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Article: NEWS IN BRIEF; P/$ rate closed at P55.68.(Business)
- Article from:
- Manila Bulletin
- Article date:
- May 10, 2004
CopyrightCOPYRIGHT 2004 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The peso closed at P55.68 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P55.746.
SM buys YGC stake in CBC
SM Investments Corporation of the Sy family recently entered into a Memorandum of Agreement with the Yuchengco Group of Companies (YGC) to purchase the latters 12.68 percent stake in China Banking Corporation. This sale will bring up the holding of the Sy family to approximately 54 percent of CBC. The Yuchengcos have been shareholders of CBC for almost 30 years. However, the YGC considers this move as a step further in consolidating its investments in ...