PinoyStockMarket.com

The Philippine Stock Exchange (PSE) board of directors has approved the reinstatement of the rule requiring listed and listing applicant firms to meet a minimum 10 percent public float to maintain their listing status with the Exchange.

The Minimum Public Ownership (MPO) rule has passed through various debates across the terms of various boards of directors of the PSE until 2005 when the rule was revoked as a continuing listing requirement and instead imposed as a requirement only for initial listing and backdoor listing applications. Read the rest of this entry »

Keeping its eye on the ball at becoming a key player among the league of independents in the deregulated downstream oil industry, Phoenix Petroleum Philippines Inc. is prolonging its search for a strategic financial partner that can help it pump up investment portfolio.

Phoenix Petroleum president and chief executive officer Dennis A. Uy said they are scouting for either local or foreign partner which shares the company’s vision of beefing up capital for expansion prospects. Read the rest of this entry »

Emerging East Asian economies must coordinate their foreign exchange rate policies in the face of likely continued appreciation of their currencies next year, the Asian Development Bank said.

The region’s currencies are under increasing pressure to rise as a result of their faster economic turnaround, it said. Read the rest of this entry »

Sojitz Group of Japan is planning to invest directly invest in the mining sector through here through long term sourcing of copper concentrates here and eventually investing in an existing copper mine.

Trade and Industry Undersecretary and Board of Investments managing head Elmer C. Hernandez , who met with top executives of the Japanese firm during a Japan mission, told reporters this would be the first time that Sojitz would be investing directly in the country. Read the rest of this entry »

The Philippine market closed to its highest level on Thursday after Philex Mining Corp. and Manila Electric Co. (Meralco) returned to the limelight.

The bellwether Philippine Stock Exchange index rose by one percent or 30.69 points to close at 3,083.30 on Thursday, while the all share index rallied by 0.67 percent or 12.91 points to 1, 919.19. Read the rest of this entry »

SM Prime Holdings, the mall development arm of the SM Investments Corporation, is planning to list in an overseas exchange the shares of its wholly-owned unit that owns its China mall operations within five years.

This is according to SMIC and SMPHI chief finance officer Jose Sio yesterday who talked to reporters after he was named CFO of the Year by the Financial Executives Institute of the Philippines. Read the rest of this entry »

State-owned Home Development Mutual Fund (HDMF) prefers to privately place around P12 billion in bonds currently instead of undertaking a public offering of the debt paper, National Treasurer Robert Tan said.

HDMF, popularly known as the Pag-IBIG Fund, may forego a public sale of the bond “to simplify the process”, said Tan. A private placement usually involves no more than 20 financial institutions. Read the rest of this entry »

Publicly-listed company, Lepanto Consolidated Mining Co. said it was in talks to sell a stake to Hong Kong’s First Pacific Co. The Hong Kong-based firm had reportedly completed due diligence.

The report said however that talks had bogged down because Lepanto was only offering a 20 percent stake. First Pacific reportedly wants to acquire all the assets of Lepanto, including its subsidiary Manila Mining Corp. Read the rest of this entry »

Cebu Property Ventures and Cebu Holdings Corporation today declared cash dividends of P0.10 and P0.07 per share, respectively, following the regular meeting of its Board of Directors.

Assistant Corporate Secretary Renan Osero, in a letter addressed to the Securities and Exchange Commission and the Philippine Stock Exchange, revealed that the Board of Directors of the said companies have approved the declaration and payment of cash dividends to all outstanding shares of the Company as of record date December 1, 2009 payable on December 22, 2009. Read the rest of this entry »

Local shares closed lower today at -.4717 with a value of 1,886.48. The PSE dropped to -.7567 at end of trading that saw 57 gainers as against the 54 losers and 55 unchanged.

Trades registered 10,474 with a total value of P4.137 billion. HOlding firms remain active as it tallied growth of .6487% while property recorded .3578. Read the rest of this entry »