2 taipans’ companies to join PSE index

Lucio Tan and George Ty     INQUIRER FILE PHOTO

MANILA, Philippines — The Philippine Stock Exchange is to overhaul its 30-company main stock index to include conglomerates GT Capital Holdings Inc. and LT Group Inc. effective September 16.

These two companies, led by George Ty and Lucio Tan, respectively, will replace Manila Electric Co. and property and gaming firm Belle Corp., PSE president Hans Sicat announced in a memorandum on Wednesday.

The PSEi consists of the country’s 30 most traded, liquid and well-capitalized listed firms.

To qualify for the PSEi, companies must comply with certain requirements during the review period covering trading activities from July 2012 to June 2013, such as a public float of at least 12 percent of their outstanding capital stock, and they should be among the top 25 percent by medium daily value for nine out of 12 months. They are likewise the top 30 largest companies in terms of market capitalization.