Philippine Stocks and Corporate Deals Dominate Headlines

Nickel Asia Corp (NAC), a mining firm owned by businessman Manuel Zamora, is in talks with Japan’s Sumitomo Metal Mining Co. (SMM) for the acquisition of a controlling stake in NAC. The Securities and Exchange Commission (SEC) said Tuesday it will review the Philippine Stock Exchange’s (PSE) planned acquisition of a controlling stake in Philippine Dealing & Exchange Corp. (PDEC).

Philippine stocks succumbed to profit-taking Tuesday after the December inflation quickened and US stocks ended mixed. The bellwether Philippine Stock Exchange index lost 79.79 points, or 1.34%, to close at 5896.34. Philippine stocks rose for a third consecutive trading day ahead of key inflation report. The 30-company Philippine Stock Exchange index climbed 21.36 points, or 0.32%, to close at 6617.79. Premium Lands Corp. (PLC) said it plans to transform the dormant listed firm Asiabest Group International Inc. (ABG) into a holding company engaged in real estate, infrastructure and other development projects. Food chain operator Jollibee Foods Corp. said it is acquiring a 70-percent stake in Tien Hsia Sheng Co. Ltd. (Moon Moon Food) which operates a chain of Taiwanese-style milk tea shops in the Philippines. Property developer Robinsons Land Corp. (RLC) named Maria Socorro Isabelle Aragon-GoBio as its new president and chief executive effective Feb. 1, 2025. Lance Gokongwei, the company’s current president and CEO, will transition to a chairman role. Philippine stocks are expected to trade sideways this week ahead of the release of December inflation data, which will be a key indicator for the central bank’s monetary policy decisions

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