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Business

PSE unlikely to hit P200 billion capital target for 2022

Iris Gonzales - The Philippine Star

MANILA, Philippines — The Philippine Stock Exchange (PSE) is not likely to hit the P200-billion mark in capital-raising activities despite offerings in the pipeline.

PSE president Ramon Monzon said in a press conference yesterday the operator of the local bourse has so far raised P76.71 billion from capital raising activities this year.

Monzon said applications worth P72.7 billion are in the pipeline for 2022, including the P32 billion stock rights offering (SRO) of Ayala-led Globe Telecom Inc. and the P3.3 billion SRO of Solar Philippine Nueva Ecija Corp.

Other fund-raising activities for this year include initial public offerings (IPOs) of Razon-led Prime Infra Capital Inc. worth P28.19 billion, Upson International Corp. worth P5.43 billion, Alternergy Holdings Corp. with P2.18 billion, and cold storage company ORCA Cold Chain Solutions worth P1.6 billion.

“We hope to get more applications,” Monzon told reporters.

Last year, the PSE raised P234.48 billion on the back of the biggest IPO in the history of the stock market, with Monde Nissin raising P48.6 billion in June 2021.

The PSE had eight IPOs, 11 follow-on offerings, four SROs and seven private placements in 2021.

Meanwhile, Government Service Insurance System president and general manager Jose Arnulfo Veloso and Anthony Te of Armstrong Securities were elected to the board of directors of the PSE during its annual stockholders’ meeting yesterday.

Aside from Monzon, other directors are independent directors Vicente Panlilio, Teresita Castro, Jose Pardo, Gilberto Teodoro and Consuelo Garcia; non-broker director-issuer Anabelle Chua and Ferdinand Constantino; non-broker director-other market participant Tomas Alcantara; broker directors Wilson Sy, Ma. Vivian Yuchengco, Eddie Gobing and Diosdado Arroyo.

PSE

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