Quick takes from around the market
AC Energy [ACEN 8.55 0.12%] [link] will have 43% of its outstanding shares exit from lockup on Thursday, April 21. The shares are owned by AC Energy and Infrastructure Corp., and I don’t expect the Ayalas, as ACEN’s largest shareholder, to pull an Apollo Global [APL 0.05 2.22%] and fire-sale a huge chunk of their holdings to cash after the lockup expires. Still, it’s worth noting for any close watchers of this stock (and there are many).
Bloomberry [BLOOM 6.31 1.45%] [link] had the case filed against it by Bangladesh dismissed by the Supreme Court of New York for “lack of jurisdiction”. Bangladesh had named BLOOM as a co-defendant in a civil case aimed at recovering some of the $81 million that it lost to hackers. While Bangladesh has time to appeal, it isn’t clear whether it will have an argument that can overcome a lack of jurisdiction.
Philippine Telegraph and Telephone Corp [PTT suspended] [link] announces “strategic partnership” with consultancy to upgrade and expand network coverage in the NCR area. This feels like the first chapter in a PTT fanfic that ends with the company searching for an “established telecommunications player” to JV with to develop PTT’s assets. Shareholders probably just want to see the company do something to lift the trading suspension that has been in place since... ah, yes, 2004. That's totally normal and fine.
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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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