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The Philippine Stock Exchange, Inc.
PSE Q3 profit triples after selling Tektite offices

THE Philippine Stock Exchange, Inc. (PSE) said its net profit tripled during the third quarter due to a one-off gain from the sale of its office space at Tektite Building in Ortigas Center, Pasig City.

In a regulatory filing, the PSE said its net income rose to P362.20 million during the July to September period from P112.01 million a year ago.

The PSE booked P252.62 million gain on sale of investment property, after it sold its office units and parking slots at the Tektite Building in August.

This helped offset a 7.7% drop in revenues to P291.17 million during the quarter.

For the nine-month period ending in September, PSE recorded a 46% increase in net income to P707.35 million from P484.71 million.

“Trading activity is slightly higher this year and we hope to see some more follow-on offerings in the fourth quarter,” PSE President and Chief Executive Officer Ramon S. Monzon said, pointing to the year-to-date net foreign buying at more than P50 billion and the main index PSEi’s rise to around 20%.

“We would like to keep this momentum going to the next year by launching more products and making our market more attractive to both foreign and local investors,” he added.

As of September, PSE’s operating revenues increased 8.8% to P953.7 million from P876.23 million, with listing-related fees accounting for the biggest component of operating revenues. These fees rose by 22% during the period.

Trading-related fees increased by 7.8%t while service fees from the Securities Clearing Corp. of the Philippines slipped by 0.3% after the decline in average daily trading volume. Total expenses dropped by 4.6%.


source: http://bworldonline.com/pse-q3-profit-tr...e-offices/
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...ayos....SSS partnership

SSS plans to increase PSE stake, eyes board seat

STATE-RUN Social Security System (SSS) is keen on getting a seat on the Philippine Stock Exchange’s (PSE) board of directors, expressing interest in the stock rights offering to be issued by the local bourse in order to increase its stake.

“We also want to get a seat in the PSE, since we’re such a big investor in stock and equities…It would be our listening post also in the market,” SSS Commissioner Jose Gabriel M. La Viña told reporters on the sidelines of a press conference with Megawide Construction Corp. last Friday.

The SSS executive answered in the affirmative when asked if they would participate in the PSE’s stock rights offering targeted to be issued from Feb. 5 to 9, with listing set on Feb. 23. The bourse looks to raise up to P3.16 billion from the offering of a maximum of 11.5 million common shares to eligible shareholders valued at P275 each.

SSS currently holds 197,140 shares in the bourse operator, according to a PSE report, which is less than 1% of total shares in the company.

Section 26 of Republic Act No. 8282, otherwise known as the Social Security Law, mandates the SSS to invest funds into private securities, infrastructure projects, real estate related investments, short and medium-term loans, foreign-currency denominated investments, and other industries.

Around 23% of SSS’s portfolio is now invested in equities, or P111 billion. Fixed-income securities account for bulk of its portfolio at 40%; 10% is in real estate properties, 6% in corporate bonds, and around 5% in bank deposits.

Aside from the PSE, SSS is also looking to get a seat in the board of Cirtek Holdings Philippines Corp. This is in line with the institution’s goal to invest in companies in high-growth sectors.

“We’re looking at companies that have strategic advantages, competitive advantages, they’re in industries that grow fast. With Cirtek, we’re still negotiating the price. (It would take) a few months. Mukha namang they’re really interested also,” Mr. La Viña said.

To date, SSS has P400 million worth of common shares in Cirtek.

SSS has recently been given a board seat in Megawide as part of a special accommodation, after it has increased its stake in the company to 5.17%. This comprises less than half of the required stake to get a board seat, or 12.5%. The state pension fund noted however that it is willing to hike its shares to double its current ownership.

Alongside its increased ownership in Megawide, SSS will also be taking part in an unsolicited proposal to rehabilitate the Ninoy Aquino International Airport with the engineering conglomerate. The Megawide-led consortium looks to submit the proposal by the first quarter of 2018.


source: http://bworldonline.com/sss-plans-increa...oard-seat/
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PSE acquires San Miguel’s stake in PDS for P80 million

THE Philippine Stock Exchange, Inc. (PSE) has increased its stake in the Philippine Dealing Systems Holdings Corp. (PDSHC), after buying the shares held by San Miguel Corp. (SMC) for P80 million.

In a disclosure posted Monday, the local bourse said it has signed a share purchase agreement (SPA) with SMC for the acquisition of 250,000 common shares in PDSHC, which translates to 4% of the company’s total issued and outstanding stock.

The transaction will bring PSE’s total stake in the PDS to 61.03%, upon securing the approval of regulatory agencies such as the Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas, and the Philippine Competition Commission (PCC).

