More listed firms have become compliant with Islamic laws, with the Philippine Stock Exchange tagging 58 securities in its latest list.
Five firms joined the bourse’s third quarter roll of Shariah-compliant securities, up from 53 as of end-June.
Added were EEI Corp., Far Eastern University, Inc., Keppel Philippines Properties, Inc., SBS Philippines Corp. and Philodrill Corp.
There were no removals from the previous list.
The complete list of Shariah-compliant securities is as follows:
• A. Soriano Corp.;
• Abra Mining and Industrial Corp.;
• Apex Mining Company, Inc.;
• Araneta Properties, Inc.;
• Asian Terminals, Inc.;
• ATN Holdings, Inc. “A”;
• ATN Holding, Inc. “B”;
• Centro Escolar University;
• Cirtek Holdings Philippines, Corp.;
• Concepcion Industrial Corp.;
• Crown Asia Chemicals Corp.;
• D&L Industries, Inc.;
• Da Vinci Capital Holdings, Inc.;
• DMCI Holdings, Inc.;
• Easycall Communications Philippines, Inc.;
• EEI Corp.;
• Far Eastern University, Inc;
• Global Ferronickel Holdings, Inc.;
• Globe Telecom, Inc.;
• Holcim Philippines, Inc.;
• iPeople, Inc.;
• IRC Properties, Inc.;
• Island Information & Technology, Inc.;
• Jollibee Foods Corp.;
• Keppel Philippines Properties, Inc.;
• Lafarge Republic, Inc.;
• Liberty Flour Mills, Inc.;
• Liberty Telecoms Holdings, Inc.;
• Mabuhay Vinyl Corp.;
• MacroAsia Corp.;
• Manila Bulletin Publishing Corp.;
• Manila Electric Co.;
• Marcventures Holdings, Inc.;
• Minerales Industrias Corp.;
• Nickel Asia Corp.;
• Now Corp.;
• Oriental Peninsula Resources Group, Inc.;
• Pepsi-Cola Products Philippines, Inc.;
• Philex Mining Corp.;
• Philippine H2O Ventures Corp.;
• Philippine Long Distance Telephone Co.;
• The Philodrill Corp.
• Robinsons Land Corp.;
• Roxas and Company, Inc.;
• SBS Philippines Corp.;
• Semirara Mining and Power Corp.;
• SPC Power Corp.;
• SSI Group, Inc.;
• Starmalls, Inc.;
• STI Education Systems Holdings, Inc.;
• Swift Foods, Inc.;
• United Paragon Mining Corp.;
• Universal Robina Corp.;
• Vitarich Corp.;
• Vivant Corp.;
• Vulcan Industrial & Mining Corp.;
• Wellex Industries, Inc.; and
• Xurpas, Inc.
To be Shariah-compliant, a listed firm’s primary business must not involve activities prohibited by Muslim religious law. These include conventional interest-based lending, financial institutions, insurance, mortgage and lease, derivatives, pork, alcohol, tobacco, arms and weapons, embryonic stem-cell research, hotel, gambling, casinos, music, cinema and adult entertainment.
The listed firms’ interest-bearing debts, deposits and investments should also not exceed 30 percent against its 12-month trailing average market capitalization, while accounts receivables should not exceed 67 percent against its 12-month trailing average market capitalization.
The PSE, bourse officials have said, wants to attract some of an untapped $1.3 trillion in global Islamic funds.
The PSE has been releasing the quarterly list of Shariah-compliant stocks since December 2013.