The Philippine Stock Exchange (PSE) said that Andrew Tan-led liquor firm Emperador Inc. has entered the top 30 companies to be traded under the benchmark Philippine Stock Exchange index, replacing Philex Mining Corp’s slot in the elite index.
“Effective September 15, 2014, Emperador Inc. will be a member of the 30 stock PSE index (PSEi), replacing Philex Mining Corp.,” the PSE said, adding that “inclusion in the PSEi requires a listed company to rank among the top companies in terms of liquidity and full market capitalization.”
There are 260 listed companies in the sole Philippine bourse so far, 133 of which are actively trading.
PSE President and Chief Executive Officer Hans Sicat said that the changes made in PSEi via the annual recomposition of index were also in line with the ) integration next year of the Association of Southeast Asian Nations (Asean).
“This review follows our regular process as published in our index rules. The regular updates should continue to make our index and its constituents more relevant and attractive especially against the backdrop of Asean integration,” Sicat said.
Besides the Emperador infusion in PSEi, the yearly bourse recomposition also raised the public float percentage to “12 percent compared to the minimum requirement of 10 percent for listed companies.”
“Aside from the PSEi, there will also be changes in the composition of sector indices,” the PSE said.
The subindices changes include the entrance of Bright Kindle Resources and Investments Inc. and Sun Life Financial Inc. in the Financials counter; Industrial index excludes Greenergy Holdings Inc., and includes Concepcion Industrial Corp., Del Monte Pacific Limited and Roxas Holdings Inc.; as well as Holding Firms cut to 14 companies, removing AbaCore Capital Holdings Inc., Minerales Industrias Corp. and Solid Group Inc.
To complete the sectoral indices reform, Property index added Starmalls Inc. and Suntrust Home Developers Inc. while removing A. Brown Company Inc. and Cyber Bay Corp.; Services index eliminated IP E-Game Ventures Inc., and included four companies, namely, DFNN Inc., Harbor Star Shipping Services Inc., Robinsons Retail Holdings Inc. and Travellers International Hotel Group Inc.; while Mining and Oil counter pulled out Dizon Copper Silver Mines Inc.
The PSEi and subindices recomposition were based on a review of trading activities from July 2013 to June 2014.