ABS-CBN [ABS 14.26 1.42%] sold off ~21.3 million treasury shares and ~11.5 million PDRs at P15.23 per share/PDR, to raise around P500 million for the company. ABS noted that the block sales were conducted at a 12% premium to Monday’s closing price for ABS, and at a 19% premium to ABS’s 30-day volume-weighted average price. This feels like treading water on the gamble that a new President will bring better weather for ABS and the Lopez Family.
8990 Holdings [HOUSE 11.40 2.56%] board approved a follow-on offering to follow the secondary sale of over 20% of the company’s shares through an offer-and-sale. The smaller FOO will involve 450 million in unissued capital stock. Hard to say if this is a case of HOUSE’s largest shareholders cashing out or just rearranging their capital holdings.
Solar Philippines NEC [SPNEC 1.96 13.29%] shares surge 13% to P1.96/share, up nearly 100% in the month from its December 17 IPO. SPNEC actually touched the P2.00/share mark earlier in yesterday’s session, but retreated a bit toward the end. Over the past 25 trading days, SPNEC has gone for as low as P0.76 and as high as P2.00. Quite the spread.
Haus Talk [HTI 1.42 5.33%] teased heading below its P1.50 offer a couple of days ago, but is now firmly in the red and threatening a deeper descent. Yesterday’s session low as P1.40/share, so we’ll have to see if the selling pressure continues to push the price lower, or if P1.40 is something of a temporary bottom.
--