PSE defers stock rights offering to March

PSE welcomes 2018:
Photo 1 (L-R): PSE Treasurer Omelita J. Tiangco; PSE Director Amor C. Iliscupidez; PSE President and CEO Ramon S. Monzon; PSE COO Roel A. Refran and PSE Director Alejandro T. Yu.

The Philippine Stock Exchange has pushed back a stock rights offering worth as much as P3.16 billion from February to March to avoid the recent global financial market turbulence.

“The PSE has decided to adjust the schedule of its stock rights offering given the unfavorable global market conditions affecting the domestic capital market,” PSE said in a disclosure on Thursday.

Racing against time to acquire Philippine Dealing Systems Holdings Corp. (PDS Group) – the holding firm for fixed-income trading platform Philippine Dealing and Exchange Corp., Philippine Depositary and Trust Corp. and Philippine Securities Settlement Corp. – the PSE is authorized to sell up to 11.5 million common shares to eligible shareholders.

Based on the new timetable, the offering will begin on March 12 through March 16 while listing is targeted by March 22.

In recent days, global equities were spooked by rising US bond yields and inflation expectations.

Originally, the PSE’s stock rights offering was to run from February 26 to March 2.

The maximum offer price is P275 per share but this will be finalized on February 23.

The shares will be made available to eligible shareholders as of record date March 1. The entitlement ratio has yet to be determined.