Bloomberg | March 28, 2011 | Ian Sayson
Digital Telecommunications Philippines Inc. shares rose the most in more than six years in Manila trading on speculation parent JG Summit Holdings Inc. is in talks to sell the venture to Philippine Long Distance Telephone Co.
Digitel, as the phone company is known, surged 18 percent to 1.83 pesos at the noon close of trading in Manila, the sharpest gain since October 2004, while JG Summit gained 8.2 percent to 24.50 pesos, the highest since Dec. 8. Shares of Philippine Long Distance, the nation’s biggest phone company, gained 0.6 percent to 2,036 pesos.
“The speculation that JG Summit will sell Digitel wouldn’t let up,” said Astro del Castillo, managing director at Manila- based advisory firm First Grade Holdings Inc. “The story spreading now is Philippine Long Distance has made an offer and the entry of a new investor into Digitel is imminent.”