Shares of Philip­pine firm build­ing Trump Tower soar

The Sun (Malaysia) - - SUNBIZ -

MANILA: A Philip­pine prop­erty firm which is build­ing a sky­scraper with US pres­i­den­tial elec­tion win­ner Don­ald Trump bucked the global stock mar­ket sell-off yes­ter­day, with its shares ris­ing 20%.

Cen­tury Prop­er­ties, de­vel­oper of the Trump-li­censed Trump Tower in Manila, jumped from 60 cen­tavos to 72 cen­tavos (1.22 to 1.47 US cents) on the lo­cal stock mar­ket.

“It is all re­lated to the con­nec­tion to Trump,” said Astro del Castillo, manag­ing direc­tor with lo­cal in­vest­ment firm First Grade Fi­nance.

The main in­dex on the Philip­pine Stock Ex­change fell 2.5% and other re­gional mar­kets suf­fered deeper falls.

Trump, a suc­cess­ful busi­ness­man is nev­er­the­less seen as a loose can­non with poli­cies which many fear could wreck the world’s big­gest econ­omy.

The 57-storey Trump-branded lux­ury con­do­minium, pop­u­larly known as “Trump Tower Philip­pines”, is a joint ven­ture be­tween Cen­tury Prop­er­ties and the Trump Or­ga­ni­za­tion, ac­cord­ing to the com­pany web­site.

As of May 2016, Cen­tury Prop­er­ties said ma­sonry ac­tiv­i­ties for Trump Tower were in “full swing up to the top­most floor (57th level) while plumb­ing and elec­tri­cal rough­ing-in have reached the 40th floor.”

“I’ve al­ways loved the Philip­pines. I think it’s just a spe­cial place and Manila is one of Asia’s most spec­tac­u­lar cities. I know that this project will be sec­ond to none,” the web­site quotes Trump as say­ing.

Del Castillo said a fur­ther boost to Cen­tury Prop­er­ties’ value was Philip­pine Pres­i­dent Ro­drigo Duterte’s ap­point­ment of the com­pany’s CEO Jose An­to­nio as his “spe­cial en­voy” to the United States.

“His mis­sion is to en­hance busi­ness ties and strengthen the eco­nomic af­fairs be­tween the two coun­tries,” Cen­tury Prop­er­ties told the lo­cal bourse in a dis­clo­sure.

Lo­cal news­pa­pers had her­alded An­to­nio’s ties to Trump when his ap­point­ment was an­nounced on Mon­day.

Del Castillo said Duterte ap­peared to have got­ten lucky with the ap­point­ment.

“He (An­to­nio) just hap­pened to be in the right place and the right time,” he said. – AFP, Agen­cies

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