Bloomberry Resorts set to join PSE elite roster
Bloomberry Resorts Corp., the gaming firm of tycoon Enrique Razon Jr., will join the 30-company roster of the Philippine Stock Exchange index on March 11.
Bloomberry will replace the SM group’s residential development arm SM Development Corp. in the main stocks index, the PSE announced Thursday.
The PSE index is made up of companies with the largest market capitalization. It is the country’s most liquid and closely watched stocks.
The recomposition of the PSEi was a result of a review conducted from January to December last year, the local bourse said.
To be included in the PSEi, a listed company must satisfy three prime requirements—the free float level, liquidity and full market capitalization.
Under PSE rules, a company can join the PSEi if it rises above the 25th position, in terms of full market capitalization, to replace the company that ranks the lowest.
The same rules provide that a company may be deleted in the PSEi if it falls below the 35th position, in terms of full market capitalization, and replaced by the company with the highest market cap among those included in the “reserve” list.
Bloomberry is expected to open its gaming hub Solaire Manila in Pagcor City by March this year, thereby becoming the first player in the country’s Las Vegas-style tourism hub.
As of yesterday morning, Bloomberry had a market cap of about P152.5 billion, while SMDC had a market cap of about P83.4 billion.
The SM group is currently studying a proposal to consolidate its property-related interests. In particular, it may fold SMDC into flagship SM Prime Holdings.