Quick takes from around the market
Synergy Grid [SGP 12.52 0.16%] [link] disclosed that 76% of its stock will be released from Mandatory Lock-up on May 3. Technically, the 4 billion shares owned by Henry Sy Jr. and Robert Coyiuto Jr. will exit from lockup on the 2nd, but the shares don’t actually become liquid and tradable until the next morning, on the 3rd. The lockup was done as a condition to allow the share-for-share swap that the Two Juniors used to bring the holding companies that own the holding companies that own the actual shares of National Grid under the control of SGP.
Bank of Commerce [BNCOM 12.20 0.33%] [link] stabilization fund expires today. The stock has never traded at or below its offer price of P12.00/share, so the stabilization fund has been a complete non-factor in the trade of this stock so far, though it might not have been a non-factor in the minds of the investors that purchased the shares during the IPO offer period!
DITO CME [DITO 4.90 0.20%] [link] and China Bank [CHIB 26.80] may have been fined P35 million each for their involvement in DITO’s botched SRO in January. While the PSE doesn’t disclose fines as a matter of policy, BusinessMirror is reporting sources as saying that the PSE board issued a fine of P35 million per company, but that some members of the board were pushing for “a much larger amount” to recognize the size of the violation. I’m going to file this under “rumor” until one of the PSE, DITO, or CHIB acknowledges some aspect of it.
CTS Global [CTS 1.06 6.00%] [link] bounces significantly up off its P1.00/share offer price for the first time since its IPO day. The stock is now up 6% from its IPO offer price. While the stock hasn’t had any stabilization fund, the trade around the stock has operated as though there is such a fund quietly operating in the background. Let’s see if the bounce holds.
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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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