Over 10 firms eye PSE listing this year

MANILA, Philippines – More than 10 firms are seeking to list at the Philippine Stock Exchange this year, the local bourse’s top official said.

PSE president Hans Sicat, however, said the listing of these companies would likely happen in the second half of the year given the prevailing market volatility.

“We have many applicants but it’s unlikely anyone will price a transaction when it’s highly volatile,” he said.

“They are proceeding. I’d be surprised if they don’t but not now because market conditions now are simply up and down,” he added.

Sicat said the PSE is now reviewing the estimated value of listings for this year.

“We’re reviewing everything right now. A lot of things are up in the air. It could be lower. We’re reviewing everything. What sounded reasonable in December may not be now,” he said.

Market applicants may opt to wait after the first quarter when the volatility may have subsided and even after the second quarter when the May elections are over.

Last year, total listings and fund-raising activities done at the PSE amounted to only P184.6 billion, less than the P200 billion target as only four companies managed to list on the exchange.

Among the four are Crown Asia Chemicals Corp., a pipes and plastic compounds manufacturer; SBS Philippines, a chemical trading company; Metro Retail Stores Group, the Cebu-based retailer; and Italpinas Development Corp., a green energy company.