MANILA, Philippines - The Philippine Stock Exchange imposed a one-day trading halt Tuesday on shares of conglomerate JG Summit Holdings Inc. and its phone subsidiary Digital Telecommunications Philippines Inc. (Digitel).
The firms requested the trading halt, the bourse said, after both companies said they needed more time to address market speculation on a major shareholder-related transaction.
Trades in the 2 companies will resume on Wednesday.
In separate disclosures, JG Summit and Digitel said they would issue a statement "at a proper time" to address ownership speculations. They said the trading halt was necessary to "avoid any undue fluctuations and distortion" in their share prices.
On Monday, Digitel surged as much as 29% to a 4-year high amid rumors of a buyout by telco rivals Philippine Long Distance Telephone Co. or San Miguel Corp.
JG Summit shares climbed as high as 8% to their highest in 4 months.Last week, San Miguel Corp. denied in a statement to the bourse that it was in talks with JG Summit after a local newspaper reported the food-to-power conglomerate was interested in acquiring Digitel.