Quick takes from around the market
Robinsons Retail Holdings [RRHI 56.00 0.53%] [link] is holding a contest to help rename the “Ministop'' brand of convenience store locations. The prize is P50,000 in gift cards, with the winner announced in June. P50k is waaay less than the P2 to P5 million that it would cost to have it done by a competent branding agency. So “yay!” for shareholders? Too bad it’s not an internet-based voting thing, so we probably won’t have a chance to visit “Shoppy McShopFace” for a C2 on a hot day. Come on, you cowards! LET US VOTE! Hahaha.
Apollo Global Capital [APL 0.04 4.65%] [link] largest shareholder, Hyung Rae Doo, sold 38% of his stake in APL in the two months since his shares exited from voluntary lockup. His shares had been frozen for 6 months following APL’s August 2021 FOO at P0.08/share. Hyung Rae Doo sold a total of 41 billion shares, at an average price of P0.052/share, for P2.1 billion. Maybe he’s getting tired of the company totally not mining for ore, too?
Marcventures Holdings [MARC 1.56 2.63%] [link] bought a plane for “operations” worth P286 million. MARC is a mining company, and it’s not clear how this plane (that the disclo refers to as worth “US $ 5,500,00”) helps with the operations of MARC’s mining interests. On the same day, MARC’s board also postponed the annual stockholders’ meeting, to, and I quote, “give Management ample time to prepare for the meeting”. Yikes.
UnionBank [UBP 84.45 0.48%] [link] takeover of Citi PH’s assets gets clearance from the Philippine Competition Commission (PCC). The PCC said that the takeover did not result in a “substantial lessening of competition in each of the segments of the consumer banking markets”. An expected outcome, but it’s still not a settled issue until the PCC provides its feedback. Full speed ahead.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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