Manila Pavilion operator's stocks plunge after fire

MANILA, Philippines – The listed operator of the Waterfront Manila Pavilion Hotel & Casino took a beating on the Philippine Stock Exchange (PSE) on Monday, March 19, a day after a fire that left at least 5 people dead and 24 others injured.

Shares of Acesite (Phils) Hotel Corporation closed at P1.29 each on Monday, down by 7.19% from P1.39 on Friday, March 16.

Acesite also told the local bourse that Manila Pavilion operations have been suspended "until proper clearances from the government regulatory agencies [are] obtained."

The Manila Pavilion is the main operating asset of Acesite.

Manila Disaster Risk Reduction and Management Office (MDRRMO) chief Johnny Yu earlier said sprinklers at the hotel "did not work," based on the initial report of the Bureau of Fire Protection (BFP).

Yu also said in a separate radio interview that the Manila Pavilion has yet to submit to them a copy of its emergency plans in case of fire. – Rappler.com