Quick takes from around the market
Balai Ni Fruitas [BALAI 0.70 pre-IPO] [link] sets IPO price at P0.70/share. This is a 6.66% discount from the Fruitas Group’s maximum price of P0.75/share from the prospectus. The IPO is scheduled to go ahead on June 30, about one week after the BSP is scheduled to raise the interest rate again, and two weeks after VistaREIT [VREIT 1.75 pre-IPO] completes its IPO.
CTS Global [CTS 0.86 1.15%] [link] spent another P70 million on “Scaling of Global Trading Operations”. That makes around P531 million out of the P1,375 million of the IPO proceeds earmarked for this purpose that have been pushed to its traders for use in international markets. Still can’t wait to see how well this approach has been working for CTS. Unfortunately, we know so little about their overall thesis, strategy, or approach that we almost can’t know what to expect. We just have to wait.
Raslag [ASLAG 1.75 1.13%] [link] had an original stabilization fund capitalization of P105 million, and has (up to and including the last disclosure) spent approximately P13 million on stabilization fund activities, leaving around P92 million or so left in the fund. I incorrectly reported yesterday that there was only about P39 million left in the fund. As my teachers would have said, “remember your units!” Apologies for the error. China Bank Securities has about 3x the daily average value traded in “dry powder” to support this stock.
Transpacific Broadband Group [TBGI 0.28 3.51%] [link] provided notice that 1.18 billion shares belonging to TBGI’s owner, Arsenio Ng, are about to come out of 180-day lockup. The shares were placed under mandatory lockup as a condition of the private placement where Mr. Ng picked up the shares at a per-share price of P0.1632. That’s a nice little 72% gain for Mr. Ng; but it’s only a true gain if he sells. Which he can do, starting tomorrow morning (June 16).
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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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