Tugboat operator lines up P593-M IPO

 Economy
Jul 022013
 
Tugboat operator lines up P593-M IPO

MANILA, Philippines – A local tugboat operator plans to join the roster of companies in the Philippine Stock Exchange (PSE) early next month, making it the fourth to list in the bourse this year. In a memorandum circular, the PSE said Harbor Star Shipping Services Inc.’s P593-million initial public offering (IPO) will be completed in August. The final price setting is scheduled on July 10, followed by the start of a domestic roadshow on July 11. The offer period will start on July 22 and end on July 26 while Aug. 2 will mark the “tentative listing date and commencement of trading on the PSE” under the ticker symbol TUGS, the local bourse said. Harbor Star plans to list 605.238 million common shares, of which 181.6 million will be sold to the public at a maximum price of P3.27 each. Net proceeds could reach P540.826 million, Harbor Star said, adding that P227.41 million will be used for the “acquisition of tugboats for domestic and international expansion and refleeting.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Harbor Star also allotted P120 million to buy barges for lighterage operations while another P120 million will fund the settlement of a bridge loan for the purchase of a vessel. The remaining P73.4 million will be used to pay existing debts, it added. It has tapped Abacus Capital and Investments Corp. as its lead issue manager and underwriter. Harbor Star started commercial operations with just one tugboat in 1998. After 10 years, it Read More …

PAL beats PSE deadline on 10% public float rule

 Economy
Jun 272013
 
PAL beats PSE deadline on 10% public float rule

MANILA, Philippines – The parent firm of flag carrier Philippine Airlines (PAL) – jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC) – has complied with the 10-percent minimum public float requirement of the Philippine Stock Exchange (PSE). In a disclosure, PAL Holdings Inc. assistant corporate secretary Ma. Cecilia Pesayco said the company has issued 2.415 billion common shares with a par value of P1 per share, or a total consideration of P2.415 billion to certain investors via private placement. Pesayco said the total amount of the transaction was placed at P2.415 billion or about 34.5 percent of the planned P7- billion increase in the company’s authorized capital to P30 billion from P23 billion. The PSE suspended the trading of seven firms including PAL Holdings last January due to their failure to meet the required minimum public ownership level of 10 percent. It has given these companies until the end of the month to comply with the public float requirement otherwise they would be delisted from the bourse. PAL has a public float of just 0.55 percent. With the private placement, the company’s public float is now over 10 percent. PAL Holdings is seeking the green light from the Securities and Exchange Commission (SEC) to beef up its capital stock to comply with PSE’s minimum public ownership requirement. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pesayco said the additional capital would be sold to investors to comply with the 10-percent minimum public ownership set Read More …

PSEi posts biggest one-day gain since 2007 after entering bear market

 Economy
Jun 262013
 
PSEi posts biggest one-day gain since 2007 after entering bear market

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) on Wednesday made its biggest one-day gain since August 2007 after entering bear territory on Monday, the local bourse reported. The bellwether PSEi returned to the 6,000 level after closing 329.88 points or 5.7 percent higher than Tuesday’s 5,789.06, bringing its current level to 6,118.94. Positive news from the United States economy and listed companies’ impressive first quarter income performance gave PSEi a push after a massive selloff wiped its gains for the year. On Monday, the main index slumped 3.05 percent or 181.99 points to 5,789.06, sinking by 21.68 percent after posting 7,392.20- its highest record- on May 15 this year. A decline of 20 percent or more signals the market’s entry into the bear market. “Against a backdrop of solid fundamentals that have not changed even amidst the volatilities in the past weeks, the declines have served to put some stocks at attractive prices. I think this is what we saw today with the strong recovery of the market,” PSE Chairman Jose Pardo said. He added that volatility is a natural effect of uncertainties due to policy announcements abroad. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “When the market goes past the overreaction phase, countries with strong fundamentals and buffers against uncertainties should be able to stay the course of their growth. The causes for the Philippines’ impressive growth continue to persist and should remain strong moving forward,” Pardo said. Earlier, the local bourse reported that earnings Read More …

