William Belo’s Wilcon jumps 8% as it joins PSE index in place of First Gen

It took bilyonaryo William Belo more than four years for Wilcon Depot (WLCON) to reach blue chip status but it was all worth it for the hardworking businessman.

WLCON rose 8.1 percent to P31.35 after the Philippine Stock Exchange announced that it would join the 30-stock PSE Index on October 11.

WLCON has gained 520 percent from its initial public offering price of P5.05 in March 2017.

WLCON will take the spot to be vacated by First Gen (FGEN) which the PSE decided to remove from both the main and industrial index.

FGEN lost 7.69 percent to P30 following the PSE’s announcement.

Profit of Yap-led CEU clobbered by pandemic restrictions

Centro Escolar University (CEU), controlled by he heirs of the late Don Emilio Yap, saw a 23 percent decline in net income during its fiscal year ending May this year to P119.05 million due to the deferral of revenues and recognition of contract liabilities.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.

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