Quick takes from around the market
DM Wenceslao [DMW 6.78 0.29%] [link] signs 50-year lease agreement with St. Luke’s Medical Center (SLMC) for a 13,896sqm plot of land in DMW’s Aseana City development. The hospital, referred to as “St. Luke’s Medical Center Aseana City” will be SLMC’s third, joining the two others in Quezon City and BGC. This is a fantastic anchor tenant for DMW, and is well-situated for the medical tourism industry as it very close to NAIA and the future Sangley Point International Airport.
AbaCore [ABA 1.46 2.10%] [link] announces property dividend of Philippine Regional Investment Development Corporation (PRIDE) to shareholders, at a ratio of 0.0009 PRIDE shares for every 1 ABA share owned as of the record date, which is currently listed as June 28. ABA intends to conduct a spin-off IPO listing of PRIDE, using the “IPO by way of introduction” method, just like Robinsons Land [RLC 19.40 1.68%] did with Altus Property Ventures [APVI 15.40 6.33%] after RLC declared a stock dividend of APVI shares to RLC shareholders. I’m a huge fan of spin-offs and listings like this that give shareholders greater control over their interest in a company’s business unit. Regardless of what happens (and it will probably be crazy, because IPOs done in this way have some weird rules that I’ll talk about soon), it’s always (almost always?) better for shareholders to have this option. It allows investors to tune their exposure to the various business units to better match their individual investing needs. More on this tomorrow!
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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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