cash flow per annum from Metrobank dividends, minimize the Metrobank shares held by the Ty Family outside of GT Capital, and align GT Capital’s ownership of Metrobank in its banking subsidiary with that of its peer conglomerates, GT Capital said yesterday.