Business goings-on
Finex membership meet
The Financial Executives Institute of the Philippines (Finex) will have Transportation and Communications Secretary Mar Roxas as its guest of honor in its 2nd general membership meeting on February 15 at the Grand Ballroom of the Intercontinental Hotel Manila.
Roxas will speak on the topic “The Road to World-Class Transportation and Communications.” He is expected to also talk about the issues facing the country’s transportation and communications scene and the areas of opportunities to bring our country’s infrastructure at par with the world’s best.
“This is a fitting follow up to last month’s meeting where Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corp., provided Finex members with the overall road map that reinforced the theme “Moving the Philippines Towards Global Competitiveness,” Finex president Ramon G. Opulencia said.
Now in its 43rd year, Finex is the leading financial organization in the country, having around 660 members including chief executive officers, chief operating officers, chief financial officers and finance professionals representing top corporations in the Philippines.
Best mid-cap IPO
FInanceAsia has cited the $172-million initial public offering of Puregold Price Club Inc. as the Best Mid-Cap Equity Deal for 2011.
Puregold chairman Lucio Co and other key Puregold officials accepted the award on February 2 at the Four Seasons Hotel in Hong Kong.
“Mid-cap IPO candidates in any market have had a tough time convincing investors to part with their money this year, which makes Puregold’s listing in the Philippines even more eye-catching,” FinanceAsia said on its website on Dec. 13, 2011, when it released the list of honorees for its Achievement Award 2011.
FinanceAsia said the offering was multiple-times covered despite a challenging market that saw more than $7 billion of Asian deals being postponed or delayed, but priced at the bottom of the range at a fairly undemanding 2012 P/E multiple of 11.8.
Since its debut in early October, the stock has gained 37 percent, it noted.
Puregold shares closed at P20.45 per share on Feb. 6, 2012, up from its IPO price of P12.50 per share.
