Philippine Stock Exchange

AC Energy, Converge to join PSEi starting August 16

Aika Rey
AC Energy, Converge to join PSEi starting August 16
DMCI Holdings and Emperador are booted out of the 30-member Philippine Stock Exchange index

Starting August 16, AC Energy Corporation and Converge ICT Solutions will be joining the 30-member Philippine Stock Exchange index (PSEi).

In a memorandum on Thursday, August 5, the PSE said revisions are being implemented to ensure that PSE indices “remain at par with global standards and responsive to the changing needs of the market.”

AC Energy and Converge will be replacing DMCI Holdings and Emperador.

The PSE said companies qualified for inclusion need to have a free float level of at least 15% and rank among the top 25% by median daily value per month for at least 9 of 12 months. They must also be among companies with the highest market capitalization.

The PSE also said it considered the early inclusion of large issuances for the July 2020 to June 2021 review.

“We reviewed the index policies of our peer exchanges and took note of provisions that will make our own policies more consistent with what is practiced globally. The policy revisions we adopted will continue to ensure the quality and integrity of the PSEi and sector indices,” said PSE president and chief executive officer Ramon Monzon.

For the December 2022 review, the PSE is amending the free float level to 20% to be consistent with the Securities and Exchange Commission (SEC) requirement for newly listed companies.

“Companies that want to consistently be or aspire to become part of the index should make sure that their public float complies, if not exceeds, the minimum level required by the SEC of newly listed companies,” Monzon said.

The PSE also recomposed the sector indices. Here are the changes:

Financials

  • Rizal Commercial Banking Corporation to be removed

Industrials

  • Alsons Consolidated Resources to be added
  • EEI Corporation, Shakey’s Pizza Asia Ventures, and Phoenix Petroleum Philippines to be removed

Holding firms

  • AbaCore Capital Holdings to be added
  • Lopez Holdings Corporation to be removed

Properties

  • Arthaland Corporation and DM Wenceslao & Associates to be removed

Services

  • Converge and Premier Horizon Alliance Corporation to be added
  • STI Education System Holdings and Harbor Star Shipping Services to be removed

Mining and Oil

  • Atlas Consolidated Mining & Development Corporation, Marcventures Holdings, and Oriental Peninsula Resources Group to be added
  • Century Peak Holdings to be removed

– Rappler.com

Add a comment

Sort by

There are no comments yet. Add your comment to start the conversation.

author

Aika Rey

Aika Rey is a business reporter for Rappler. She covered the Senate of the Philippines before fully diving into numbers and companies. Got tips? Find her on Twitter at @reyaika or shoot her an email at aika.rey@rappler.com.