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Manila Bulletin devider Business devider The Stock Market devider MPIC, AboitizPower out of PSEi; Bloomberry, CNPF are in

MPIC, AboitizPower out of PSEi; Bloomberry, CNPF are in

Published Sep 20, 2023 09:00 am

The Philippine Stock Exchange (PSE) is removing Metro Pacific Investments Corporation (MPIC) and Aboitiz Power Corporation (AboitizPower) from its benchmark index and replacing them with Bloombery Resorts Corporation and Century Pacific Food Inc.

In a memorandum posted on the PSE website, PSE President and CEO Ramon S. Monzon said that “all changes shall be made effective on start of day, Tuesday, September 26, 2023.”

Ramon S. Monzon.jpeg
PSE President and CEO Ramon S. Monzon

“In view of the recent developments in certain constituents of the PSEi (PSE index) and other indices, the PSE is announcing several changes to the PSEi, PSE Dividend Yield (PSE DivY), PSE MidCap, and sector indices,” the memo said. 

Monzon added that, “the index constituent update is based on the requirements for inclusion in the PSE Index Series under the Exchange’s Policy on Index Management.”

Both firms were removed from the index after their public floats fell below the required 20 percent for inclusion in the PSE index.

A tender offer from a management-led consortium reduced MPIC’s public float to just 2.78 percent with the consortium acquiring 19.04 percent of MPIC’s outstanding capital while the Government Service and Insurance System also took the opportunity to increase its stake in MPIC to 12 percent.

On the other hand, an ongoing share buyback program as well as acquisitions by its directors and officers from the market resulted in a drop in AboitizPower’s public ownership.

In a disclosure to the PSE, AboitizPower said its public ownership has fallen to 19.98 percent or 1.47 billion shares out of its 7.36 billion listed shares. The acquisitions from the market resulted in non-public shares amounting to 5.89 billion shares.

AboitizPower will also be removed from the PSE Dividend Index, be replaced by Robinsons Retail Holdings Inc., and from the Industrials sub-index without a replacement. 

MPIC will also be removed from the Holding Firms index without a replacement while Bloomberry will be replaced by DDMP Reit Inc. in the PSE Mid Cap Index.
 

Related Tags

Philippine Stock Exchange index (PSEi) Aboitiz Power Corporation Ramon S. Monzon Metro Pacific Investments Corporation Century Pacific Food Inc. Bloomberry Resorts Corporation
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