Cosco Capital, the conglomerate led by grocery and logistics magnate Lucio Co, is planning a follow-on equity offering worth as much as $500 million to attain a twin goal of widening its public float and boosting funds for expansion.
Financial services group Maybank ATR KimEng Financial Corp. (MATRKE) has boosted its public ownership to 10.25 percent from 0.89 percent, thus complying with the minimum public float required to remain listed on the Philippine Stock Exchange.
A deal between the business group of tycoon John Gokongwei Jr. and Japanese businessman Kazuo Okada is imminent and a preliminary deal may be signed “in a few days,” a reliable source tells Biz Buzz.
The clock is ticking on the order issued by the Bureau of Internal Revenue in 2010 directing companies listed on the Philippine Stock Exchange to comply with the minimum public ownership requirement, or public float, by the end of the year.
Cement manufacturing holding firm Southeast Asia Cement Holdings Inc. plans to trim its stake in Lafarge Republic Inc.—whether through a property dividend, share swap or other available options—to allow the latter to shore up its public float.
SM Investments Corp. raised $150 million from an overnight sale of shares to institutional investors on Thursday, beefing up its war chest for expansion and widening of its public float.
At least 27 listed companies face trading suspension by the first trading day of 2013 if they would not be able to raise their public float to at least 10 percent as required by the Philippine Stock Exchange.
Oil refiner Petron Corp. will be reinstated in the country’s main stock benchmark Philippine Stock Exchange index (PSEi) starting Sept. 10, replacing budget carrier operator Cebu Air.
Retailer Puregold Price Club Inc. sold P6.5 billion worth of secondary shares in an overnight equity deal that brought back its public ownership to 32 percent, the same as the level before it took over warehouse shopping chain S&R.
Petron Corp., the country’s biggest oil refiner and retailer, has hiked its public float to 14.68 percent, allowing it to comply with the mandated 10-percent public ownership for listed companies.
Lucio Tan-led Tanduay Holdings has completed a P1.68-billion equity sale, which allowed the rum-maker to widen its public float to meet the 10 percent minimum required by the local bourse.
Listed shipping firm Keppel Philippines Marine Inc. (KPMI) will voluntarily delist its shares from the Philippine Stock Exchange (PSE) by the end of October this year after failing to meet public float requirements for locally listed firms. The company was earlier ordered by the PSE to have at least 10 percent of its shares listed [...]