The PSE will be paying P73.5 million at the closing of the deal, while the remaining P6.5 million will be held in escrow. The acquisition price is based on PDS’ total equity value of P2 billion, or P320 for each share.

This marks the PSE’s sixth SPA with former PDS shareholders. The PSE had earlier inked agreements with the Bankers Association of the Philippines, Whistler Technologies Services, Inc., Investment House Association of the Philippines, The Philippine American Life and General Insurance, Co., and Finex Research and Development Foundation, Inc.

Other shareholders in the PDS include the Development Bank of the Philippines with 1.54%, the Social Security System with 1.54%, and the Investment House Association of the Philippines with 1.12%.

The transaction also forms part of efforts to increase PSE’s stake in the fixed income bourse in preparation for the pending merger of the two markets.

“From a corporate standpoint, maintaining the business operations of both the PSE and PDSHC while reducing operational costs through synergies can result in greater business scalability and profitability. As the two companies have highly similar and integrated functions, there should be synergies that could be realized particularly from an infrastructure standpoint, particularly on the technology side,” the PSE said.

The PSE is looking to conclude its merger with the PDS in the coming months, as it has already secured clearance from the PCC to proceed with the transaction. It is now working on bringing down broker ownership to be granted exemptive relief from the SEC.

PSE’s attributable profit jumped 54% to P514 million in the first three quarters of 2017, following an 8% rise in revenues to P953 million during the period.


source: http://bworldonline.com/pse-acquires-san...0-million/
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...kailan kaya ito papansinin?

PSE acquires Tata Consulting’s shares in PDS Holdings Corp.

THE Philippine Stock Exchange (PSE) continues to increase its stake in the fixed equities bourse with the signing of a second share purchase agreement this week from one of the latter’s remaining stakeholders.

In a disclosure on Wednesday, the PSE said it has signed an SPA with Tata Consulting Services Asia Pacific Pte. Ltd. for the purchase of the 500,000 common shares it holds in Philippine Dealing System Holdings Corporation  (PDSHC), equivalent to 8% of its total issued and outstanding stock.

The shares were priced at P304.23 apiece, for a total purchase size of P152.11 million to be paid in full at the transaction’s closing. This is lower than the consideration of P320 per share the PSE has used in acquiring PDSHC shares from other stockholders.

“A one-time payment arrangement at a discounted price was agreed upon with TCS given its status as a non-resident foreign corporation,” the PSE said.

This is the second deal the PSE has signed this week, after it acquired San Miguel Corp.’s 250,000 shares in PDSHC for P80 million on Jan. 15.

In 2017, PSE also bought out the stakes in PDSHC held by the Bankers’ Association of the Philippines, Whistler Technologies Services, Inc., Investment House Association of the Philippines, the Philippine American Life and General Insurance, Co., and FINEX Research and Development Foundation, Inc.

With these transactions, the PSE has raised its stake in PDSHC to 69.03% of majority ownership. The deals will be completed after securing approval from the Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas, and the Philippine Competition Commission (PCC).

Other remaining shareholders in PDSHC include the Development Bank of the Philippines with 1.54%, the Social Security System with 1.54%, and the Investment House Association of the Philippines with 1.12%.

The local bourse previously said that it will be using the part of the proceeds of its stock rights offering to fund its acquisition of PDSHC. The PSE aims to raise up to P3.16 billion from the issuance of up to 11.5 million common shares priced at P275 each to eligible shareholders from Feb. 5 to 9.

The stock rights offering likewise aims to dilute the ownership of trading participants in the local bourse, a requirement the SEC has set for PSE to proceed with its merger with the PDS.

The PSE expects the two capital markets to be merged within the year, as it has already secured clearance from the PCC for the transaction.

PSE saw its net income attributable to the parent grow by 54% to P514 million in the first nine months of 2017, following an 8% rise in revenues to P953 million during the period.


source: http://bworldonline.com/pse-acquires-tat...ings-corp/
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SEC green-lights PSE’s stock rights offering

THE Philippine Stock Exchange, Inc. secured the go-signal from the Securities and Exchange Commission to proceed with its P3.16-billion stock rights offering (SRO) this February.

In an e-mail to reporters, the country’s corporate regulator said it has approved the PSE’s registration for the sale of up to 11.5 million shares priced at P275 apiece.

The PSE expects to raise P3.12 billion in net proceeds from the offer. Of the amount, the PSE said 51% or P1.58 billion will “(service) future corporate debt accessed through bridge financing” for its acquisition of Philippine Dealing System Holdings Corp. (PDSHC).

The PSE has already taken term loan facilities from BDO Unibank, Inc., Bank of Commerce, Metropolitan Bank and Trust Co. worth P1.15 billion, for the acquisition.

