Starting next week, Alphaland Corp. and STI Education Systems Holdings Inc. Will be classified under different sectors after the local bourse reviewed the two firms’ financial statements, and saw that bulk of their revenues were generated from new sectors.
A memorandum posted at the Philippine Stock Exchange’s (PSE) website on Monday showed that STI and Alphaland’s sector reclassification will take effect this month.
Coming from the industrial sector, Alphaland will now join the cluster of real estate firms in the property counter of the benchmark index, while from services-other services counter, STI will now be included in the services-education sector.
“The said reclassification is in consideration of corporate developments disclosed to the exchange as well as the result of a review of the companies’ financial statements for the years 2010 to first half of 2013,” the PSE said in a memorandum.
The reclassification shall take effect on October 14.
Under the PSE Sector Classification Guide, a company shall be classified to the sector and subsector that closely describes the business activity which generates at least 60 percent or more of the company’s revenue.
Alphaland Corp., formerly listed in the PSE as Macondray Plastics Inc., was a holding company incor-porated as Agro Plastics Inc., while STI owns and operates college cam-puses throughout the Philippines.