SUMMARY
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MANILA, Philippines – For the third time, the Philippine Stock Exchange (PSE) is maintaining its capital raising activities to hit P200 billion ($4.49 billion*) in 2015, citing companies that are likely to continue raising funds for their expansion plans.
The country’s bourse is also expecting 10 companies to list with the exchange next year through initial public offering and backdoor listing, PSE president and chief executive Hans B. Sicat said.
PSE concedes that it is likely to miss its 2014 target, since capital raising activities as of end-September only hit P128-billion ($2.87 billion*).
It’s still optimistic though that it will hit the P200-billion ($4.49 billion) target by until October through initial public offerings (IPOs), stock rights offerings, preferred shares offerings, private placements, follow-on offerings, and top-up offerings.
Sicat said that despite potential problems “the Philippines will be able to remain flexible and continue to be on the strong fundamental path.”
For 2015, several fund-raising activities are already in the pipeline, including the P7.7-billion ($172.74 billion) IPO of Profriends Group Inc; the P15-billion ($336.48 million) preferred shares offering of San Miguel Purefoods Co. Inc; and the P31-billion ($695.38-million) follow-on offering of Global Ferronickel Holdings Inc., formerly Southeast Asia Cement Holdings Inc.
For this year, 7 companies were listed in the stock exchange – 5 through IPOs and the other two by way of introduction.
The 5 IPOs for this year were DoubleDragon properties Inc, Century Pacific Food Inc, SSI Group Inc, Phoenix Semiconductor Philippines Inc, and Xurpas Inc. Top Frontier Holdings Inc and and Trans-Asia Petroleum Corp were listed by way of introduction.
Ayala Corporation, Petron Corporation, Megawide Construction Corporation, and Globe Telecom sold sold preferred shares for the year.
Ayala Corporation, SM Prime Holdings Inc, Bloomberry Resorts Corporation, and Belle Corporation conducted top-up offering and sale of treasury shares.
8990 Holdings Inc, Integrated Microelectronics Inc, Del Monte Pacific Ltd and Max’s Group Inc, conducted follow-on offering.
Follow-on offering
On Friday, December 12, restaurant chain Max’s Group Inc listed its shares through follow-on offering. The company with 14 brands under its belt was able to raise P3.5 billion from the activity.
Proceeds from the activity will be used to aggressively roll out new stores here and abroad, once it substantially paid its loans and restructured and revitalized its restaurant brands.
Max’s Group share price gained 2.26% and closed at P18.10 ($0.41) per share on Friday.
The company is now ready to open 10 stores overseas – two Pancake House stores Malaysia; 3 Max’s stores in North America; and 5 Max’s stores in the Middle East.
The company is also receiving inquiries to set up Max’s in Singapore and Indonesia. – Rappler.com
*$1 = P44.58
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