The SRO has been a necessary step in the PSE’s acquisition of PDSHC, as it will bring down broker ownership to less than 20%. Bringing down the ownership of trading participants in the local bourse is a key feature in securing the SEC’s approval for the merger.

SEC approval for the PSE-PDSHC merger is one of the final steps in closing the deal that began back in 2013, when the PSE proposed to merge the two markets for synergies in operations. To recall, the Philippine Competition Commission approved the merger last December 2017. 

At the same time, the PSE said 29% of the net proceeds or P900 million will be used for product development, as the PSE looks to introduce new products until 2020.

In the first quarter of 2018, the PSE will launch corporate bonds and name-on-central-depository facility, as well as allow short-selling.

By the fourth quarter, the market will see the launch of structured warrants and securities lending transactions.

In the next four years, the PSE is planning to introduce project bond financing, commodities trading, fixed income and foreign exchange derivatives, and equity derivatives.

The SEC, however, noted that commodities trading, fixed income and foreign exchange derivatives, and equity derivatives are still outside the current authority of the PSE.

The remaining proceeds from the SRO, or P636.9 million will be used for working capital requirements, as the PSE moves to its new headquarters in Bonifacio Global City, Taguig by the first quarter of 2018.


source: http://bworldonline.com/sec-green-lights...-offering/
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...Land Bank vs PSE

PSE pursues PDS takeover despite Landbank plan

THE Philippine Stock Exchange (PSE) assured the government it is working to comply with ownership rules, with state-run Land Bank of the Philippines (Landbank) set to compete with the stock market operator for the acquisition of a majority stake in the Philippine Dealing System Holdings Corp. (PDS).

Landbank President and Chief Executive Officer Alex V. Buenaventura plans to recommend to its board of directors this week the lender’s acquisition of “a majority stake or at least 66.67%” in PDS, complicating the plan of the PSE to unify the country’s capital market infrastructure. Landbank’s board meeting is scheduled on Jan. 23.

“Yes, all the more!” PSE Chairman Jose T. Pardo said in a mobile phone message when asked if the local bourse will pursue the acquisition of PDS.

“Our focus though remains in completing our stock rights offering which we expect to happen end-February,” Mr. Pardo said.

Last week, the Securities and Exchange Commission (SEC) approved the share sale that will raise P3.16 billion to raise financing for the acquisition of PDS, among others.

Mr. Pardo said he has guaranteed Finance Secretary Carlos G. Dominguez III that the proposed stock rights offer will bring down the ownership of trading participants in the local bourse to 19% — one of the key requirements before the PSE can secure the corporate’s nod for a merger with PDS.

“[N]o industry or business group shall beneficially own or control, directly or indirectly, more than 20% of the voting rights of the Exchange Controller,” according to Rule 33.2 © of the SRC.

Mr. Dominguez singled out the failure of the PSE to be compliant with the above-mentioned rule as the reason for Landbank’s move to take control of PDS.

Currently, the Landbank owns 1.56% of PDS through the Bankers Association of the Philippines (BAP).

“With waivers of preemptive rights made by all existing shareholders, ownership levels will now comply with the law. This was a separate commitment we made to the DoF [Department of Finance] Secretary,” Mr. Pardo said.

“We likewise assured him that PSE, with SEC oversight, will have in place a system which will automatically stop trade beyond the 20% per industry ownership level,” he added.

Sought for comment about the PSE’s plan to acquire PDS, SEC Chairperson Teresita J. Herbosa told reporters last week: “They have to do some little things before we get to that point.” 

“We have to see that the stock rights offering will achieve its purpose which is to make the share structure in accordance with what the law provides, which is one should not achieve the industry limit of 20%.”

The SEC approval for the PSE-PDS merger is one of the final steps in closing the deal that began back in 2013, when the PSE proposed to merge the two markets for synergies in operations. The corporate regulator initially rejected the merger in 2016 after denying the local bourse’s petition for an exemption to the SRC rule.

The PSE has made renewed attempts to buyout the PDS shareholders after signing new share purchase agreements with them that gave the former a 69.03% total stake in the latter.

Since June last year, the PSE has inked SPAs with the BAP; Whistler Technologies Services, Inc.; Investment House Association of the Philippines; The Philippine American Life and General Insurance Co.; FINEX Research and Development Foundation, Inc.; San Miguel Corp. and Tata Consulting Services Asia-Pacific Pte. Ltd.

‘AGGRESSIVE BID’
Meanwhile, Mr. Dominguez, who is an ex-officio chairman of Landbank, on Friday said the bank is planning to make an “aggressive bid” to secure a majority stake in PDS.

