Chemrez opens 5.77 percent up on listing date

Biodiesel firm Chemrez Technologies Inc. opened 5.77 percent higher at P5.50 on Monday as traders snapped its follow-on offering. The firm, which was formerly called Corro Coat, last closed at P5.20 on November 10. Chemrez president Dean Lao said the boost in the stock's price comes from increased awareness of alternative fuels. The bicameral conference committee had earlier approved the Biofuels Act, envisioned to relieve the Philippines' dependence on imported petroleum. "The opening price is very encouraging. Awareness increased a lot with the deliberations of the Biofuels bill," Lao said. Under the bill, diesel should have a two percent bio-diesel blend during the first two years of its implementation. "I'm very pleased. You cannot earn that (5.77 percent) in 1 day from the banks," Philippine Stock Exchange president Francis Lim said. -GMANews.TV