MANILA – Manila Bulletin Publishing Corp on Wednesday denied rumors that the heirs of late Emilio Yap were considering the sale of some company assets.
Manila Bulletin and the Yap family's Euro-Med Laboratories Philippines have "no information" on reports that a surge in the paper's share price was due to a planned sale of its assets, the companies said in separate disclosures to the stock exchange.
"We categorically deny the veracity of said news article. It is completely untrue and with no basis, whatsoever," Manila Bulletin told the stock exchange, in response to a Philippine Daily Inquirer Report.
Euro-Med Laboratories Phil. Inc also said it had “no information whatsoever” on the alleged divestment of shares.
The stock rally could be due to an anticipated “significant increase” in sales due to the new coronavirus, Euro-Med said.
"This is just our opinion and as of to date... there is no material change to merit such speculation,” it said.
Shares of Manila Bulletin were unchanged at P0.53 in early trading on Wednesday. Euro-Med was down 3.88 percent to P2.97.