“Landbank asked my permission, so I said if it’s a good business for you, yes. If it doesn’t make money for you, don’t do it. But they said they will make money from it and Landbank has to increase its profits because the more money they make, the more dividends they give to the government. So it only happens if it makes commercial sense. So go ahead, it will achieve our goals to improve the efficiency of the capital market,” the Finance secretary told reporters.

Mr. Dominguez said he been talking to PSE officials since September 2016 to bring down the broker ownership, but has not made progress ever since.

“It’s been 16 months. Maghihintay pa ba kami? (Will we still wait?) In the meantime,  we cannot improve the domestic capital, we cannot really push the improvement of the domestic capital market. Landbank looked at it, it’s a profitable business, they said they’re willing to acquire it,” said Mr. Dominguez.


source: http://bworldonline.com/pse-pursues-pds-...bank-plan/
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...annual report...doing good

PSE profit up 18% in 2017

The Philippine Stock Exchange Inc. reported a net income of P825 million in 2017, up 18 percent year-on-year.

Operating revenue and other income rose 10 percent to P1.63 billion due to  higher trading activity, stronger market data income and gain on the sale of its Tektite office in Ortigas.

PSE president and CEO Ramon Monzon said the exchange successfully executed its major initiatives in 2017, resulting in positive financial performance of the company.

“The new products and services that were introduced provided more mechanisms for capital raising and supported our thrust of expanding the retail investor base,” Monzon said.

Last year, the local stock market saw an increase in average daily turnover of more than three percent to P8.06 billion. Subscription fees and market data income grew 26 percent as a result of more investors using the online trading service of the exchange and the successful introduction of new data products.

Operating income, however, fell three percent due to lower listing-related income from initial public offerings.

Total expenses decreased by almost two percent  to P596 million.

Despite lower income from IPOs, the year saw more issuances using the new dollar denominated facility of the exchange.

The PSE also launched new rules  on the listing of public-private partnership projects.

Monzon said the PSE is on track with its scheduled stock rights offering, which is intended to reduce the brokers’ ownership in the exchange to the 20 percent limit mandated by the Securities Regulation Code.

The offering will run from Feb. 26 to March 2, 2018.

“We have set even bigger targets and milestones for the exchange in 2018.  With our stock rights offering proceeding within schedule, we hope to finally get the exemptive relief from the SEC for our acquisition of the  PDS (Philippine Dealing Systems).  The consolidation of the equities and fixed income markets will result in a bigger and more efficient capital markets for the country,” Monzon said.


source: http://www.philstar.com/business/2018/02...it-18-2017
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PSE postpones stock rights offer due to ‘unfavorable’ conditions

THE Philippine Stock Exchange, Inc. (PSE) has postponed its P3.16-billion stock rights offer to March, citing unfavorable conditions among global markets that has affected the local bourse. 

In a disclosure on Thursday, the PSE said the stock rights offer will now start on March 12 and end on March 16. It earlier announced the offering will run from Feb. 26 to March 2. The price of the offer meanwhile will be determined on Feb. 23, rather than on Feb. 9. 

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

Global markets have fallen this week as a reaction to higher bond yields, with 10-year bonds reaching 2.84% on Wednesday. Markets are expected to remain volatile, as the trading public dumps investments in equities in favor of bonds. 

The global sell-off has prompted the Dow Jones Industrial Average to wipe out its gains of around 500 points since the start of the year, losing as much as a thousand points on Feb. 5, before paring down losses but still closing lower on Wednesday at 24,893.35, lower by 0.08% or 19.42 points.

The 30-member Philippine Stock Exchange index (PSEi) has been tracking the developments of its counterparts abroad, falling back to the 8,300 level at the middle of trading last Feb. 6, after reaching a record high of 9,058.62 at the end of January.

On Thursday, the PSEi closed 0.25% lower to 8,645.08.

The PSE will be offering up to 11.5 million shares priced at P275 apiece in its stock rights offer. Half of the P3.12-billion projected net proceeds will be used for its acquisition of the Philippine Dealing System Holdings Corp.

The remaining funds are set to be used for general corporate purposes, as well as for the introduction of new products until 2020.

The fund-raising activity will likewise help the company bring down broker ownership to less than 20%, which is needed to secure the Securities and Exchange Commission’s approval to merge the PSE with the fixed-income bourse.

The PSE-PDSHC merger is a deal five years in the making now, with the PSE proposing to merge the capital markets back in 2013 to achieve synergies in operation.

The company recorded an 18% growth in earnings in 2017 to P825 million, boosted by higher trading activity and one-time gains from the sale of its Tektite office in Ortigas.


source: http://bworldonline.com/pse-postpones-st...onditions/
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