PSE to miss P200-B 2014 fundraising target


The Philippine Stock Exchange (PSE) expects to miss its P200-billion target for capital fundraising this year, but said it will reach that goal by the end of 2015.

“For this year, it is still less than P200 billion, but we are positive we can hit it by next year,” PSE President Hans Sicat told reporters late Thursday.

Sicat said the bourse fell short of the target because some of the planned fundraising initiatives of companies expected this year have been moved to 2015.

Despite short-term headwinds in the market this year, Sicat said the PSE is “positive toward the capital markets next year” mainly on election spending and expansion plans by blue chip companies.

Sicat said they see 10 companies listing next year and are hoping to see more manufacturing and consumer-related firms listing their shares on the market.

As of end-September, the PSE has raised P128 billion in capital funds, or about 64 percent of its goal, primarily through initial public offerings (IPO), backdoor listings, and follow-on offerings from traded companies.

In the year-to-date, companies listing on the market by way of introduction include Trans-Asia Petroleum Corp. and Top Frontier Investment Holdings Inc., Xurpas Inc., Phoenix Semiconductor Philippines Corp., SSI Group Inc., Double Dragon Properties Corp. and Century Pacific Food Inc. all issued IPOs, while those that conducted follow on offerings within the year included Max Group Inc., Integrated Micro-Electronics Inc. and 8990 Holdings Inc., among others.

Among the anticipated listings and capital fund raising next year are the IPO of Company of Friends Inc. (ProFriends); backdoor listings of National Bookstore via Vulcan Industrial & Mining Corp. and Platinum Group Metals Corp. via Southeast Asia Cement Holdings Inc.; and the follow-on offering of Del Monte Pacific Ltd.


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