Quick takes from around the market
Globalport 900 [PORT suspended] [link] avoids automatic delisting by bringing its public ownership level up to 10.00008%. PORT achieved this by having a director resign (his ownership stake is now considered “public”), and by selling 335,000 common shares to a single common shareholder. It’s a weird set of moves, but it got the job done. PORT avoided automatic delisting, but the stock is still suspended for failure to execute its basic reporting responsibilities to shareholders.
CTS Global [CTS 0.90] [link] disclosed that it disbursed P230 million on “Scaling of Global Trading Operations”, which is a little bit less than the P261 million that CTS spent on the same thing the previous month. In this context, “scaling of global trading operations” just means that CTS is pushing this money into the hands of its traders to buy and sell shares on international markets. Can’t wait to see how this injection is working when CTS reports its Q2 earnings in a few months.
Semirara Mining and Power [SCC 34.10 4.48%] [link] President and COO, Maria Cristina Gotianun, sold 302,792 shares of SCC for P10,843,741. There are a lot of investors that follow the Gotianuns in and out of SCC, but I don’t track SCC that closely, so I’m not sure what those traders might think about this.
Manila Water [MWC 17.60 1.35%] [link] Chief Administrative Officer said that the company hopes to “swing” at least one local deal before the end of2022 to expand MWC’s presence in the Philippines. The CAO also said that MWC’s deal pipeline is “healthy”, with potential deals that are both “greenfield” (not started construction) and “brownfield” (where there are already constructed or even operating assets). MWC to make as much PH-based hay as it can while Enrique Razon’s sun is shining?
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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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