Friday, February 3, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Stocks

PSE plans share sale to cut holdings of brokers

Jenniffer B. AustriabyJenniffer B. Austria
April 14, 2019, 6:50 pm
in Stocks
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The Philippine Stock Exchange will need to sell at least P5 billion worth of new shares to dilute brokers’ ownership in the local bourse to 20 percent.

PSE president and chief executive Ramon Monzon said in an interview at the sidelines of a recent forum the exchange remained committed to complying with the ownership limit even with the failed acquisition of Philippine Dealing System and Holdings Corp., the operator of the fixed income market.

The PSE said it might have to resort to issuing new shares to dilute the ownership of brokers in the exchange, noting that brokers were not willing to sell out.

“My computation is that we need to raise another P5 billion of new money in order to dilute the brokers,” Monzon said.

ADVERTISEMENT

“We have tried to convince many brokers to sell but they don’t want to sell. So the only way to achieve that objective is to again dilute the shareholders, which means issuing more shares,” he said.

Monzon said the economic climate should be attractive before the sale of new PSE shares.

“If we are going to issue new shares, the economic climate has to be correct because we want new investors to invest. Right now we are not yet at that point,” Monzon said.

The PSE is set to seek shareholders’ approval on the sale of preferred shares during the annual stockholders’ meeting to trim brokers’ ownership in the exchange.

The PSE plans to sell preferred shares by reclassifying 14 million unissued common shares with a par value of P1 apiece.

The Securities Regulation Code states that “no person may beneficially own or control, directly or indirectly, more than five percent of the voting rights of the exchange and no industry or business group may beneficially own or control, directly or indirectly, more than 20 percent of the voting rights of the Exchange.”

Monzon, meanwhile, said the PSE remained keen on integrating fixed income with the equities exchange with the acquisition of PDSHC. 

“But we are waiting with what LandBank will do because we have taken the position that we will not compete with the government agency,” Monzon said.

Land Bank of the Philippines earlier offered to acquire PDSHC. The offer to acquire expired on March 15 with no takers.

The PSE earlier offered to acquire PDSHC but was not able to obtain an exemptive relief from the Securities and Exchange Commission.

The executive relief is needed to enable PSE to acquire more than 20-percent interest in PDSHC.

Tags: Land Bank of the PhilippinesPhilippine Stock ExchangeRamon MonzonSecurities Regulation Code
ADVERTISEMENT
Jenniffer B. Austria

Jenniffer B. Austria

Related Posts

Stock market falls; Peso breaches 53-a-dollar mark

byJulito G. Rada
February 2, 2023, 7:30 pm
0
8
Stock market surges; PLDT, Globe advance

Stocks fell but the Philippine peso advanced Thursday after the US Federal Reserve unveiled its latest quarter-point increase in borrowing...

Read more

Stock market rebounds; PLDT, ICTSI lead gainers

byManila Standard
February 1, 2023, 6:25 pm
0
8
Stock market surges; PLDT, Globe advance

Stocks bounced back from two days of losses as traders tracked a Wall Street surge fueled by data pointing to...

Read more

Stocks sink ahead of Fed policy decision

byJenniffer B. Austria
January 31, 2023, 7:55 pm
0
8
Stock market surges; PLDT, Globe advance

Stocks fell for a second day following a big selloff on Wall Street ahead of a key Federal Reserve policy...

Read more

Markets struggle before central bank rate decisions

byAFP
January 31, 2023, 7:30 am
0
8
Banaag assumes post as Bright Kindle director

Stock markets wavered on Monday with central banks set to lift interest rates again later this week, as policymakers battle...

Read more

Market tumbles ahead of Fed meeting

byManila Standard
January 30, 2023, 6:35 pm
0
8
Stock market surges; PLDT, Globe advance

Stocks fell Monday as traders struggled to maintain momentum from last week’s rally ahead of the US Federal Reserve’s meeting...

Read more

Stock market seen moving sideways

byJenniffer B. Austria
January 29, 2023, 6:30 pm
0
8
Stock market surges; PLDT, Globe advance

The local stock market is expected to maintain its sideways movement this week, as investors await more clarity on the...

Read more

Print Edition

View More

Recent Posts

  • Sneakers for Makati : AB4.0
  • US expands access to PH bases
  • China: Avoid troubled waters
  • DA told to eliminate middlemen in food chain
  • DSWD eyes food stamp revival to address hunger
  • Grab commits to invest in local
    transport with 500k job potential
  • Gov’t okays construction of cancer center
  • Medalla assures MIF won’t dent BSP finances

Advertisement

Latest News

Grab commits to invest in local
transport with 500k job potential

byVince Lopez
February 3, 2023, 1:20 am
0
8
Riding public to benefit from Grab-MoveIt investment deal, says advocacy group

President Ferdinand Marcos Jr. has secured an investment commitment from ride-hailing service Grab, which could create 500,000 new jobs. The...

Read more

Gov’t okays construction of cancer center

byVince Lopez
February 3, 2023, 1:10 am
0
8
Vax wastage, infection surge feared in Odette-hit areas

The National Economic and Development Authority (NEDA) Board has approved the construction of a P6-billion cancer center at the University...

Read more

Medalla assures MIF won’t dent BSP finances

byJulito G. Radaand1 others
February 3, 2023, 1:00 am
0
8
Electric cars gain record market share in European Union

Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla assured senators Thursday that the regulator’s financial strength would not be affected...

Read more

‘Vulnerable to get bivalent vax first’

byWillie Casasand2 others
February 3, 2023, 12:50 am
0
8
Covid-19 misinformation bolsters anti-vaccine movement

The Department of Health said Thursday the government will administer the first batch of bivalent COVID-19 vaccines to vulnerable groups....

Read more

Phivolcs warns of aftershocks from magnitude 6 earthquake

byManila Standard
February 3, 2023, 12:40 am
0
8
Magnitude 5.3 earthquake jolts Batangas

An official of the Philippine Institute of Volcanology and Seismology (Phivolcs) has reminded those residing near the epicenter of the...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App