Solar power provider Raslag (ASLAG) of Pampanga-based businessman Peter Nepomuceno spent a tenth of its P105 million price stabilization fund to stop its stock’s freefall a day after making its debut on the Philippine Stock Exchange.
Nepomuceno family gets warm welcome from investors: Raslag rises in market debut
China Bank Securities, ASLAG’s stabilization agent, said it bought a total of 6.722 million ASLAG shares at a price range of P1.85 to P1.99 on June 7.
China Bank’s purchase more than covered for the net foreign selling of 6.37 million shares on the same day.
Peter Nepomuceno’s Raslag prices its IPO at P2 a share
ASLAG plunged to P1.89 on June 7 or eight percent down from P2.05 on its first day of trading.
It recovered on June 8, rising to P2.02 or slightly above its IPO price of P2 each share.
Samsung Electronics became the first chipmaker in the world to mass produce advanced 3-nanometre microchips, the company said Thursday, as it seeks to catch up with Taiwan’s TSMC.