Stocks end higher on heavy trades

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

The stock mar­ket ended on a pos­i­tive note yes­ter­day, buoyed by op­ti­mism in re­gional mar­kets as most Asian stocks ig­nored a US trade probe on Chi­nese steel ex­ports.

The bench­mark Philip­pine Stock Ex­change in­dex (PSEi) gained 14.71 points, or 0.19 per­cent, to fin­ish at 7,578.16 while the broader All Shares in­dex was up 10.89 points, or 0.24 per­cent, to close at 4,532.10.

To­tal value turnover reached a whop­ping P32.09 bil­lion be­cause of the GT Cap­i­tal and Metrobank trans­ac­tion.

GT Cap­i­tal, the con­glom­er­ate of Ge­orge Ty, pur­chased yes­ter­day 306 mil­lion sec­ondary shares of Metrobank from var­i­ous Ty fam­ily com­pa­nies in ac­cor­dance with a mem­o­ran­dum of agree­ment dated April 17, 2017 and a deed of ab­so­lute sale dated April 20, 2017.

The value of the trans­ac­tion was ap­prox­i­mately P24.72 bil­lion.

The pur­chase of the Metrobank shares will re­duce GT Cap­i­tal’s con­cen­tra­tion risk in Toy­ota Mo­tors Philip­pines Corp., in­crease its par­ent com- pany net cash flow per an­num from Metrobank div­i­dends, min­i­mize the Metrobank shares held by the Ty Fam­ily out­side of GT Cap­i­tal, and align GT Cap­i­tal’s own­er­ship of Metrobank in its bank­ing sub­sidiary with that of its peer con­glom­er­ates, GT Cap­i­tal said yes­ter­day.

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