Quick Take: Suntrust's loan and 1 more market update
Monde Nissin [MONDE 8.30 0.6%] [link] received SEC approval for its equity restructuring, so it was able to wipe out its accumulated deficit of P7,153,900,000 using the same amount of additional paid-up capital that it received as part of its IPO.
MB Quick Take: The move is a paper accounting move that appears designed to enable MONDE to declare dividends, as a company is not permitted to declare dividends when it carries an accumulated deficit. The zero-out doesn’t impact the par value of the shares.
Suntrust [SUN 0.97 3.2%] [link] said that its board approved a P25 billion loan from China Bank [CHIB 30.50] to finance “project costs and the construction of the Main Casino Project.”
MB Quick Take: I’m not an expert on what is happening with SUN, or with any of its partners like Andrew Tan through Alliance Global [AGI 13.58 1.0%], but this is a huge loan and a definite sign of life. I hate the way this company operates, but I don’t think it cares too much about making nice with local investors.
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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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