PSE drums up interest in ETFs

 Economy
Jun 172013
 
PSE drums up interest in ETFs

MANILA, Philippines – The Philippine Stock Exchange (PSE) is drumming up the market’s interest in its new investment product – the exchange-traded funds (ETF) – set for launching this year. In a memorandum, the operator of the country’s sole stock exchange said it will hold a seminar about ETFs on June 28. “The forum is intended to bring together participants, fund managers, investors and other stakeholders in order to introduce investing in ETFs and to discuss the latest updates in the product,” PSE said. “It also aims to inform the participants on the rules and regulations relevant to ETFs,” it added. Industry experts will discuss how ETFs differ from other types of investments and how stakeholders can take advantage of the new investment scheme, PSE said. Late in March, the Securities and Exchange Commission (SEC) gave its partial nod to the guidelines that will allow the launching of ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 ETFs are securities and investment instruments that monitor a commodity of assets like an index fund but trades like a normal stock in an exchange. PSE president and CEO Hans B. Sicat earlier said the new product will allow investors to go beyond just cash equities. So far, PSE has 254 listed firms and 134 active trading participants. ETFs are seen to offer several advantages and investment options to investors, including liquidity especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. At Read More …

Market bloodbath as PSEi plunges 6.75%

 Economy
Jun 132013
 
Market bloodbath as PSEi plunges 6.75%

MANILA, Philippines – The Philippine Stock Exchange (PSE) ended in the red on Thursday as massive selling pulled the bellwether PSE index to 6,114.08, 442.57 points or 6.75 percent lower than its previous close. The broader all shares index similarly dipped by 5.63 percent or 228.84 points to 3,834.870 while all six subindices plunged. The property subindex suffered the most with a 7.3-percent or 190.88-point drop to 2,422.740. By midday, the main index plummeted by 4.75 percent or 311.52 points before hitting 6,245.13. Elsewhere in the region, major bourses suffered a similar bloodbath, with Nikkei, Kospi, Straits Times and Shanghai Composite plunging over uncertainty with the United States’ monetary policy.

PSE among best stock markets in 2012

 Economy
Feb 252013
 
PSE among best stock markets in 2012

MANILA, Philippines – The Philippine Stock Exchange ranked third globally among top performing bourses last year in terms of domestic market capitalization, PSE reported on Tuesday. Citing a report from the World Federation of Exchanges, the local bourse said that it was only outpaced by the stock exchanges in Turkey and Thailand after posting a 38.9 percent expansion in 2012. WFE is composed of 50 bourses all over the world. “Ranking among the top markets around the world is a feat which I think all Filipinos can be proud of as we are pitted against the best of the best markets in these global rankings. This is a testament to what we have been saying that the Philippines is now indeed in the global radar for investments and these numbers prove our worth as a viable investment destination,” PSE President and Chief Executive Officer Hans Sicat said. The report likewise noted that the PSE ranked third after the Saudi Stock Exchange and the Bermuda Stock Exchange after posting a 25.3-percent growth in the value trading turnover. It also placed fourth in terms of trades growth and fifth in terms of broad market index growth. In 2011, PSE also ranked first in the growth of its broad market index, third in domestic market capitalization and fourth in trading turnover among 51 stock exchanges. PSE added that among the top performing stock markets in 2011, it was the only one which figured in the best performing markets list by posting growth across Read More …

Exchange-traded funds await SEC approval

 Economy
Feb 072013
 
Exchange-traded funds await SEC approval

MANILA, Philippines – The Securities and Exchange Commission (SEC) has yet to approve the rules that will govern the listing of exchange-traded funds (ETFs). “Still under discussion,” SEC commissioner Ma. Juanita E. Cueto said in a text message when asked if corporate regulators have approved the guidelines. The SEC was scheduled to meet on Feb. 6 to deliberate on the proposed listing rules for the new investment instrument. An ETF is defined as a security that monitors the index, a commodity of assets like an index fund, but trades like a normal stock in an exchange. Late last month, the Philippine Stock Exchange (PSE) submitted to the SEC its proposed rules that will govern the listing and trading of ETFs after it gathered public comments. At least three firms, First Metro Investment Corp. of the Metrobank Group, Sy-led BDO Unibank Inc. and Bank of the Philippine Islands of the Ayala conglomerate have expressed plans to offer ETFs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PSE president and CEO Hans B. Sicat earlier said ETFs will provide several advantages and investment options to investors including liquidity, especially for those who cannot directly access specific sectors in the market due to a country’s specific regulatory environment. The creation of an ETF would allow investors more investment options aside from the existing stocks in the market. The proposed ETF listing rules, which is governed by the general ETF guidelines issued by the SEC in October, provides for transparency and investor safeguards Read More …

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