Stock Market News - Philippines
Highlights of the Week: News, events and updates that are likely to affect your investments and trades in the Philippines stock market.
The Philippines was cited as the fifth most improved country in the world, rising two notches to rank 133 from 135th last year, in the 2012 Global Peace Index (GPI).
PILIPINAS Shell Petroleum Corp., the local arm of Royal Dutch Shell Plc., is planning to set up a liquefied natural gas (LNG) import facility in the Philippines, the first in Southeast Asia.
DIVERSIFIED CONGLOMERATE San Miguel Corp. has strengthened its hold over Manila Electric Co. (Meralco) after its subsidiary finalized an earlier purchase of P56.67 billion worth of shares previously held by the Social Security System (SSS).
San Miguel, through SMC Global Power Holdings Corp., has thus hiked its stake in the utility to 32.39% from a previous 21.46% as of end-March, keeping the conglomerate as the second largest shareholder after Pangilinan-led Beacon Electric Asset Holdings, Inc. which holds 42.25%, based on data from the local bourse.