Consumer: URC to invest USD30m in Myanmar.
In a disclosure to the Philippine Stock Exchange, Universal Robina Corp (URC – BUY) confirmed a Philippine Daily Inquirer article stating the company is investing a total of USD30m in Myanmar to construct a manufacturing facility and build its brands. Earlier in 2013, the company was given the go-signal to operate in Myanmar with estimated population of around 50m after complying with the government requirements. URC also confirmed it is aiming to double last year’s total net sales to USD3b in five years.
Telecom: TEL clarifies acquisition of Philippine Star.
In a disclosure, Philippine Long Distance Telephone Co (TEL – BUY) clarified that Mediaquest’s wholly-owned subsidiary Hastings Holdings Inc (Hastings) has signed an agreement to acquire additional equity interests in The Philippine Star. After the transaction, Hastings will own 51% interest in The Philippine Star. Mediaquest is a wholly-owned entity of PLDT Beneficial Trust Fund.
-ATR Kim Eng
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