Business
UAE's Spinneys up after inking JV for Philippines entry; stock top benchmark performer
UAE's Spinneys up after inking JV for Philippines entry; stock top benchmark performer
About this update from Ayala Corp.
** Shares of UAE fresh food retailer Spinneys 1961 DFM:SPINNEYS rise as much as 5.2% to 1.62 dirham after unveiling JV with Ayala Corp PSE:AC to launch premium stores in the Philippines** Partnership marks Spinneys’ first expansion outside the GCC, with Ayala holding 60% and Spinneys 40% in JV** Stock top gainer on Dubai’s main index DFM:DFMGI, poised to log its largest single-day rise in nearly a month** The move builds on Spinneys’ recent momentum, including 10 new UAE stores this year and planned entry into Kuwait** All six brokerages covering the stock rate "buy" or higher, their median PT is 2.03 dirhams - data compiled by LSEG** As of last close, however, stock is down 4.3% YTD