Oscar winners for market timing

January 29, 2007

FIRST Philippine Holdings chair Oscar Lopez  and his vice, Peter Garrucho Jr., deserve a stock punter award for great timing.

Oscar M. Lopez     Peter D. Garrucho Jr.

The other week, Lopez sold 47,120 shares of the family-controlled power and infrastructure company at P75.50/share, before the stock deeply corrected Friday to P71.50. 

On the other hand, Garrucho was even more aggressive than his boss in riding the bullish wave, disposing, anywhere between P67.50 and P75.50, a total of 109,550 shares in a span of two weeks.

The series of disposals came simultaneous with the sale by a Singaporean fund company, Aidec, of 47 million shares, representing nearly 6 percent stake in First Philippine Holdings, at a discounted price of  P55/share.

According to the grapevine, the P2.585-billion sale was quietly arranged by CLSA and UBS, which found 15 eager institutional buyers to acquire the pre-IPO block from the multinational-funded Asian Infrastructure Development Co.







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